PETALING JAYA: Malaysian startups are looking forward to the prospect of enhanced funding and talent acquisition via the country’s Unicorn Golden Pass.
ZUS Coffee COO Venon Tian said he thinks the new incentive packages to attract the world’s leading startups and venture capital firms to the country is a great move.
“Always good to be working alongside other great startups or peers – potentially pushing Malaysian startups to the next level,” he told SunBiz.
However, he said while it is common to focus solely on the presence of unicorns (highly successful startups) or the involvement of international venture capitalists, there are other crucial factors to consider.
“How does the entire ecosystem support these unicorns or other startups? It’s never just about unicorns or international VCs but the infrastructure, policies, budget and the country’s positioning matter more,” he remarked.
Meanwhile, Agritech startup Qarbotech CEO and co-founder Chor Chee Hoe said he had been longing for such an initiative from the government.
“The initiative can encourage more VCs to look at Malaysian startups and allow more capital to flow into Malaysia to support local startups and their growth,” he added.
Chor said the Unicorn Golden Pass is a great initiative to attract global unicorns into Malaysia to create a colourful startup scene.
“I’m looking forward to more details about this Unicorn Golden Pass to see the element of potential synergies of these global unicorns with home-grown startups,” he said.
Agmo Holdings Bhd CEO Tan Aik Keong said the initiative effectively addresses four key challenges typically faced when starting a company – funding, working visa, office space and tax rate.
“The initiative will make it easier for startups to launch, grow, and succeed in Malaysia’s business ecosystem,” he added
Financial advisory firm VAD Capital Group managing director Vivek Sasheendran remarked that the initiative is timely in attracting both venture capital and talent to the country.
“Imagine the media attention that comes with the valuation. Introducing the golden pass will more so garner those startups – publicity. Malaysia will be the talk of many nations,” he said
Meanwhile, assistant professor at the National Graduate Institute for Policy Studies Japan Guanie Lim acknowledged that the Unicorn Golden Pass initiative will provide some benefits to the country.
However, he expressed scepticism about Malaysia’s ability to surpass Singapore in this regard but suggested that the initiative will help Malaysia stay competitive with other larger Southeast Asian economies.
“It’s a somewhat crowded field, with peers engaging in similar activities,” he commented.
