Today, we start the seven day countdown for the Presidential Summit on Entrepreneurship, and I want to take the opportunity to highlight a nation where entrepreneurship is starting to bloom: Malaysia. Although not yet a start-up economy, the desire for entrepreneurship and innovation are there, along with a growing number of public policies to support them-- a good recipe to put the economy on the entrepreneurial path.
Malaysia’s relatively high entrepreneurialism is reflected in its entrepreneurship and innovation rank by the Legatum Prosperity Index: 28th out of 104 economies. Malaysia’s performance is boosted by a flourishing high-tech industry. High-tech exports constitute over half of total exports. Moreover, high levels of royalty receipts indicate that Malaysia is able to capitalize on its innovations, according to the Legatum study. Similarly, the World Bank ranks the country 23rd out of 183 economies in the ease of doing business.