Kuala Lumpur becomes one of the top cities to launch your startups in, and here are six Insights on Malaysia startup ecosystem.
1 ) The cheap cost of living in Kuala Lumpur makes the city an attractive destination for startups that move here even though they are still incorporated and mainly operated elsewhere in Southeast Asia like Singapore, where there are a lot of investing money for a startup. Also, the diverse demographic of the Kuala Lumpur population (Chinese, Malay, and Indian) made the city a significant market test for earlier stage startups in different potential Asian markets.
2) Starting in 2013, the Malaysian government formed a $100 million fund to invest in startups as part of a broader 10-year plan to develop high-tech industries.
3) 2014 marked the launch of the Malaysian Global Innovation and Creativity Centre (MaGIC), an innovation and creativity center that works to support the local, and to some extent regional, entrepreneurial community and enhance the startup ecosystem with many initiatives, most importantly: