Malaysia’s Cradle leads ASEAN startup initiative to foster growth among regional startups

Cradle Fund Sdn. Bhd. (Cradle), the central organization for Malaysia’s startup ecosystem, has been given the mandate to spearhead the ASEAN Startup Initiative under the Science, Technology, and Innovation (STI) sector by the Ministry of Science, Technology, and Innovation (MOSTI), Malaysia, in its capacity as the National Committee on Science, Technology, and Innovation (COSTI) Chair of Malaysia.

The ministry said in a statement on Friday that the ASEAN STI Ministers have presented and approved its major initiatives under the Priority Economic Deliverable, which aim to promote greater cooperation, innovation, and growth among startups in the region. This has created the foundation for important developments in the ASEAN startup ecosystem.

The ASEAN Startup Initiative, spearheaded by Malaysia, focuses on three primary areas: enhancing ecosystem readiness among ASEAN Member States to guarantee a supportive infrastructure for startup growth; increasing “startup-friendly” policies to create an environment conducive to startups’ success; and fostering collaboration to foster meaningful partnerships and synergies within the region.

Cradle will phase in the ASEAN Startup Initiative beginning in 2024.

The creation of the ASEAN Startup Portal, a vital resource for investors and startups throughout the region and a pillar of regional startup collaboration, will mark the beginning of the first phase.

The ASEAN Startup Initiative’s second phase, which will concentrate on capacity-building initiatives, is scheduled to begin in 2025.

Pitch competitions, startup accelerator programs aimed at corporate and ASEAN-themed challenges, Startup Village, the ASEAN-India Startup Festival 2025, and a declaration by well-known leaders to broaden the global startup network and fortify cross-border ties are all part of this phase, which will coincide with Malaysia’s ASEAN Chairmanship in 2025.

“Moving forward, MOSTI, through Cradle, will kick off the ASEAN Startup Portal by the fourth quarter of 2024, reflecting our commitment to fostering a robust and collaborative startup ecosystem within ASEAN,” said Chang Lih Kang, Minister of MOSTI.

“With Malaysia taking the chairmanship in 2025, Cradle plans to lead the way in implementing ASEAN Technology Startup Ignite as Malaysia’s 2025 Priority Economic Deliverable, which has been endorsed by the 85th Meeting of the ASEAN Committee on Science, Technology and Innovation (COSTI-85) and the 20th ASEAN Ministerial Meeting on Science, Technology and Innovation (AMMSTI-20) in Siem Reap, Cambodia recently,

“By addressing key areas such as policy, ecosystem readiness, and regional collaboration, we aim to position the ASEAN Member States as leading players in the global startup landscape,” he added.

Group Chief Executive Officer of Cradle Norman Matthieu Vanhaecke expressed his excitement at revealing the organization’s primary goals, which are detailed in the Priority Economic Deliverable 2025.

He claims that each of these deliverables has been carefully chosen to address both regional and local difficulties.