Singapore’s Startup Ecosystem Grows To 150 VC Funds, Malaysia Follows
 
Investvine, A Company of Inside Investor, Ltd.
Apr 29, 2019
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Singapore’s ambition to create an ecosystem to support startups is gaining ground as the city-state is meanwhile home to more than 150 venture capital funds, Bloomberg News reported.

L’Oreal, Microsoft and Oracle are among more than 100 corporations offering incubator and accelerator programs, the agency cited Enterprise Singapore, the government entity spearheading enterprise development. Venture funding has increased to $10.5 billion in 2018 from $800 million in 2012, according to data from US-based financial intelligence firm PitchBook.

The number of tech startups in Singapore has grown to 4,000 in 2017, employing 22,000 staff. That is an increase from 2,800 tech startups in 2003.

Singapore is positioning itself as a gateway for startups to develop innovative solutions of various kinds to spur growth and create jobs and expand within the region. It recently lured British technology company Dyson to manufacture the company’s first electric car on the island and is in talks with other makers of green vehicles to set up shop and do the same.

“We need to build on what we already have here,” Edwin Chow, assistant chief executive officer of Enterprise Singapore, said at a media briefing.

“It’s a good opportunity to bring the crowd in – good companies and startups from all around the world,” he added.

Meanwhile, Malaysia is also working on creating a favourable environment for its tech start-up community. On April 25, an integrated innovation center for start-ups to collaborate with corporations to get access, coaching, funding and mentoring in one space called HLX was launched in Kuala Lumpur.

HLX is backed by Malaysian conglomerate Hong Leong Group and is a private-public partnership with the Malaysian Digital Economy Corporation. It features co-working and co-living spaces, offices, a digital campus and a venture capital hub, various other facilities such as an auditorium, exhibition space, media lab, restaurant and gym are also being developed to ensure HLX becomes a ”one-stop support network” for Malaysia’s start-up community.

The center is designed to grow the startup ecosystem for venture capitalists, mentors, technology partners, tech start-ups and corporations. HLX’s initial focus is on artificial intelligence, high performance computing, fintech and technology manufacturing.

“The start-ups will gain access to a complete innovation ecosystem that will accelerate their transformation, enable innovation and help them scale-up on the value chain, while the corporations will get to engage with start-ups in a more meaningful and sustainable manner,” Mohd Reezan Mohd Fadzil, general manager of HLX, said in a statement.

 
 
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