The Ministry of Finance (MOF), in collaboration with the Ministry of Science, Technology, and Innovation (MOSTI) and Cradle Fund Sdn Bhd (Cradle), announces the launch of the Bengkel Inovasi GLC (BIG), a transformative programme aimed at driving innovation across all Government-Linked Companies (GLCs). With a RM15 million allocation under Belanjawan 2025, this initiative represents a strategic step in advancing Malaysia’s economic reform agenda to ‘Raise the Ceiling’ under the GEAR-uP initiative, in alignment with the Ekonomi MADANI framework.
GEAR-uP is a national initiative that unites Government-Linked Entities to drive growth in key economic sectors, supporting Malaysia’s structural reforms under Ekonomi MADANI. In its first phase, six leading GLICs pledged RM120 billion in domestic direct investments over five years, focusing on High-Growth, High-Value (HGHV) industries such as energy transition, advanced manufacturing, and technology ventures. These investments aim to build new economic ecosystems, enhance nation-building, and uplift both Malaysia’s economic stature and the Rakyat’s quality of life.
BIG is designed to empower GLCs by fostering collaboration with startups, accelerating the adoption of cutting-edge technologies, and strengthening Malaysia’s economic competitiveness. By bridging the gap between corporate players and the startup ecosystem, the programme supports the nation’s aspiration to become one of the Top 20 global startup ecosystems by 2030 while generating high-value jobs and sustainable growth.
YB Senator Datuk Seri Amir Hamzah Azizan, Minister of Finance II, emphasised the programme’s role in driving economic transformation, “BIG is aimed at cultivating an ecosystem where innovation fuels economic transformation. This is another strategic growth lever that complements ongoing initiatives to catalyse domestic market growth and raise the ceiling under the Ekonomi MADANI framework. By enabling greater synergy between GLCs, investors, and startups, we aim to drive industry leadership and unlock new growth opportunities. This effort, aligned with our GEAR-uP initiative, underscores the Government’s focus on building a future-ready economy.”
To ensure impactful results, the programme will leverage MOSTI’s National Technology and Innovation Sandbox (NTIS) and Cradle’s extensive startup ecosystem networks to identify and support high-potential innovation projects.
YBhg. Dato’ Ts. Dr. Hj. Aminuddin Bin Hassim, Secretary General, Ministry of Science, Technology and Innovation (MOSTI), reaffirmed MOSTI’s commitment to fostering innovation, “the BIG programme reflects our unwavering commitment to integrating advanced technologies, fostering entrepreneurial thinking, and creating opportunities for sustainable growth. By bridging the gap between GLCs, startups, and innovation leaders, this programme will unlock transformative solutions to address industry challenges, empower local talent, and drive progress in high-growth, high-value industries. In doing this, we hope to elevate Malaysia’s innovation ecosystem, position the nation as a regional hub for cutting-edge ideas, and contribute meaningfully to the broader Ekonomi MADANI vision.”
Adopting a Two-Pronged Approach
The Bengkel Inovasi GLC (BIG) programme will be executed in two phases:
- Innovation Partner & GLC Selection – By March 2025, five GLCs will be identified and matched with selected innovation partners, laying the groundwork for impactful collaboration.
- BIG Accelerator, which unfolds into two tracks:
• ‘Venture Client Model’ – Focuses on refining problem statements with GLCs, identifying high-potential startups for a 6-month accelerator programme, and developing Proof of Concept (POC) solutions supported by a 1:1 matching POC convertible grant.
• ‘Venture Co-Creation’ – Enables GLC teams to incubate new business ventures, fostering entrepreneurship and sustainable value creation. This track includes product development, piloting solutions with business units, and securing seed investments from GLCs, GLICs, and Venture Capitalists (VCs).
The programme provides access to mentorship, funding, and technical expertise, equipping GLCs with the necessary tools to become regional innovation leaders. It is expected to spur growth in critical sectors, including energy, transportation and logistics, financial services, property, and plantations.
Norman Matthieu Vanhaecke, Group CEO, Cradle, highlighted the programme’s role in fostering collaboration between startups and corporate Malaysia, “Cradle is proud to lead this pivotal programme in collaboration with MOF and MOSTI, marking a transformative step in Malaysia’s GLC innovation landscape. BIG is designed to foster meaningful collaboration between corporate Malaysia and the startup ecosystem, driving the adoption of groundbreaking technologies and creating new opportunities for economic growth. This initiative will be a key enabler as we aim to create an inclusive, globally competitive, and sustainable ecosystem in line with our vision to grow and strengthen Malaysia’s startup ecosystem.”
