BRINGING INNOVATION AND SUSTAINABILITY TO THE STARTUP ECOSYSTEM
Business Today Malaysia|November 2020
According to the Global Startup Ecosystem Report 2020, Malaysia ranked 11th as the Top 100 Emerging Ecosystem, with an ecosystem valuation of RM 63.5 billion. The study further rated Malaysia as an ideal startup location, citing low prices, high quality of life and expertise, coupled with strong government support as primary reasons for entrepreneurs to either start or move their companies to Malaysia.

Playing an equally important role in building the ecosystem, the Malaysian Global Innovation & Creativity Centre (MaGIC), an agency under the Ministry of Science, Technology and Innovation Malaysia ( MOSTI ) is tasked to empower technology startups and social innovators while developing a vibrant and sustainable entrepreneurship ecosystem.

“MaGIC’s DNA is in creativity and innovation. With a proven track record in the tech startup ecosystem to accelerate the realisation of the country’s innovation policy agency, our mandate also extends to social innovations in line with MOSTI’s agenda to spur wealth creation through innovation,” says Dzuleira Abu Bakar, Chief Executive Officer of MaGIC.

Since its inception in 2014, MaGIC has achieved a value creation RM409 million, has organised 294 programmes, accelerated 189 startups and created 690 jobs.

NATIONAL TECHNOLOGY AND INNOVATION SANDBOX

The National Technology & Innovation Sandbox (NTIS) is an initiative mooted to cater for the needs of technology startups in Malaysia.

NTIS is also known as the national solution co-ordination centre that allows innovators and startups to stress-test their products, services, business models and delivery mechanisms in a secure and live environment, with some relaxations from all or selected regulatory requirements.

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