KUALA LUMPUR, Sept 9 — The Ministry of Science, Technology and Innovation (Mosti) has set its sights on developing five start-up companies in the country worth more than U$1 billion (RM4.1 billion) in the next five years.

Its minister Datuk Seri Dr Adham Baba said the ministry will be focusing on businesses within 10 socio-economic drivers and 10 science and technology drivers, which are included in the Malaysian Science, Technology and Innovation and Economic (MySTIE) framework.

"I want start-up entrepreneurs to take advantage of Mavcap, which enables success," he said in a news conference today, referring to Mosti's Malaysia Venture Capital Management Berhad.

"To speed up the growth of the venture capital sector, Mavcap will continue working towards securing more funds and cooperation with local and international partners," he added.

The socio-economic drivers under MySTIE include energy, water and food, as well as healthcare; while the science and technology drivers include blockchain, sensor technology, and 4D (four-dimensional) or 5D printing.

Adham also congratulated Carsome, for recently becoming the first Malaysian unicorn company. The term denotes privately held startup companies worth more than US$1 billion.

The online platform selling used cars reached its unicorn status in July, after acquiring a stake in iCar Asia Ltd, and is now valued over US$1.3 billion.