The Startup Ecosystem of George Town
Home to 13% of Malaysia’s startups, George Town has a vibrant startup ecosystem that is ranked 329 in the world.
CITY RANKING
In 2023, the startup scene of George Town shows much promise after advancing in the Global Ecosystem Index by 12 spots.
National Ranking
In Malaysia
Regional Ranking
In South East Asia
Global Ranking
Worldwide
In Partnership with
Ecosystem
Startup Ecosystem Overview
The George Town startup ecosystem, in the capital of Penang, Malaysia, has a strong educational foundation. Penang is home to four universities, over 20 colleges, and five industrial training institutes, fostering a skilled and diverse talent pool. With a multilingual population fluent in English, Chinese, Japanese, and Korean, George Town presents a captivating advantage for innovative startups.
The presence of more than 300 multinational companies in Penang, including renowned names like Intel, Bosch, HP, AMD, Clarion, and Renesas, contributes to a diverse and skilled talent pool. InvestPenang has set ambitious goals to attract 150,000 talented workers over five years, demonstrating a commitment to fostering a vibrant startup ecosystem.
The city is home to the third-largest airport in Malaysia, with an ongoing extension project that will accommodate 12 million passengers annually. Additionally, George Town is the first city in Asia to deploy Facebook’s Terragraph, enabling faster and more efficient gigabit connectivity deployment.
The public sector in Penang offers attractive incentives to startups. The Penang i4.0 Seed Fund, backed by the government, provides funding opportunities for early-stage technology companies. Programs like MTEP aim to attract entrepreneurs and technology professionals to invest or work in Malaysia, stimulating the growth of the startup ecosystem. Initiatives such as SME Go Digital and the Startup Connect Gathering foster connections, knowledge sharing, and digital transformation among SMEs and MNCs.
Digital Penang, in collaboration with Microsoft, is actively driving digital transformation through the Digital Transformation Master Plan. This plan aims to create a connected, creative, and competitive society by improving the digital skills of local startups and SMEs.
With its robust education system, a diverse talent pool, favorable infrastructure, and supportive public sector initiatives, the George Town startup ecosystem in Penang provides an attractive environment for startups and investors looking to thrive in the vibrant and dynamic business landscape of Malaysia.
Startups
George Town Top Startup Industries
4 startups
9 startups
4 startups
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Ecosystem HealthCheck
George Town Ecosystem Health Check
The health check tables allow you to look at the performance George Town has in each of the parameters that are part of StartupBlink's ranking algorithm. There are five tables, corresponding to the three subscores, the subscore analysis and industry ana...
- Overperformance
- Performance equal to global ranking
- Underperformance
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Ecosystem
The Startup Ecosystem in George Town
Global Rank
George Town is ranked within the top 400 startup ecosystems globally.
Top Industries
George Town’s startups excel particularly in Edtech where it ranks 181 and in Ecommerce & Retail, and Marketing & Sales. Find out more
Top Cities for Startups in Malaysia - Ranked by StartupBlink
| 2023 National Rank & Change | City | Global Rank & Change | Total Score | Quantity Score | Quality Score | Business Score |
|---|---|---|---|---|---|---|
1st 0 | 87th + 1 | 8.095 | 00.00 | 00.00 | 00.00 | |
2nd 0 | 329th + 12 | 1.144 | 00.00 | 00.00 | 00.00 | |
3rd 0 | 594th + 404 | 0.360 | 00.00 | 00.00 | 00.00 |
Startups
Notable Startups in George Town
Startups
Successful Edtech startups in George Town
ECOSYSTEM
Why should you join George Town's Startup Ecosystem?
Overview
Within George Town there is an increased attraction for entrepreneurs to set up their startups in industries such as Edtech, Ecommerce & Retail, Marketing & Sales. These three industries represent about 44% of the startups represented on the Startup Ecosystem Map of George Town.
2nd
National Rank
8th
Regional Rank
Overview
George Town is Malaysia's 2nd best startup ecosystem and is ranked 8th in South East Asia. With a population of 0.1M - 0.5M people, George Town is ranked 329th in the world. The city has some notable startup success stories including FoodMarketHub.
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