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1 | Malaysian Startup Ecosystem Report 2016
Malaysian Startup and Social EntrepreneurshipEcosystem Report 2016
3 | Malaysian Startup Ecosystem Report 2016
2016 has been another record year for the Malaysian startup community and for MaGIC. For aspiring entrepreneurs, the presence of a dynamic and multicultural generation as well as supportive business structures and being in a strategic geographical location make Malaysia a great place to build a startup.
As in all other industries, the Malaysian government is actively involved. From matching funds forventure capitals to other government driven initiatives for nurturing the startup landscape, Malaysia’s startup ecosystem is one that does not come without continued support from a number ofstakeholders in the public sector.
Despite Malaysia being a relatively small country as compared to the neighbouring countries, it has proven strength in empowering globalization and has also demonstrated itself as a significant base where it is home to startups that have raised huge funding rounds. iFlix raising US$45 million in funding in March 2016 and kFit scoring US$12 million in a series A round are only some of the stirring factorsfor the entire market to speculate when the next magic will happen. For this reason, Malaysia hasrecently been made known as a platform in Asia.
However, there is a deficit in technical talent and much like many of the resources that Malaysia relies on, talent too, is imported. Nevertheless, exits and startups with growing valuations still prove thatopportunities are abound for entrepreneurs in Malaysia.
4 |
Debra Fong, currently a Senior Analyst under the Technology & Innovation Team joined MalaysiaGlobal Innovation & Creativity Centre (MaGIC) inOctober 2016. With prior experience in bothanalytics and corporate sales in the oil and gasindustry for three years, her current role in MaGICinvolves studying and gathering insights onthe local and global startup and socialentrepreneurship ecosystem. With this, her aimis to achieve a better understanding on the current achievements of Malaysia’s entrepreneurshipecosystem and further strategise in creatinggreater global impact.
Being a striving entrepreneur herself, she understands the challenges that come with startingone’s own business after she took the leap of faithand began one of her own-an online bakingbusiness (instagram.com/fatdebbakes) which she currently pursues part time during the weekends.
Author’s Biography
5 | Malaysian Startup Ecosystem Report 2016
This report is based on research through multiple data platforms, websites and resources suchMaGIC’s Startup Database (https://www.startupdb.asia), the opinions of individuals at MaGIC,Pitchbook, Tech In Asia, Tracxn, Vulcanpost, Worldbank and Government portals to name a few.
Also not forgetting my teammates Syafiruddin Mustafa and Rifhan Razali who assisted me in thedata collection and research, publishing this report would not have been successful withouttheir assistance.
DISCLAIMER : This report is for information purposes only and the information contained in thispublication is derived from data obtained from multiple sources believed to be reliable and in good faith, but no warranties or guarantees, representations are made by MAGIC with regard to theaccuracy and completeness of the data. The opinions reflected herein may change without noticeand the opinions do not necessarily correspond to the opinions of MaGIC. MaGIC does not have an obligation to amend, modify or update this report or to otherwise notify a reader or recipient thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
Acknowledgement
6 |
The Facts
Government
Community Events
Funding
Accelerators & Co. Working Spaces
Going Global Tips
Opportunities & Challenges
Key Networks
Notable Startups
Overview of Other Ecosystems
05
06
03
08
11
02
01
07
04
10
- pg07
- pg28
- pg30
- pg19
- pg39
- pg59
- pg13
- pg32
- pg25
- pg52
Table of Content
Start Up Case Studies09 - pg48
Expectations in 2017
What They Said
12
13
- pg61
- pg66
8 |
Malaysia Citizen Population
1. http://data.worldbank.org/country/malaysia2. “2010 Population and Housing Census of Malaysia” (PDF). Department of Statistics, Malaysia. p. 113. Population, Household and Living Quarters (2010), Department of Statistics, Malaysia4. “Current Population Estimates, Malaysia, 2014 - 2016”. Department of Statistics, Malaysia.
30,331,007
22.5million 5.72million
60.3%
Malays andBumiputeras
24.6%
Chinese7.1%
Indians
8%
Others
Ethnic Groups
9 | Malaysian Startup Ecosystem Report 2016
GDP 2016 Average ConnectionSpeed 2016
Smartphone Users
Average PeakConnection Speed 2016
Growth YOY 2016
* Note: Latest data attained based on Q2 2016 figures.
