Why does Malaysian lose future Unicorns?

Malaysia has been struggling to attract and retain emerging technology companies in comparison to its neighboring countries like Vietnam, Indonesia, and the Philippines, which have seen significant growth in their tech industries. This is primarily due to the lack of government support, a shortage of skilled workers, and a less favorable business environment. To address these challenges and make Malaysia an attractive investment destination for emerging technology companies, the government can implement several measures.

One of the biggest challenges is the lack of government support for the tech industry. Although the government has taken some steps, like establishing the Malaysia Digital Economy Corporation (MDEC) and launching the National Fiberisation and Connectivity Plan, more funding and incentives are required to attract both local and foreign investors to the country. This would create more opportunities for the tech industry in Malaysia.

Another challenge is the shortage of skilled workers in Malaysia's tech industry. The government can address this issue by investing in STEM education and providing training programs to upskill workers in emerging technologies like artificial intelligence, blockchain, and the Internet of Things. This would help bridge the skills gap and make Malaysia more competitive in the global market.

The business environment in Malaysia is also less favorable compared to other countries in the region. The government can streamline the process of starting a business in Malaysia by reducing red tape and bureaucracy and improving transparency. Additionally, more public-private partnerships should be established to support the development of the tech industry, creating a more supportive environment for tech companies to grow and succeed.

To make Malaysia a more attractive investment destination for emerging technology companies, the government can provide more funding and tax incentives for tech companies. This will encourage both local and foreign investors to invest in the country's tech industry. Also, by creating a more welcoming environment for foreign talent through better visa policies and incentives, Malaysia can attract and retain top talent in the tech industry.

In conclusion, the Malaysian government must take proactive steps to address the challenges faced by the tech industry and make Malaysia an attractive investment destination for emerging technology companies. By investing in STEM education, streamlining the process of starting a business, and establishing public-private partnerships, Malaysia can attract both local and foreign investors and become a leading tech hub in Southeast Asia.