KUALA LUMPUR: The two-day India-Asean Startup Summit 2023 (IASS 2023) which sees the introduction of “India-Malaysia Startup Bridge”, is expecting RM500 million potential investment into Malaysia’s startup scene as well as in other emerging industries.
Datuk Seri Dr SK Devamany, former deputy minister in the Prime Minister’s Office and senior adviser of IASS 2023, said there will be many areas of startups participating including edutech, healthcare, Industry 4.0, artificial intelligence, ESG and renewable energy, fintech, enterprise solutions, automation solutions, community and social development and agriculture and food security.
“The governments are present here. The corporates who registered with us are 20%. Academia of 15%, the universities are also represented. There are 584 delegates registered with us. And there will be 158 startups registered from Malaysia and throughout this region. We have India, Malaysia, Singapore, Indonesia, Brunei and the other parts of the world,” he said in his welcome speech today.
IASS 2923 chairperson Datin Malliga Subramaniam said that the anticipated RM500 million investment signifies immense faith in the collaborative potential of the India-Malaysia business landscape.
“It’s a major leap forward in nurturing a culture of innovation and entrepreneurship in both countries. We are bringing in international investors, and we are also bringing in businesses that are coming from India, from Singapore, from other Asean parts, as well as internationally. A lot of the businesses are focusing their attention on Malaysia because Malaysia is very strategically located in Asean countries. Because of the growth in Asean itself, Malaysia is positioned in a central location where we can attract these kinds of investors, and through this India-Asean startup summit, we are looking at a RM500 million investment to come through directly and indirectly through this summit, and so this is just a start for us,” she told reporters after the launch.
Malliga added that the investment is poised to come through a variety of channels including funding opportunities and partnerships, aligning with the goals of the India-Malaysia Startup Bridge.
“With over 600 startups participating, IASS is a platform where cross-border collaboration is not just encouraged but actively facilitated. The India-Malaysia Startup Bridge is set to be a key driver in this landscape, fostering innovative ventures and partnerships,” she said.
Science, Technology, and Innovation deputy minister Datuk Arthur Kurup said that this summit symbolises the collective commitment of both Malaysia and India to fostering a global environment that nurtures these entrepreneurial spirits.
“Ministry of Science, Technology and Innovation is committed to supporting and nurturing startups in the country. We remain dedicated to fostering collaboration, innovation, and entrepreneurship within the startup ecosystem and look forward to collaborating with India and all Asean member states to create a vibrant regional ecosystem that propels our economies to new heights of success,” he added.
The Indian startup landscape encompasses a variety of contributors including federal and state government entities, public and private sector initiatives, university-led programmes, and a mix of domestic and international venture funds and investors. This network has propelled India to become the world’s third largest startup ecosystem. The count of startup unicorns in India has surged from 11 in 2015 to 110 by 2023.
“The Ministry of Commerce & Industry of India, through Startup India, has been pivotal in our rise as the third largest startup ecosystem globally. States like Telangana and Karnataka, with incubators like T-Hub in Hyderabad, exemplify this growth. At IASS 2023, we showcase these achievements, offering a blueprint for Malaysia to emulate our blend of government support, entrepreneurial energy, and innovation,” said Professor Abhay Karandikar, Secretary Department of Science and Technology, Government of India during his keynote address.