1. http://databank.worldbank.org/data/reports.aspx?source=2&country=MYS2. http://www.thestar.com.my/business/business-news/2016/08/12/malaysia-gdp-grew-4pct-in-q2-of-2016/3. Statistics Department MCMC4. https://www.akamai.com/us/en/multimedia/documents/state-of-the-internet/q3-2016-state-of-the-internet-connectivity-report.pdf5. https://www.statista.com/statistics/494587/smartphone-users-in-malaysia/
61billion* 7.5Mbps28.0million
16.4million 51.7Mbps
Malaysia GDP per capita Active Internet Users Internet Speed
4.0*Current US$
Annual %
10 | 1. http://www.skmm.gov.my/skmmgovmy/media/General/pdf/3Q16-infog.pdf
28million 2.7million 141.6
Total mobilesubscriptions 2016
Total broadbandsubscriptions 2016
Mobile Penetration Rate 2016
%
Malaysian Internet & Mobile Usage
11 | Malaysian Startup Ecosystem Report 2016
Poverty
0.5% of Malaysian households earning less than RM500/
month, which is 1.45 million Malaysians
Rural/Urban Dividet
Only 14% of rural households earn more than RM5000/month compared to 41% in
urban areas
Employment
400,000 job seeking individuals are
currently unable to seek paid employment
in Malaysia
Social Enterprise Facts
1. Wan Dazriq, Manager (Strategic Initiatives), ASEAN Centre of Entrepreneurship
12 |
Education
Ranked 39th out of 44 countries, with lower than global average
score in 2012PISA exercise
Sustainability
94% of Malaysia’s energy consumptions
is throughnon-renewable
fossil fuels
Carbon Emission
7.67 metric tonnesof Carbon Dioxide emitted for everysingle Malaysian
in 2012 02Social Enterprise Facts
1. Wan Dazriq, Manager (Strategic Initiatives), ASEAN Centre of Entrepreneurship
14 |
Ease of settingup a business
Multiculturalsociety
SSM application is easier than before
Ability to produce a larger scale of
products
SupportiveGovernment Policies
Availabilities of grants and tax exemptions
for investors andstartups coupled with supportive agencies
ie. MaGIC, SMECorp, MDEC etc.
Opportunities
15 | Malaysian Startup Ecosystem Report 2016
Huge mobilepenetration
65% smartphone penetration rate
StrategicGeographical Location
Relatively Cheaper Operational Costs
Due to exchange rate Malaysia is located within 2-3 hours from
the neighbouringASEAN partners and 4-6 hours from our
Asia partners
16 |
Shortage ofTechnical Talent
Non - Homogenous market
Shortage of Strong Startups in Malaysia
Technical talents moving overseas
searching forbetter opportunities
With every change, cost increases. There is always risks (brand damage, etc.) if the
localization fails
May have an impacton Malaysia’s
attractiveness as a startup hub to
foreign investors
Challenges
17 | Malaysian Startup Ecosystem Report 2016
Leadership Pathways
The social enterprise sector boasts more diverse leadership than
traditional sectors, providing aleadership pathway for
women and young professionals
Tackle Global Issues
Combat social issues ie. improve a community (often a marginalized
group), provide access to skills training, employment, and revenue; and often at the same time attempt
to provide some sort ofenvironmental aid simultaneously
Opportunities created through Social Entrepreneurship
1. Wan Dazriq, Manager (Strategic Initiatives), ASEAN Centre of Entrepreneurship
18 |
Gaining legitimacy,support, andrecognition
from the publicand government
Lack of businessacumen to run
the enterprise ina viable andsustainable
manner
Lack of funding &financial support
Lack of accessto qualitytalent &
manpower
Challenges faced by Social Entrepreneurship
1. Wan Dazriq, Manager (Strategic Initiatives), ASEAN Centre of Entrepreneurship
20 |
19
32
63
40
Funding in Malaysia Startup Ecosystem
1. Pitchbook; Figures are updated as at 7 Dec 20162. Eric Tan (https://www.slideshare.net/rictann/south-east-asia-and-malaysia-deep-dive-startup-ecosystem-2016-an-overview)
Deal Size (USD) Deal Count
$9.5m
$33.2m
$47.9m
$33.1m
2013 2014 2015 2016
21 | Malaysian Startup Ecosystem Report 2016
Deal Count and Deal Size in Malaysiacompared to the whole of SEA
Malaysia against SEA: Median Deal Size
% of Deal Count % Deal Size From 2013 to 2016, the gap of median deal size grew from $0.35m to $0.87m – few Malaysian startups managed to scale at later stage.
