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

2nd
0
In Malaysia

Regional Ranking

8th
0
In South East Asia

Global Ranking

329th
+
12
Worldwide

In Partnership with

George Town Ecosystem Partner logo

Ecosystem

Startup Ecosystem Overview

people walking on sidewalk during daytime


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

Edtech icon
Edtech
#181 worldwide

4 startups

Ecommerce & Retail icon
Ecommerce & Retail
#189 worldwide

9 startups

Marketing & Sales icon
Marketing & Sales
#204 worldwide

4 startups

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
ParameterParameter Global rankParameter rank change since 2022ResultContribution to total scoreRank gain / loss due to parameter
Total Score329121.144100%0
Quantity Score276-10.2320.12%37
Sample size of startups288-203717.49%11
Sample size of accelerators332-16120%-3
Sample size of coworking spaces154-19350%19
Community Score258-632690.032.62%-5

ECOSYSTEM

Browse the startup ecosystem database of George Town

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Ecosystem

The Startup Ecosystem in George Town

Startups in George Town excel in Edtech, Ecommerce & Retail, and Marketing & and Sales. There are some notable success stories contributing to the city’s growing Edtech industry. One of the most promising startups in George Town in 2023 is FoodMarketHub, SINEGY Technologies (M) Sdn. Bhd., and Ubitto.

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
StartupBlink ranks the startup ecosystems of 100 countries and 1,000 cities. Download our latest Global Startup Ecosystem Report.
Rows:
2023 National Rank & Change ▲
2023 National Rank & Change City
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Global Rank & ChangeTotal Score
Access subscores for 1000 cities and 100 countries
Quantity Score
Quality ScoreBusiness 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
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Startups

Notable Startups in George Town
FoodMarketHub startup icon
FoodMarketHub
SINEGY Technologies (M) Sdn. Bhd. startup icon
SINEGY Technologies (M) Sdn. Bhd.
Ubitto startup icon
Ubitto

Startups

Successful Edtech startups in George Town
Ubitto startup icon
Ubitto

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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