Selangor Journal: Selangor pledges to foster vibrant startup ecosystem — MB

KUALA LUMPUR, Sept 5 — The Selangor government is strongly committed to fostering a robust startup ecosystem to enhance the socio-economic standing of the state and its people, said Dato’ Seri Amirudin Shari.

The Menteri Besar emphasised Selangor’s readiness for business opportunities and expressed its intent to tap into emerging sectors, particularly the digital economy, to further advance the state’s economic growth.

“The innovation I have witnessed by 30 SMEs (small and medium enterprises) and 38 startups in artificial intelligence, machine learning, net-zero, and biotechnology has been a breath of fresh air. Some of the efforts by these 70 high-impact teams and 140 founders have been truly remarkable.

“But we cannot be (complacent) with their efforts and hope they can achieve successful and scalable innovation without the government’s effort and attention or the society’s readiness to adopt and partake in these trends.

“That is the primary reason Selangor is doubling down on its commitment to nurture and work with these groups, build a larger and more robust system, and invite the business community to partner with some of these groups,” he said in his officiating address at the launch of the Selangor E-Commerce Xccelerator (ECX23) and the sixth cohort of the Selangor Accelerator Programme 2023 (SAP23) held at Menara Affin here today.

Present were state executive councillor for investment and trade Ng Sze Han and Deputy Communications and Digital Minister Teo Nie Ching.

Also in attendance were Invest Selangor Bhd chief executive officer Dato’ Hasan Azhari Idris, Selangor Information Technology and Digital Economy Corporation (Sidec) chief executive officer Yong Kai Ping and Affin Islamic Bank Bhd chief executive officer Datuk Syed Mashafuddin Syed Badarudin.

Propelled by Sidec, ECX23 and SAP23 aim to uplift local startups exhibiting solid growth prospects.

These programmes echo the state’s overarching mission to offer higher-paying jobs, elevate the living standards of Selangor residents, and nurture a more resilient middle-class community, said Amirudin.

He said through its dedicated funds via Permodalan Negeri Selangor Bhd (PNSB), the state has earmarked RM30 million in venture capital for promising startups within the Klang Valley.

Meanwhile, Ng at the event called on stakeholders — be they business pioneers, investors, or policymakers — to recognise the pivotal role of expanding startups not only within sectors but also across global landscapes.

He lauded the combined efforts of state and federal governments in establishing the nation’s inaugural joint corporate venture capital pool: Dana Penjana Selangor.

“The joint federal-state investment mechanism of Dana Penjana Selangor aims to further scale these pooled funds, providing a robust platform for co-investment.

“I hope this collaborative venture will serve as a magnet for private capital, attracting it to invest in tandem with government funding through fund-of-fund programmes.

“This initiative has the potential to catalyse the growth of alternative fundraising avenues in Malaysia, driving both innovation and economic development,” he said.

ECX23 and SAP23 winners will be inducted into the CXO Club, an exclusive networking group. Members of this community benefit from the guidance of chief executives of public-listed companies, which will help them navigate new connections and opportunities.

The 38 participants of the initiatives will receive other benefits, such as US$10,000 (RM46,625) in Amazon Web Services cloud credits and a prime exhibition at the Selangor 8th Smart City and Digital Economy Convention 2023.

The top 10 winners of the SAP23 will further share a prize pool of RM200,000, global recognition and international market exposure.

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