Radical openness and liberal culture common in the West is the hidden background factor that pushes people to think creatively and pursuit their ideas. Normal and casual discussions in cafe or classroom can spontaneously turn into a startup idea. 
Of course, equipped with their advantages of having more talents (coders, capitals etc.), they can turn that idea into actual product more easily.
These are the important but often-ignored things that are rare in Malaysia.

Particularly those from overseas - foreigners and Malaysian graduates from overseas e.g. startups cannot get into STAR prog, cannot get Employment Pass, etc.

1. Biz community is not aware of the ideas / technologies available in the startup scene. This will impede general growth as startups may develop ideas which may have market acceptance issues or businesses may be slow to innovate

A lot of entrepreneur nowadays started relatively young, often has little work experience. They were not exposed to actual industry practice enough to have meaningful insights into the particular industry and offer disruptive ideas.

For example, someone with an idea to disrupt medical industry might have never work in any part of medical industry or even know anyone within in.

This is made worse by the fact that they had no network or know anyone around them that can connect to them that domain. Some are lucky enough to have well-connected families (business network) that can open the initial door or help with the initial discovery process, but for many, it is a challenge to even get started. 

What happen then is that tech-startups that are started by youngster tends to focus too much on consumer internet, or worse, they started a project that is a complete mismatch with what the industry needs.

My Suggestion

1. Work to get other startups and GLC to build a solid and meaningful internship or apprenticeship program.
2. Build a process or a network where founder can tap into industry's experts or experience for feedback on their idea. This helps people build the network they might need later.
3. Host events where people from various industry talk about their industry challenges. (financial, insurance, medical, etc...). This should open up our founders mind to new things (not just what they read online)

Chile launched a grand innovation experiment in 2010: it paid foreign entrepreneurs to come and visit for six months. It offered them $40,000 plus free office space, Internet access, mentoring, and networking. And, by the way, they would get to live in one of the most beautiful places on this planet, where housing was relatively cheap and corruption and crime were almost nonexistent. All Chile asked in return was that the foreigners interact with local entrepreneurs and consider making the country their permanent home.

It seems too good to be true, doesn’t it? Indeed, many people thought that the idea was crazy. But Chile was making a bet — that the foreign entrepreneurs would transform its entrepreneurial culture by teaching the locals how to take risks, help each other, and form global connections.
The experiment, called Start-Up Chile, was such a runaway success that, in an Oct. 2012 story, The Economist dubbed it “Chilecon Valley.”
Santiago is today buzzing with entrepreneurial activity; university students often look to join start-ups rather than big companies; Start-Up Chile has gained brand recognition in innovation circles worldwide; and local entrepreneurs are becoming more ambitious and looking for opportunities abroad. This is what I have personally observed during my trips there.
Start-Up Chile has also been flooded with applications—more than 12,268, from 112 countries. According to Start-Up Chile’s executive director, Sebastian Vidal, 810 startups from 65 countries have so far been admitted into the program. The first 199 companies that visited Chile and returned home reported that they had raised a total of $72 million in funding. A batch of 132 companies that chose to stay there reported that they had raised $26 million. Several start-ups have had successful exits, and hundreds of others expect to make it big.
This is pretty good by entrepreneurial standards, considering that Chile has invested only about $35 million in this experiment. Other countries have spent hundreds of millions — even billions — of dollars in their efforts to create technology hubs.

http://www.washingtonpost.com/blogs/innovations/wp/2014/06/11/chile-teaches-the-world-a-lesson-about-innovation/

Malaysian companies often get lost in sea of competitors and do not stand out

http://www.digitalnewsasia.com/sizzle-fizzle/two-y...

Big business mentality is too common in startup. In fact, people thought startup should be a company where all thing are organised and sorted out. Far from fact, startup is a team of people with a vision to an uncharted land, we don't know what we will be, or what we should be. We just know where the land roughly is.

Most of the time, this "big business" mentality is a stumbling block for startup that monetise too early. A million dollar is not cool. What is cool? A billion dollar.

Talent is crucial in every industry and having the right talent driving a startup will give the industry a real boost. If startups are able to create a well structured environment and an attractive one for top talents, this would help push us to the next level. The startups themselves will be better, the industry overall will have stronger partnerships, mentorship and funding can come more easily as well. 

I attended a lot of tech events for networking and sharing in the past year.
During the conversation with some startups, I realize that normally they are not willing to share all the problem or situation they are facing.
After asking more only know that they afraid people will steal their ideas, so everything only mention a little bit.
Of course, I can't deny the possibility of your ideas being stolen.
But please understand that, what is the consideration between after people listened and start taking action.

1. Development cost & risk

This is the most common issue. You afraid people will start developing after heard your ideas, then you already lost the first mover advantage. But, you are totally ignoring the cost & risk of the ideas development.

Basically, you think how perfect, unique, profitable this idea is (believe me, normally it is based on your own assumption only). People will consider their own resources, cost of development, cost of A&P, and the risk before start doing it. This is the reason why people won't start development immediately after they heard an idea.

2. The personal experience of the idea creator

If both investment firm general manager and your neighbour recommend you two companies share, who will you listen to?
If you and your team are first time entrepreneurs, I think you can share your ideas. No one will care about it. If you still got some consideration, then find a trustful person and share with him/her privately. So you can get feedback of your idea and improve it.

3. The company behind this guy got huge fund, they may execute it very quickly
Yes, but think in the positive way: They already have so much money, why they want to jump into a unknown market? With their resources, fund, connection, they can easy do other proven business.

Hope it can help, cheers!