NEXEA has played a key role in developing Malaysia’s largest entrepreneur summit, connecting over 1000 people within the tech ecosystem and attracting more than 500 attendees.
By Felicia Soon
NEXEA recently held the Entrepreneurs Summit IV in Menara Affin at TRX in Kuala Lumpur with their co-organizer, MyDIGITAL, in an effort to drive entrepreneurship and encourage Malaysian startups to become more ambitious and compete on an international level. MyDIGITAL is an initiative that reflects the government’s aspiration to transform Malaysia into a high-income nation that is focused on digitalization and is a regional pioneer in the digital economy.
Ben Lim, Founder and CEO of NEXEA—Startup Fund Malaysia and Southeast Asia—took the stage to share the untold story of NEXEA, where he emphasized the company’s success in running accelerator programs, which connected more than 200 businesses to accelerator programs and resulted in the formation of eight high-growth enterprises.
At the panel discussion titled “Crazy Risks and Crazier Entrepreneurs”, Bryan Loo, Founder of Loob Holdings’ (the company behind popular brands Tealive and Bask Bear Coffee), shared the definition of the company name “Loob,” which literally means “looking out of the box,” and how he and his team continuously come up with crazy propositions that have made it popular and successful.
Bryan also discussed their strategic partnership model, which involves collaborating with petrol stations for drive-through outlets and an integrated model with banks—a strategy the industry has never experienced before. He also explained how the company leverages technology to connect with its customers, expand its reach, and automate store operations processes.
At a panel discussion titled “Future of Malaysian Startup Ecosystem”, Kashfi Alwi, Senior Vice President Ecosystem Development at Cradle, expressed the belief that with the right mindset, strategy, and support infrastructure, “our founders stand a fighting chance essentially to become regional—if not global—businesses.”
Despite prevailing challenges, the panel’s overall sentiment was upbeat, as demonstrated in the lively discussion with Neelofa and Mohd Izzairi Yamin from The Noor in the ‘Beauty and the Hacker: The Neelofa Scaleup Journey’ session, where they explore how the company employs technology to create a mobile app catering to the needs of the Muslim community, their user retention strategy, and the fusion of influencer marketing for brand success.
Malaysia and Kuala Lumpur as a regional startup hub
Standing in for Minister of Economy Rafizi Ramli, who was originally due to present the keynote, Hanifah Hajar Taib, the Deputy Minister of Economy, Malaysia, emphasized that Malaysia, and particularly Kuala Lumpur, has the potential to become a regional startup hub.
“Situated at the nexus of three major economic blocs: China, India, and ASEAN, Kuala Lumpur boasts a vibrant youth population and unparalleled digital connectivity.”
This potent mix, according to Hanifah, positions the city as an ideal testing ground for products while offering an entry point into larger markets. She went on to say that “Malaysian startups have shown the highest investment-to-return ratio in the region, surpassing Singapore and Indonesia by a wide margin.”
A single-window portal to access all grants
The introduction of a “single window” delivering all services placed under the MYStartup platform, as announced in the recent Budget speech, is one attempt to streamline support for entrepreneurs.
The National Digital Economy and Industrial Revolution Council has allocated US$5.88 million (RM28 million) to develop the MYStartup platform as a single window that brings together startups while simplifying business activities throughout their life cycle. This initiative will optimize US$41.95 (RM200 million) of existing funds under various funding agencies and venture capital under a single platform.
“The single window will increase the ease of doing business and ensure that bureaucratic hurdles are minimized,” said Hanifah while adding that it will attract international venture capitalists to Malaysia, which will further incentivize even more stakeholders to operate in the country’s ecosystem.
“With concerted efforts and courage, we can create a regionally acclaimed startup hub that is both inspiring and inclusive. There is a place for every dreamer and every misfit in an environment without boundaries and without limitations.”
