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Kuala Lumpur ideal locale for startups: Report

Kuala Lumpur ideal locale for startups: Report

01 Jul 2020

Kuala Lumpur is in 11th spot in the top 100 emerging ecosystems in the world, as identified in the Global Startup Ecosystem Report 2020 by Startup Genome.

Earlier this year, Malaysia Digital Economy Corporation (MDEC) partnered with Startup Genome to benchmark Kuala Lumpur’s performance against more than 250 ecosystems globally, which revealed that Kuala Lumpur is third in the top 10 ecosystems by value, at US$15.3 billion (RM65.5 billion), against a global average of US$10.5 billion.

Total early-stage funding amounted to US$99 million, compared with the global average of US$4.31 million.

In addition, the report positioned Kuala Lumpur as an ideal locale for startups, citing low costs, high quality of living and talent, fast-tracked visas and robust government support as prime reasons for entrepreneurs to either start or move their businesses to Malaysia.

MDEC CEO Surina Shukri attributed the positive rankings of Kuala Lumpur to the entrepreneurial vigour of local startup founders and the astuteness of the ecosystem players, which are aptly positioning Malaysia as the “Heart of Digital Asean”.

“We will not rest on our laurels and will remain steadfast in propelling Malaysia’s startup ecosystem to attain global recognition in the economic epicentres of every continent,” added Surina.

Low costs, high quality of living and talent, fast-tracked visas and robust government support make Kuala Lumpur an ideal locale for startups, says report.

Source: The Sun Daily

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