Startup founders laud KL20’s incentives, says wooing more VCs would be game-changer for local scene’s growth

last week have been lauded by several local startup founders, with particular excitement over attracting more venture capital firms., the founders said having an expanded presence of VCs in the country would provide a seed for growth among the local startup scenes, something that Malaysia has sorely lacked previously.

“Ventures cannot be built without good talent, so it is paramount for the government to put in measures to support local startups to attract and retain talents,” she said.KiddoCare founder Nadira Yusof speaks during the KL20 Summit 2024 in Kuala Lumpur, April 23, 2024. — Picture by Miera Zulyana Aizat Rahim — the founder of business-to-business marketplace Borong — lauded the Golden Passes offered to startups, founders and VCs, saying that it has cut down on bureaucratic overhead.

Aizat added that the newly announced policies would provide Malaysia with a competitive edge over its regional neighbours, many of which are also vying to attract global startups to set up shop in their respective markets. Drone services provider Aerodyne Group’s senior vice-president, Hariz Zainal, said the incentives would address the lack of competitiveness of Malaysia compared with Indonesia and Singapore, saying the lack of funding has hampered the number of startups here.

“With the local establishment of partners that we can find in Malaysia, then why not? It could be easier to work together as we are now in the same region.

Kiddocare Nadira Yusoff Startups Incentives Venture Capital

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