CRADLE FUND DEVELOPING MYSTARTUP PLATFORM TO OFFER INCLUSIVE SERVICES TO STARTUPS

KUALA LUMPUR, Nov 3  -- Cradle Fund Sdn Bhd is in the midst of developing MYStartup platform which aims to coordinate as well as offer comprehensive and inclusive services to startups.  

The Ministry of Science, Technology and Innovation (MOSTI) said some RM20 million has been allocated to Cradle Fund through the Startup Strategic Action Programme to support startups development at every growth level under Budget 2022.  

"MOSTI has targeted to facilitate and guide five companies to achieve unicorn status by 2025," the ministry said in a statement in reply to an oral question from Ahmad Fahmi Mohamed Fadzil (PH-Lembah Pantai) in the Dewan Rakyat today.

MOSTI said it is also developing the Malaysia Startup Ecosystem Roadmap (SUPER) for 2021 until 2030, a plan that will set the direction and link all existing policies to support the startup ecosystem holistically to enable them to expand amid a sustainable ecosystem.

The ministry said the financing allocation for research and development amounting to RM500 million has been given to MOSTI under the 12th Malaysia Plan.

"Through this allocation, MOSTI will ensure that 50 per cent of this allocation will be utilised for experimental research development for projects with the potential for commercialisation," it said.

MOSTI has also restructured the financing methods to startups, from the initial stage to the final stage of  expansion.

"It aims to ensure that high-potential companies receive the support and cooperation from the private sector, and subsequently can attract more foreign investors to maintain their operations in Malaysia until they achieve the unicorn status," it added.  

-- BERNAMA