Over 4,300 startups were onboarded, more than 17,000 individuals supported, and over MYR 100 million ($22.8 million) in investments secured in the past year, according to the MYStartup Annual Report 2023/2024 released Tuesday.
The Ministry of Science, Technology and Innovation (MOSTI), via Cradle Fund Sdn Bhd (Cradle), highlighted Malaysia’s continued ascent as a thriving startup hub.
The report also noted that Kuala Lumpur now ranks among the top 21–30 Emerging Global Ecosystems, with the city’s startup ecosystem valued at over MYR 220 billion ($50.1 billion).
Over 5,700 tech talents have been developed through partnerships with universities and corporate collaborators.
The statement also highlighted Malaysia’s growing role as a launchpad for regional growth, strengthened by strong ASEAN connections.
Cradle reaffirmed its commitment to regional innovation by advancing the ASEAN Startup Year 2025 initiative.
Initially announced in late 2024, the year-long program marks an essential step in ASEAN’s emergence as a global innovation hub.
“ASEAN Startup Year 2025 isn’t the beginning—it’s the next chapter in a journey we began in 2024,” MOSTI said.
“Since the December announcement of the Startup ASEAN platform, Malaysia has been laying the foundation to empower entrepreneurs, connect ecosystems, and strengthen ASEAN’s economic resilience through innovation,” said Chang Lih Kang, Minister of MOSTI.
He emphasized that forming new trade partnerships between economic blocs is crucial for upholding the rule of law and ensuring stability in international trade, especially in challenging times.
Chang highlighted ASEAN’s growing economic influence and strategic role in shaping global cooperation and resilience.
“In light of ongoing shifts in global trade, ASEAN and its member states have a unique opportunity to strengthen regional cooperation, diversify trade partnerships, boost intra-ASEAN trade, and invest in innovation and strategic diplomacy through science and technology,” said Minister Chang Lih Kang.
He added that initiatives like ASEAN Startup Year 2025 will play a key role in reducing the impact of trade disruptions while fostering stable, mutually beneficial global partnerships.
This regional push aligns with the ASEAN 2025 vision, recognising startups as key drivers of cross-border collaboration, digital transformation, and socioeconomic development.
Since its launch, the ASEAN Startup Initiative has gained strong support from all ten member countries, showing the region’s shared vision for inclusive, tech-driven growth.
Malaysia continues to play a leadership role in regional innovation. The country hosted major events in early April, such as the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting and the ASEAN+3 Deputies Meeting.
Building on this momentum, Malaysia is preparing to launch the Startup ASEAN platform officially and host the first Startup ASEAN Summit.
This journey began in December 2024 when MOSTI and Cradle announced the Startup ASEAN platform to support entrepreneurs, connect innovators, and build a strong regional startup ecosystem. The multi-phase rollout will run through 2026.
In early 2025, Malaysia brought stakeholders together to align on key startup efforts. These include regional competitions in partnership with China and South Korea and planning a major Cradle-led event for the ASEAN Summit.
The ASEAN Startup Year 2025 will continue gaining ground, hitting key milestones throughout the year. All ten ASEAN member states actively support innovation with their national programs—from startup awards and hackathons to conferences and roadshows.
Under the spirit of ASEAN Malaysia 2025, which focuses on digital transformation, economic integration, and resilience, science, technology, and innovation (STI) programs can boost Startup ASEAN with talent, research, and tech solutions.
At the same time, Startup ASEAN gives STI programs a strong platform to turn research into real-world impact, attract funding, and drive cross-border collaboration, bringing ASEAN closer to its vision of a prosperous, innovative, and sustainable future.
“ASEAN’s strength is in its unity and innovation,” said Dr. Kao Kim Hourn, Secretary-General of ASEAN. “Malaysia, through MOSTI and Cradle, is helping build an open and connected ecosystem for startups. ASEAN Startup Year captures that spirit.”
Cradle’s Group CEO, Norman Matthieu Vanhaecke, added, “We’re building more than platforms—we’re shaping a region where startups grow together.”
He called ASEAN Startup Year a rallying cry for regional cooperation and resilience.
“In a world shaped by new tech and shifting global trade, ASEAN must respond as one,” he said.
Cradle’s MYStartup Single Window platform and the ASEAN Startup Initiative are turning that vision into action—linking founders, investors, and markets across borders.
“For Malaysian startups, this opens new doors—funding, partnerships, and global markets,” he added. “We’re proud to help them join and lead on the world stage.”
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