KUALA LUMPUR: As digitisation has become an inevitable change that needs to be adapted by businesses, be it big or small, the Malaysian Global Innovation and Creativity Centre (MaGIC) has emerged as a catalyst for many local startups.
Chief executive officer Dzuleira Abu Bakar said Malaysia’s overall innovation ecosystem has strengthened over time as it is now featured in the top 30 countries, despite some setbacks along the way.
“However, we have to admit that there are still challenges facing the start-up ecosystem.
“These include the lack of investments and participation from the private sector, regulatory red tape, low commercialisation rate after research and development, as well as high dependency on foreign talent for high-technology solutions, ” she said in an interview with Bernama.
Dzuleira said that along the way, Malaysia has lost a number of prominent startups to other countries such as Singapore due to hiccups in accelerating innovation efforts, which are now being actively recalibrated.
She asserted that Covid-19 has become a wake-up call for many entrepreneurs, with many startups affected by the economic slowdown.
“Based on our survey, during the first week of the Movement Control Order, 46% of startups and social enterprises said they would collapse if the Covid-19 pandemic stretched beyond six months, ” she said.
Following the first survey, MaGIC has conducted two other surveys that showed improvement. — Bernama
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