Malaysia-based accelerator ScaleUp Malaysia and the Malaysian government’s Technology Park Malaysia (TPM) signed a Memorandum of Cooperation (MoC) on Thursday that establishes a public-private partnership in providing mentorship, training, market access and capital to technology startups, allowing them to strengthen their capacity for regional expansion and foreign direct investment.
“ScaleUp Malaysia is a known accelerator program that is operated by entrepreneurs and industry veterans. The partnership between TPM and ScaleUp Malaysia will provide startups better access to government resources that include labs, infrastructure, and other facilities, as well as regulatory facilitation to advance innovation. This collaboration opens up the door for the scaleups to receive support from the private sector’s networks, expertise and capital,” said Technology Park Malaysia Group Chief Executive Officer Dzuleira Abu Bakar in a statement on Thursday.
According to Dzuleira, the recent announcement by the Ministry of Science, Technology and Innovation (MOSTI) on the formation of a technology commercialization accelerator (TCA) through the consolidation of TPM and the Malaysian Global Innovation and Creativity Centre (MaGIC) will create incredible opportunities for entrepreneurs, scientists, researchers as well as startups to accelerate commercialisation of technology and innovation.
“In our bid to propel and create more startups, scaleups and future unicorns, this partnership as well as the formation of TCA is seen as a boost to the startup scene in Malaysia and is poised to see more technology companies that will succeed within the Malaysian ecosystem,” she said.
“This is a strategic move where ScaleUp Malaysia aims to help create the right alliance with the Government’s resources and support with private sector networks, expertise, and capital. ScaleUp Malaysia will continue on to support the Government by providing training, market access, and capital to these companies to contribute towards the national agenda in creating a vibrant entrepreneurship ecosystem,” said ScaleUp Malaysia Managing Partner Sivapalan Vivekarajah.
The development also came as the Malaysian government continues its effort to spur the startup ecosystem and encourages public-private collaborations to nurture more homegrown tech startups.
The Malaysian government has placed strategic importance on grooming Malaysia’s startup ecosystem in its MyDigital Blueprint. MOSTI-led National Technology Innovation Sandbox (NTIS), has also seen strong momentum in the development and commercialization of cutting edge technologies. More than 2,500 companies applied to advance and strengthen their product development – and from these, more than 130 are gaining support in terms of market validation, regulatory facilitation, funding, and more through the program.
“With all these initiatives in place, I have full confidence it will be a short matter of time for Malaysia to better our position in the race to raise regional and global champions. This partnership shows that we are truly vested in growing the ecosystem. The government has and will continue to play a key role in developing the next generation of successful technopreneurs,” said Dzuleira.
ScaleUp Malaysia is an accelerator which focuses on growth-stage companies in Malaysia – helping them position their business for exponential growth.
Technology Park Malaysia Corporation (TPM) is the innovation facilitator and technology enabler of Malaysia. It was established by the Ministry of Finance, Malaysia in 1996 and operates under the auspices of the Minister of Science, Technology and Innovation (MOSTI). As the national driver of innovation and technology, TPM manages and operates Malaysia’s 686-acre technology park campus in Bukit Jalil, Kuala Lumpur.
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