Median Deal Size (USD) - SEAMedian Deal Size (USD) - Malaysia
2013
2014
2015
2016
2013
2014
2015
2016
$0.50m
$0.59m
$0.47m
$1.00m
$0.15m
$0.08m
$0.11m
$0.13m
9%
16%
10%
14%
1.7%
4.4%
2.6%
1.7%
1. Pitchbook; Figures are updated as at 7 Dec 20162. Eric Tan (https://www.slideshare.net/rictann/south-east-asia-and-malaysia-deep-dive-startup-ecosystem-2016-an-overview)
22 |
Overall 2016 although lower than 2015, is still an increase overall from 2013 and 2014. The dip could be due to the lack of startups that are on thefundraising mode (either quality, readiness orstartups just do not need the money).
Also with regards to the lower average perinvestment, it could be due to the fact that VCs and/or startups are becoming more savvy about how much they would need for their growth and a such, have designed smaller rounds to suit.
Alternatively, VCs may want reduce their risks but increase their bets, so smaller rounds could help them achieve that - i.e. the manner of how 500Startups invest.
Jonathan Lee of MaGIC
23 | Malaysian Startup Ecosystem Report 2016
Most Active Investors in Malaysia in 2016
34
1011
917
7
No. of Deals in the Past 5 YearsNo. of Total Investments 2016
Preferred Verticals
Preferred Stage
E-Commerce,EdTech, Fintech,
Mobile, SaaS
Seed, Series A
AdTech, Big Data, E-Commerce,Fintech, SaaS,
Mobile
Seed, Series A
IoT, Big Data,E-Commerce,
Fintech
Seed, Series A
USA China Malaysia
1. Pitchbook; Figures are updated as at 7 Dec 20162. Eric Tan (https://www.slideshare.net/rictann/south-east-asia-and-malaysia-deep-dive-startup-ecosystem-2016-an-overview)
24 |
Most well-funded Malaysian startups with $2m+ funding in 2016
$15.25m
$12.0m
$4.50m$3.0m $3.45m $2.27m $2.0m $2.35m
$2.7m $2.0m $2.0m $2.0m
Total Funding To-DateFunding Raised in 2016
Founded / #Employees
Industry / Vertical
2015 / 130+ 2015 / 65+ 2015 / 72012 / 30+ 2013 / 6 2015 / 25+
Lifestyle /Marketplace
Services /Marketplace
Finance / FinTech Solution
E-commerce / Marketplace
Healthcare /Marketplace
E-commerce / Marketplace
Mar 2016 May 2016 Mar 2016 Jul 2016 Jan 2016 Mar 2016
1. Pitchbook; Figures are updated as at 7 Dec 20162. Eric Tan (https://www.slideshare.net/rictann/south-east-asia-and-malaysia-deep-dive-startup-ecosystem-2016-an-overview)
26 |
* Note: Latest data attained based on mindshare.
