KUALA LUMPUR: Digital Minister Gobind Singh Deo today stressed the importance of recognising the potential of the startup industry as it can contribute immensely to the economy.
Gobind also said there is a need to ensure that a suitable ecosystem is built around the industry to support its growth.
“So there is a need to shift the way we think about startups. There is a need for us to ensure more collaborations so that we can understand the industry’s needs.
“We can also understand the problems startups are facing and get them on their feet. The government can assist by bringing together all necessary parties to enable them to grow and ultimately succeed,” he said after officiating the PACE Bootcamp here today.
Earlier in his address, Gobind said Kuala Lumpur has been recognised as among the top 30 emerging ecosystems in the Global Startup Ecosystem Report 2024, generating over RM220 billion in ecosystem value in the past three years.
He said the strong ranking highlighted the country’s success to foster a vibrant environment for tech companies, startups and investors.
“The landscape we face is undoubtedly challenging. We are witnessing rapid technological advancements, shifting consumer behaviours and intense global competition.
“However, within these challenges lie immense opportunities and our startups and SMEs are best positioned to seize them,” he added.
He also said Malaysia has the components to become a hub for artificial intelligence (AI) development as it continues to attract global tech giants like Google to establish data centres.
The Digital Ministry has thus strived to attract foreign venture capitalists (VCs), foster local establishment of foreign tech companies and strengthen the region’s tech ecosystem to bridge the gap between emerging companies and global investors.
The PACE Bootcamp is an initiative by Artem PACE, a subsidiary of Artem Ventures, to support and nurture entrepreneurs across different industries using workshops, mentorship sessions and related activities.
The 10-week programme offers an in-depth learning experience on different topics such as AI for business growth, scaling products and financial planning, among other topics, all of which are engineered for direct applications in their entrepreneurial journeys.
