To become a “unicorn” startup, a Malaysian company must have a bold, disruptive idea, focus on being scalable from the start, continuously innovate, and build a resilient and impactful company.
The Secret to Becoming a Malaysian Unicorn
- Disrupt the Market: Malaysian unicorns don’t just improve existing business models; they completely reimagine them. Carsome, for example, transformed the used-car market by creating a transparent, technology-driven platform. This approach addressed a key pain point for both buyers and sellers, moving beyond just selling a product to selling a seamless and reliable experience.
- Think Regionally from Day One: With a smaller domestic market, achieving a billion-dollar valuation requires a regional or even global mindset from the very beginning. Companies like Grab and Carsome designed their business models to scale across Southeast Asia, which is a non-negotiable step for significant growth. However, this often involves attracting international investment and, in some cases, relocating headquarters, as Grab did.
- Constant Innovation: To sustain their growth, these companies understand that a single product or service isn’t enough. They constantly adapt to market needs by expanding their offerings. For example, Carsome expanded its ecosystem to include financing and insurance, creating a holistic solution for its customers.
- Focus on Impact, Not Just Valuation: While the “unicorn” label is a flashy symbol of success, the true lesson is building a resilient, profitable, and impactful company. The goal isn’t just a billion-dollar valuation, but to build a company that thrives, creates jobs, and strengthens the nation’s innovation landscape for the long term. This approach ensures sustainability beyond the initial hype.
