CYBERJAYA: Founders of Malaysian startups expressed optimism about the scene’s growth, crediting government support as a key driver.
Mechatronic, robotic and IoT (Internet of Things) solutions startup Mindnrobotics COO and founder Shahid Bakar pointed to the government’s efforts to attract investors which has boosted excitement among local startups.
“The startup scene is currently thriving. The government is looking into bringing in all quality VCs (venture capitalists) and also investors. We as the startups are really happy about the development.
“I emphasise the government in bringing more investors because that is where the pain point is for most of us in order to scale.
“So if it can be simplified for us to get the access for funding, that is what we are really looking for,” he told SunBiz in an interview.
Commercial landlord listings startup Briqbloq CEO and founder Loh Ming Yaw praised the government’s role in facilitating market access and fostering the startup community.
“The Malaysian startup scene is flourishing. We went to the KL20 event, and we managed to meet up with a lot of international VCs and organisations network with a lot of big organisations that we rarely see in this region. And I love how the government is positioning us, to push the startups.”
Loh said gaining access to markets is crucial for their success.
He said the government initiatives give them much more reach and make it easier to connect with these networks.
“Some of us, we are working a lot with industries that are government or require government intervention. So that will support us as a startup,” he said.
He also noted that while the startup community once felt somewhat forced, it is now growing organically.
“It’s now much easier to make connections in the industry, which is crucial for the startup ecosystem.
“For example, I could be attending an IoT session, and a conversation could spark a new idea.
“This growth fosters a healthy startup environment where collaboration naturally occurs,” he added.
Meanwhile, Abd Qadir Hairi Abu Hassan, CEO of Solvnex, a startup that links gig professionals with businesses, noted the importance of government infrastructure development for startups but also pointed out the challenges of increased competition.
“The government is creating more infrastructure. Before this, there was already a move towards building the startup ecosystem, but now it’s strengthened and built on the foundations of the startups themselves. So whatever happens, we have a good base.”
“But it’s not only about bringing in investors; our government is also attracting other startups to Malaysia.
“We might think this creates more competition, but in the long run, it will make us more competitive.”
Solvnex, which focuses on business-to-business (B2B) and business-to-government (B2G) models, also highlighted the challenges faced, such as the need for a track record or benchmark.
“You need some benchmark or you need a track record of at least three years to establish partnerships with government-linked companies or multinational corporations.
“We already have the solutions and proof of concepts, but we are still having some difficulties accessing those businesses.”
Shahid added on saying that startups need the government or possibly the government-linked companies to act as enablers by using their products as credentials or attractions.
“So it will be easier for us to access the market because the question will always come back to who is your client?” he said.
These three startups are a part of Cyberview’s Living Lab Accelerator (CLLA) cohort 18.