1. TechinAsia
Top six notable startups in 2016
31 | Malaysian Startup Ecosystem Report 2016
Startup Weekend by StartupWeekend.org
Pitch Tuesdays by 1337 Accelerators
The Pitch byNext Academy
Grill or Chillby MaGIC
StartupGrindPowered by Google for Entrepreneurs
Let’s Jam @ GEM by Global Entrepreneurship
Movement (GEM)
Community Events
33 | Malaysian Startup Ecosystem Report 20161. https://www.techinasia.com/14-malaysian-startups-poised-breakout-2016
Azran Osman-RaniCEO of iFlix
Anthony TanGRAB
Chan Kok LeongiPay
Joel NeohFounder & CEO of KFit
Jesrina ArshadFounder of Purely B
Vivy YusofFashion Valet
Founders
34 |
Mentors
Khailee Ng 500 Startups
Jonathan Lee MaGIC
Warren Leowdesigns.net
Vishen Lakhiani Mindvalley
Patrick GroveCatcha Group
Mark Chang Jobstreet
35 | Malaysian Startup Ecosystem Report 2016
Venture Capitalists
Cradle Seed Ventures Management Pte Ltd
1337 VenturesSdn Bhd
5M InvestmentHolding Ltd
3P Infra ManagersSdn. Bhd
CIMB Private Equity Advisors Sdn. Bhd
DTA VenturesManagement Sdn. Bhd
36 |
Edmond Yap Chief Education Officer
Edunation
Daniel Loy Director, Centre of
Learning & Innovation
Petrosains
Julia Chong CEO
The TrulyLoving Company
Fahmi ZawawiManaging Director
TOMS Shoes
Shuyin Tang Principal
Unitus Impact
Rashvin Pal Singh Co-Founder & CEO Biji-Biji Initiative
Sasibai Kimis Founder &
Managing Director
Earth Heir
Yasmin Rasyid President
EcoKnights
Key networks in S.E (Founders & Mentors)
37 | Malaysian Startup Ecosystem Report 2016
Maybank
Axiata Digi Incub8Cyberview
Maxis Inspire TuneLabs
1. https://drive.google.com/open?id=0BxNQbbsjgrAgSDZVXzV0WURaaHM
Corporates
38 |
Tech In Asia
Deal Street Asia Malaysian Digeste27
Tech Crunch asia Vulcan Post
1. https://www.bornevia.com/blog/20-top-sources-in-our-list-for-asia-technology-and-startup-news/2. http://www.allyoucanread.com/malaysian-newspapers//#news
Media
40 |
Katsana Malaysia Logistic
Eggbun EducationKorea Education
SuitApp Russia Fashion
Happy BunchMalaysia Online Retail
iKargo Malaysia Logistic
Door 2 Door Doctor Malaysia Healthcare
MaGIC AcceleratorNo. Startups Graduated:MAP: 139 / MAP SE: 69 / DISTRO DOJO: 26
41 | Malaysian Startup Ecosystem Report 2016
WeTeach Germany Education
Kakitangan Malaysia Smart Office
Apver Thailand Digital Media
The Lorry Malaysia Logistic
GuarDia Indonesia Music
Parkit Australia Social Enterprise
WatchTower and FriendsNo. Startups Graduated: 30
43 | Malaysian Startup Ecosystem Report 2016
Asian Launchpad
TechSailor Singapore Analytics
CincaiBuyMalaysia E-commerce
SalamAkikahKorban.com Malaysia Halal Purchasing
One Ping Malaysia IT Development
Tapway Malaysia Big Data
Veonic Malaysia Security
MADNo. Startups Graduated: 19
44 |
1337 AcceleratorNo. Startups Graduated: 9
ParkEasy Malaysia Utility
Baucar Malaysia E-commerces
GigFairy Malaysia Entertainment
ClosetStyles Malaysia Fashion
Owesome Malaysia Personal Finance
Tide Analytics Malaysia Analytics
45 | Malaysian Startup Ecosystem Report 2016
1337 Accelerator GameFoundersNo. Startups Graduated: 52
Interactive Fate Games Development
27Rabbits Malaysia Games
Development
Cupcake Entertainment Brazil GamesDevelopment
Amazing Soul Games Columbia Games
Development
Figment Games Philippines Games
Development
Team Red Panda Slovenia Games
Development
46 |
Notable of other Existing Accelerators
TuneLabs
Cyberview Living Lab Accelerator
Hong Leong Launchpad
Digi Accelerate
The Hangout, Johor
1. https://vulcanpost.com/605881/accelerator-programme-startup-malaysia-2017/
47 | Malaysian Startup Ecosystem Report 2016
The Canvas
MaGIC Coworking Space The Co. BangsarIncube8
Make Space Uppercase
Co-Working Space
49 | Malaysian Startup Ecosystem Report 2016
Introduction : BorderPass gets you through airport immigration in seconds. We send your biometrically verifiedprofile to the destination government ahead of travel to kickstart the immigration screeningprocess. Pre-cleared users can skip theimmigration queue and form using a seamlessand secure BorderPass automated gate on arrival.
