KUALA LUMPUR: The government will allocate RM28 million for the development of MyStartUp as the sole platform that brings together Malaysian startup companies while simplifying business activities throughout the company's life cycle.
Prime Minister Datuk Seri Anwar Ibrahim said the move is in line with the decisions made by the Digital Economy Council and the Fourth Industrial Revolution (4IR).
"This initiative will utilise funds amounting to RM200 million under various funding agencies and venture capitals under a single platform," he said in his 2024 Budget presentation speech at the Dewan Rakyat today.
In an effort to internationalise local start-up companies and increase competitiveness to penetrate regional markets, he said Government-Linked Companies (GLCs) and Government-Linked Investment Companies (GLICs) have provided funds of up to RM1.5 billion.
He said the funds will encourage startups, including Bumiputera Small and Medium Enterprise (SME) entrepreneurs to venture into high-growth, high-value sectors such as digital economy, space technology and Electronics and Electrical (E&E). – Bernama