The late former CEO of Cradle, Nazrin Hassan, once said, “The problem of startups here in Malaysia is never funding. It’s the inability to expand.”
Indeed the failure rate among startups globally is at an appalling rate of 90%. One of the main factors identified? The startup ecosystem today is very elitist and favours only the urban well-to-dos in a tight ecosystem of startup entrepreneurs and their investors.
Startups learn the hard way that to succeed, they need more than just funding from investors. They need the community.