Competitors : There are other companies in the Malaysian border control business, for example IRIS, NERS, Prestariang and Datasonic, but they are established players.
Problems/Issues tackledby Borderpass : BorderPass aims to tackle airportovercrowding, which causes discomfort and creates security issues.
Challenges faced by Borderpass : On a technical level, we are working on theintegration of hardware from multipleinternational vendors. We also have to getapprovals from various private and government institutions. Funding is also an issue as we areinitially capex heavy during pre-commercialisation.
BorderpassProgram : Stanford (Global Program)
50 |
Introduction : At 100% Project we seek to empower teachers to provide the best learning experience for theirstudents. We do this primarily by connectingpublic to their stories so they can raise funds fortheir classroom needs.
Competitors : Other great education NGO’s and organisations are - Teach for Malaysia, Edunation, Arus
Problems/Issues tackledby 100% Project : We support dedicated teachers to go the extra mile for the students but who cannot proceed due to budget constraints in their school or their school being from a more under privileged community. On a larger scale, we also want to a (elevate the teaching profession by raising the profile ofdedicated teachers, and b) rally the community behind our teachers and to strengthen narrative of the school being everybody’s responsibility, not just the government’s.
Challenges faced by 100% Project : Finding sustainable streams of revenue. We’re constantly experimenting with increasing scope of our offerings so we can leverage off our expanding teacher network.
100% Project Program : MAP S.E
51 | Malaysian Startup Ecosystem Report 2016
Introduction : KATSANA is a data company focusing on usage-based insurance by way of telematics. Our prediction &gamification engine excels in understanding driverbehavior patterns, scoring drivers based on actualrisk on the road, and engage them to becomebetter drivers.
Competitors : AutomaticMetromile
Problems/Issues tackledby Katsana : It started in 2013 when a friend’s car was stolen in broad daylight at Bangsar, and my brother’s car stolen a week later in Penang. It made me do market research and discovered that Malaysia is #6 in the world when it comes to car theft, and existing solutions in the market are in dire need of innovation to keep up with latest smartphone technologies.
Challenges faced by Katsana : Being a young startup back then, it was rather hard for us to tackle the enterprise sector because established companies tend to be wary of new unproven startups. However, once we managed to capture one enterprise, others tend to follow suit. The tip is, associate yourself with industry leaders to generate credibility. Big bosses tend to trust their business buddies more than salesmen.
KatsanaProgram : MAP Asean
53 | Malaysian Startup Ecosystem Report 2016
* Note: Based on mindshare.
1. http://wearesocial.com/sg/blog/2016/09/digital-in-apac-20162. https://www.techinasia.com/15-top-funded-startups-singapore-infographic3. http://sbr.com.sg/sites/default/files/singaporebusinessreview/print/SBR_FebMar2016_HottestStartups.pdf
51,855USD
78companies 12companies4.70million
83%
12535companies
GDP per capita
Total Funding Rounds
Series ASeed Funding Series B
Active Internet Users
Internet Penetration Rate
Singapore Population
5.65million
15 Dec 2016
Top 3 Startups*Upcoming Startups
Types of Funding Received
Ninja VanLazada SG VaniteeRedmart Shopback SingaporeTradeGecko
4. http://www.startupranking.com/top/singapore5. Tracxn6. www.tradingeconomics.com
54 |
* Note: Based on mindshare.
1. https://www.techinasia.com/indonesia-web-mobile-statistics-we-are-social2. https://www.techinasia.com/indonesia-15-best-funded-tech-ventures
3. https://www.techinasia.com/indonesia-10-funded-startups-growth4. https://www.techinasia.com/5-indonesian-startups-watch-2016
5. Tracxn6. www.tradingeconomics.com
3,834USD
88.1million
34%
GDP per capita
Active Internet Users
Internet Penetration Rate
Indonesia Population
259.1million
15 Dec 2016
Top 3 Startups*Upcoming Startups
TokopediaRuangguru TravelokaKudo BukalapakeFishery by Cybreed
36 companies 6 companies
6321companies
Total Funding Rounds
Series ASeed Funding Series B
Types of Funding Received
55 | Malaysian Startup Ecosystem Report 2016
5. Tracxn6. www.tradingeconomics.com
* Note: Based on mindshare. ** Note: figure includes access via fixed and mobile connections.
