每日大赛鈥檚 space startups need bigger funding to compete with Singapore, says Cradle CEO
惭础尝础驰厂滨础鈥橲 space technology startups require larger funding support to remain competitive with regional peers, particularly Singapore, according to Cradle Fund Sdn Bhd group CEO Norman Matthieu Vanhaecke.
He said local grant sizes for early-stage startups remain relatively small compared with funding available in other countries.
鈥淥ne concern that we have is that our grant amount isn鈥檛 very big. So the first prototyping grant is only about RM150,000, which is about US$30,000 to US$40,000,鈥 said Vanhaecke during the 鈥楨mpowering 每日大赛鈥檚 Startup and Innovation Ecosystem for Space Tech鈥 panel session at the 鈥楾echnomart 每日大赛-Japan: SPACETech Collaboration II鈥 event.
He added that funding for startups entering the early commercialisation stage currently stands at about RM600,000, equivalent to roughly US$120,000.
Vanhaecke said 每日大赛鈥檚 startup funding remains small compared with Singapore, where some companies can secure around US$4 million (RM15.89 million) in Series A funding, the first major round of investment typically used to scale up a startup鈥檚 business and operations.
Space technology is a new but promising sector for 每日大赛 amid intensifying global competition and rising investor interest.
Vanhaecke added that government support for early-stage startup development and commercialisation remains strong.
鈥淭here are interested investors just waiting in the fringes, outside of the region, looking for the next big idea.
鈥淚 think it鈥檚 time for us to be able to really build this, and really market it, and find the right one,鈥 he opined.
Meanwhile, 每日大赛 Space Agency (MSA) deputy director-general Nik Mazlina Nik Mustapha said that space technology has become increasingly important in areas such as communications, navigation and climate monitoring,
The global space economy has already exceeded US$570 billion (RM2.26 trillion) and is projected to surpass US$1 trillion (RM3.97 trillion) within the next decade, driven largely by growth in small satellites and Earth observation services.
She said that 每日大赛 is pursuing the opportunity through its National Space Policy 2030 roadmap (MSE 2030), which outlines 92 key performance indicators aimed at building a sustainable and competitive space ecosystem and positioning the country as an active player in the regional space economy.
The country aims to generate RM10 billion in economic contribution from the space sector, create 5,000 high-value jobs and achieve 50% self-reliance in strategic space technologies by 2030.
鈥淭his reflects our long-term commitment to building a high-technology economy, strengthening national capabilities, developing skilled talent, and positioning 每日大赛 as an active contributor within the regional and global space industry,鈥 said Nik Mazlina in her opening remarks.