The Ministry of Finance (MOF), in collaboration with the Ministry of Science, Technology and Innovation (MOSTI) and Cradle Fund Sdn Bhd (Cradle), has launched the Bengkel Inovasi GLC (BIG), a transformative programme aimed at fostering innovation across Government-Linked Companies (GLCs). With an RM15 million allocation under Belanjawan 2025, this initiative is a strategic move to advance Malaysia’s economic reform agenda, aligning with the GEAR-uP initiative and the Ekonomi MADANI framework.
Driving Growth Through GEAR-uP and Strategic Investments
GEAR-uP is a national initiative that unites Government-Linked Entities to accelerate growth in key economic sectors, supporting Malaysia’s structural reforms under Ekonomi MADANI. In its first phase, six leading Government-Linked Investment Companies (GLICs) committed 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, strengthen national development, and elevate both Malaysia’s economic standing and the rakyat’s quality of life.
A Whole-of-Government Commitment to Economic Innovation
The Bengkel Inovasi GLC (BIG) programme is designed to empower GLCs by fostering collaboration with startups, accelerating the adoption of cutting-edge technologies, and enhancing Malaysia’s economic competitiveness. By bridging the gap between corporate players and the startup ecosystem, it supports the nation’s goal of becoming one of the Top 20 global startup ecosystems by 2030, while generating high-value jobs and sustainable growth.
Minister of Finance II, YB Senator Datuk Seri Amir Hamzah Azizan, on BIG’s Role in Economic Transformation:
“The Bengkel Inovasi GLC (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 maximise impact, the programme will leverage MOSTI’s National Technology and Innovation Sandbox (NTIS) and Cradle’s startup ecosystem networks to identify and support high-potential innovation projects.
MOSTI Secretary General, YBhg. Dato’ Ts. Dr. Hj. Aminuddin Bin Hassim, on MOSTI’s Commitment to Innovation:
“At MOSTI, we believe that innovation is the foundation of a future-ready and resilient economy, and the Bengkel Inovasi GLC (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.”
A Two-Pronged Approach to Innovation
The Bengkel Inovasi GLC (BIG) programme will be executed in two phases:
1. Innovation Partner & GLC Selection (By March 2025)
• Five GLCs will be identified and matched with selected innovation partners to establish impactful collaborations.
2. BIG Accelerator (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 will provide access to mentorship, funding, and technical expertise, equipping GLCs with the 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.
Cradle Group CEO, Norman Matthieu Vanhaecke, on Startup-GLC Collaboration:
“Cradle is proud to lead this pivotal programme in collaboration with MOF and MOSTI, marking a transformative step in Malaysia’s GLC innovation landscape. The Bengkel Inovasi GLC (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.”
Ekonomi MADANI: Linking Innovation to Nation-Building
The Bengkel Inovasi GLC (BIG) is a key pillar of Ekonomi MADANI, aligning with Malaysia’s ambition to enhance its global economic standing through innovation-driven growth. By fostering a culture of innovation within GLCs and strengthening collaboration with startups, the programme aims to lay the foundation for Malaysia’s long-term economic transformation.
Through MOSTI’s NTIS and Cradle’s startup networks, including MYStartup Single Window, the programme will ensure that high-impact projects receive the necessary support, delivering high-value economic growth and greater inclusivity.