1. http://wearesocial.com/sg/blog/2016/09/digital-in-apac-20162. http://fintechnews.sg/7593/vietnam/7-hottest-fintech-startups-solutions-vietnam/ 3. https://www.techinasia.com/3-vietnamese-startups-get-funding-from-malaysia-1337-ventures
4. www.tradingeconomics.com5. Tracxn
1,685USD
49.5million
53%**
GDP per capita
Active Internet Users
Internet Penetration Rate
Vietnam Population
93.3million
15 Dec 2016
Top 3 Startups*Upcoming Startups
Lozi.vnSaloneses MocaPerkfec TimoNavi
54companies 6companies
8929companies
Total Funding Rounds
Series ASeed Funding Series B
Types of Funding Received
56 |
* Note: Based on mindshare. ** Note: figure includes access via fixed and mobile connections.
1. http://wearesocial.com/sg/blog/2016/09/digital-in-apac-20162. https://www.techflier.com/2016/08/22/top-13-tech-startups-from-myanmar-you-need-to-know-about-in-2016/3. https://e27.co/meet-the-six-startups-accepted-into-myanmars-first-ever-accelerator-programme-20160908/
4. www.tradingeconomics.com5. Tracxn
1,309USD
11.8million
22%**
GDP per capita
Active Internet Users
Internet Penetration Rate
Myanmar Population
54.1million
15 Dec 2016
Top 3 Startups*Upcoming Startups
WisperKargo NEXRarhub BindezTechnoholic
7companies 0companies
125companies
Total Funding Rounds
Series ASeed Funding Series B
Types of Funding Received
57 | Malaysian Startup Ecosystem Report 2016
* Note: Based on mindshare.
1. http://wearesocial.com/sg/blog/2016/09/digital-in-apac-20162. http://www.bangkokpost.com/tech/local-news/796196/3. http://www.innovationiseverywhere.com/the-top-6-growing-thai-startups-curated-by-techsauce-summit-2016/
4. www.tradingeconomics.com5. Tracxn
15,346USD
41.0million
0%
GDP per capita
Active Internet Users
Internet Penetration Rate
Thailand Population
68.1million
15 Dec 2016
Top 3 Startups*Upcoming Startups
ClaimDiAirportels SkootarDRVR SocialGiverEverex
73companies 11companies
10925companies
Total Funding Rounds
Series ASeed Funding Series B
Types of Funding Received
58 |
* Note: Based on mindshare.
1. http://wearesocial.com/sg/blog/2016/09/digital-in-apac-20162. http://www.startupranking.com/top/philippines3. http://www.dealstreetasia.com/stories/14-philippine-startups-to-watch-out-for-in-2016-25326/
4. www.tradingeconomics.com5. Tracxn
6,938USD
54.0million
0%
GDP per capita
Active Internet Users
Internet Penetration Rate
Philippines Population
101.5million
15 Dec 2016
Top 3 Startups*Upcoming Startups
Lazada PhilipinesPawnHero Metro DealAyannah Price PricemClinica
83companies 1companies
9511companies
Total Funding Rounds
Series ASeed Funding Series B
Types of Funding Received
60 |
“For any startup to go global, there’s two things they need to sort out. One, making sure that they have enough cash to mobilise anything they need in the new market and two, they need to have a clear business model to deploy there.”
