By Digital News Asia January 11, 2024Supporting startup ecosystem part of plan to attract high-tech industries
In a statement, Digital Penang marked a significant milestone for Penang’s technology startup ecosystem as it received the “Outstanding Ecosystem among Medium-Sized Population Cities in Southeast Asia 2023” award from StartupBlink, a leading startup ecosystem map and research center based in Zürich, Switzerland.
“As the 2nd highest-ranked city in Malaysia and 8th in Southeast Asia, George Town exemplifies excellence and innovation. Additionally, it leads among Southeast Asian cities within its population tier, solidifying its position as a vibrant hub for entrepreneurs,” said Eli David, CEO at StartupBlink. Mahmod Shamsi, the Head of Business Development at StartupBlink, highlighted an increased momentum of startup activities within Penang, notably in 2023, that underscores forward-thinking initiatives supporting startups during the early stages of business development. This has also been reflected in the upward trend of Penang’s global ranking by 12 positions and is currently ranked 8th in the region.
Penang has set an ambitious goal of fostering 500 technology startups by 2030. As of 2023, the state has successfully cultivated 150 startups, spanning diverse technology verticals including e-commerce, hardtech, deeptech, edtech, agritech and fintech. To fortify the resilience and sustainability of Penang startups, Digital Penang has launched market development and access programs in collaboration with strategic partners in Indonesia.
Source: Tech Daily Report (techdailyreport.net)