Malaysia’s Ministry of Science, Technology and Innovation (MOSTI) as the National Committee on Science, Technology and Innovation (COSTI) Chair of Malaysia has mandated Cradle Fund Sdn. Bhd. (Cradle), the focal point agency for Malaysia’s startup ecosystem, to lead the ASEAN Startup Initiative under the Science, Technology and Innovation (STI) sector.
The ministry said in a statement on Friday that with the aim to foster greater collaboration, innovation, and growth among startups in the region, its key initiatives under the Priority Economic Deliverable have been presented and endorsed by the ASEAN STI Ministers, setting the stage for significant advancements in the ASEAN startup ecosystem.
Led by Malaysia, the ASEAN Startup Initiative addresses three main areas; increase “startup-friendly” policies to create a conducive environment for startups to thrive,
enhance ecosystem readiness among ASEAN Member States to ensure a supportive infrastructure for startup growth, and drive collaboration to foster impactful partnerships and synergies within the region.
Starting in 2024, Cradle will implement the ASEAN Startup Initiative in phases.
The first phase will kick off with the development of the ASEAN Startup Portal, a cornerstone for regional startup collaboration and a valuable resource for startups and investors across ASEAN.
In 2025, the second phase of the ASEAN Startup Initiative will commence, focusing on capacity-building programs.
This phase will coincide with Malaysia’s ASEAN Chairmanship in 2025 and include pitch competitions, startup accelerator programs targeting ASEAN-themed and corporate-based challenges, Startup Village, the ASEAN- India Startup Festival 2025, and a declaration by established leaders to expand the global startup network and strengthen cross-border ties.
“Moving forward, MOSTI, through Cradle, will kick off the ASEAN Startup Portal by the fourth quarter of 2024, reflecting our commitment to fostering a robust and collaborative startup ecosystem within ASEAN,” said Chang Lih Kang, Minister of MOSTI.
“With Malaysia taking the chairmanship in 2025, Cradle plans to lead the way in implementing ASEAN Technology Startup Ignite as Malaysia’s 2025 Priority Economic Deliverable, which has been endorsed by the 85th Meeting of the ASEAN Committee on Science, Technology and Innovation (COSTI-85) and the 20th ASEAN Ministerial Meeting on Science, Technology and Innovation (AMMSTI-20) in Siem Reap, Cambodia recently,
“By addressing key areas such as policy, ecosystem readiness, and regional collaboration, we aim to position the ASEAN Member States as leading players in the global startup landscape,” he added.
Norman Matthieu Vanhaecke, Group Chief Executive Officer of Cradle, said that they are thrilled to announce their key deliverables for Cradle, as outlined in the Priority
Economic Deliverable 2025.
According to him, each of these deliverables has been meticulously curated to address not only local challenges but also regional issues.
“By working together as one, we hope all ASEAN Member States can leverage our collective strengths, address shared challenges, and create a thriving ecosystem that benefits all member nations,
“Our unified efforts will pave the way for a prosperous and sustainable future,” he added.
Malaysia’s Cradle Fund appoints Norman Matthieu Vanhaecke as Group CEO