- Ashran Dato’ Ghazi, CEO MaGIC
“The more money a startup have, the more likely thestartup could survive (going global). Especially in countries where the foreign exchange (from the original currency) is stronger. Plus, a startup should plan to go global from the get-go, as a long - term goal because sometimes incertain countries, the market is relatively smallerthan they think.” - Jonathan Lee, VP, Entrepreneurship Development, MaGIC
“Before venturing to global market, do your research for the target market there and perform your due diligence on your local team at the intended country. Make sure you get the best and the right talents who knows the ropes and quirks of the country (best to be locals). Don’t forget tohustle to gain momentum and tractions.” - Hazel Abu Samah, VP, Marketing and Communications, MaGIC
Must Have Enough Cash & ClearBusiness ModelDeployment
Money Equalsto Sustainability
Do YourDue Diligence
62 | 1. Vulcanpost
Corporate bodies will become more involved with startups
There will be more verticalaccelerators in Malaysia
Merger & acquisition activities to increase
Equity crowdfunding tocontinue strong growth
Machine Learning, ArtificialIntelligence, and IOT tech sectors
to continue strong growth
Social enterpriseswill gain more public
awareness and recognition
Expectations in 2017 in the startup ecosystem
63 | Malaysian Startup Ecosystem Report 2016
Move away from being a CSR driven project to a revenue
driven entity
Focus on not sustainability alone but growth as well
Focus on greater social impact than just community impact
Re-educate conventional investors to look into impact investing
Educate corporate companies to supportthese companies via conscious capitalism
(fair trade, etc.)
Social Entrepreneurship Expectations in 2017*
* Note: Applies to all socially conscious startups
64 |
Government should promote corporate entrepreneurship
awareness
Startup founders should be more innovative (i.e take heightened calculated risks & be different)
Startups within Malaysia could start looking away from
service-like business model
Decide firsthand on where to go upon validated market
(for expansion)
Government should incentivise VCs and Angel Investors to spur
more investments in Malaysia
Startups in Malaysia have great potentials to be impact driven
entreprises
VCs’ Expectations of Malaysian Startup Ecosystem
1. Malaysia’s Competitive Advantage From A VC Perspective (Echelon Penang 2017, Malaysia)
65 | Malaysian Startup Ecosystem Report 2016
Malaysia has competitivelocation in SEA so startups
should use it
More engagement & outreach of startup ecosystem in rural areas
by the Government
Startups should engage more in the initiatives set by the
Government
Startups should considerintegrating Big Data Analytics in their
business model
Startups should not shy away from contacting VCs and Angel Investors
(We want to talk to you!)
67 | Malaysian Startup Ecosystem Report 2016
1. https://www.facebook.com/richardker/media_set?set=a.10155032851759009.1073741847.789539008&type=3
Sasha Tan – Founder (FAVFUL)
Syed Ahmad Fuqaha – Co-Founder (KATSANA)
Johnson Lam – Founder (KAKI DIY)
Adlin Yusman – Founder (BEMALAS)
“Uncertainty magnifies the challenge,so face it quickly, lest it outgrows you.”
“There’s no so such thing as perfection. Thus don’t wait to be perfectwhen releasing a product. Release quickly, iterate quickly.”
“You only live once. But in your lifetime, touch as many lives as you can,you will be able to live your life through them.”
“Running a startup is like being in the trenches, you need the right strategy, good lieutenants and most importantly a burning desire to win.”
68 | 1. https://www.facebook.com/richardker/media_set?set=a.10155032851759009.1073741847.789539008&type=3
Joanne Ho – Founder (HAPPY BUNCH)
Chow Yee Hoong – Founder (DAPPER&CO)
Cheryl Yeoh – Founding CEO (MaGIC)
Giden Lim – Co-Founder (BLOOMTHIS)
“Passion gets you started butperseverance takes you to the finish line.”
“Analyze by fundamentals,execute with passion.”
“Practice courage over comfort.Be comfortable with the uncomfortable.”
“Unless you stop trying, there’s no such thing as failure.Don’t make it an option.”
69 | Malaysian Startup Ecosystem Report 2016
Jesrina Arshad – Founder (PURELYB)
Yuen Tuck Siew – Founder (JIRNEXU)
“Never ever downgrade your dreams. When you’re powered by passion, positivity and sheer determination, you can do anything and truly make a difference in people’s lives.”
“As you scale your startup you will delegate almost every responsibility except belief. You must have an unbreakable belief in your vision and insure that investors, partners, and clients share that belief in what you.”