Mosti identified potential 'soon-to-be' companies, 22% of which are Bumi companies, parliament says

KUALA LUMPUR (June 24): The Ministry of Science, Technology and Innovation (MOSTI), through the Cradle Fund, has identified potential 'Soonicorns', of which 22 per cent are Bumiputera companies.

According to Mosti, Bumiputera companies include those providing drone and digital marketing services.

A “soonicorn” is a startup that could soon become a “unicorn” with an enterprise value of less than $1 billion.

“VentureTECH, which has a multi-tiered investment mandate in Bumiputera companies, has invested in potential startups including Aerodyne, Cell Tissue, Bayo Pay, Bateriku, TXMR and SS Rover. They represent 21% of its total investments, the remaining 79% being in the mezzanine category,” Mosti said in a written response published on the parliament website on Monday.

Additionally, Mosti said several other potential Bumiputera startups were being evaluated in VentureTECH's 2024 investment pipeline.

Mosti said this in response to Datuk Ahmad Amzad Mohamed @ Hashim (PN-Kuala Terengganu)'s question on Bumiputera Soonicorns and the steps taken to boost the local startup ecosystem as well as the direction needed to make Malaysia a regional startup and a digital hub.

Mosti launched the Malaysian Startup Ecosystem Roadmap (Super) 2021-2030 in November 2021 and the MYStartup Action Strategy to boost Malaysia's startup ecosystem and create internationally competitive startups .

“Mosti will continue to support the development of the Malaysian startup ecosystem as a whole through financing, investment and capacity building programs,” the ministry said.

He said the regional startup ecosystem, through the Asean Tech Startup Initiative, will be strengthened to promote Malaysia as a regional startup and digital hub.

“Malaysia will play a greater role as a driver of an innovative and competitive regional start-up and digital hub, while strengthening regional cooperation, towards the ASEAN Chairmanship in 2025.

“In addition, a regional platform will be developed to connect startups with investors, support capacity development programs and strategic partners across ASEAN.

“The platform will also support programs promoting innovation and technological development in ASEAN,” the ministry said.

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