Building on research on the development of the angel investment market in Scotland and on a keynote presentation to the Asia Business Angel Forum in Kuala Lumpur in late 2015, Richard Harrison and colleagues were commissioned by Cradle (the state innovation agency) and TEAM (Technopreneurs Association of Malaysia) on behalf of the Ministry of Finance to review the conditions for the development of the angel investment market in Malaysia. Their report, 'The Emerging Business Angel Market in Malaysia: A 'State of the Nation' Report', led to the formation of MBAN, the Malaysian Business Angel Network as a market catalyst and support network.
On the basis of the recommendations of this report, MBAN, which now has some 240 members, has supported over 300 startup and growth technology ventures to pitch for equity investment (with an overall success rate of almost 20%), and has provided Masterclass and other training to over 600 investors, would-be investors, and entrepreneurs. MBAN's contribution to the development of the market structure has been significant, as reflected in the introduction of individual tax relief for angel investment (now extended to tax relief for corporate investment in venture capital), support for the development of angel groups and syndicates, the development of a secondary stock market, and the introduction of regulations to support equity crowdfuding. On the basis of these developments and initiatives, MBAN now plays a leading role in the development of AAA, the ASEAN Angel Alliance, promoting angel investment throughout the region.