Government / Public Policy

Govt to organise startup convention to create more local technopreneurs

KUALA LUMPUR: The government is expected to organise a startup convention soon to create more local technopreneurs in the country, said Economy Minister Rafizi Ramli.

Rafizi said the development of startup companies was necessary to accelerate the transition of the country's economic structure, aside from strengthening the venture capital ecosystem to accelerate the establishment of technology-based startup companies.

"Among other initiatives (to create more local entrepreneurs) is to gather funding from government-linked companies (GLC), where focus will be given towards early-stage investors and startups to empower more local talent as technology creators and developers," he said when presenting the 12th Malaysia Plan (12MP) mid-term review in Dewan Negara today.

At the same time, Rafizi said that the government has also allocated RM266 million this year to local startup companies to produce more unicorn-level companies, with RM63.9 million disbursed at the moment.

Meanwhile, he added that an agency to coordinate and manage the research, development, commercialisation and development (RDCI) will be established to accelerate economic structural reform.

"The gross expenditure on research and development towards gross domestic product (GDP) is targeted at 2.5 per cent, while the contribution of research and design (R&D) of the private sector to the total R&D expenditure is targeted at 70 per cent in 2025."

At the same time, Rafizi said a 'Social Innovation Policy' would also be launched in November at the grassroots level to allow more interest towards science, technology and creativity in producing world-class scientists.

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