Rafizi said while the government could do its part by offering grants and funding to start-ups and industry players in the digital and technology sectors, it is also important for industry players to foster innovation in the market.

“If you are an investor or fund manager, you want to go to countries where you see a vibrant tech scene with so much innovation and ideas flowing, with so many tech companies coming up every year,” he said at a press conference after the launch of the “Innovathon” reality TV programme here.

Rafizi said Malaysia needed to enlarge its talent pool in the digital economy to enable it to compete with the Silicon Valley or neighbours such as Singapore and Indonesia.

Malaysia’s success in the transition to a digital economy, driven by local technopreneurs, depends on the availability of talent to draw on, he added.

Rafizi said the eyes of venture capitalists were on Malaysia, adding that Putrajaya was serious about enlarging and improving the country’s digital talents.

“Once we do that, the process will work by itself. We will have enough candidates to push through our digital economy system and the money and the support will come by itself,” he said.

Rafizi said the government hoped that the “Innovathon” television programme, a joint initiative by the economy as well as the science, technology and innovation ministries, will encourage greater innovation among local technopreneurs and start-ups.

Anyone can submit a one-minute video pitch outlining an innovative idea and business plan. The closing date is May 7. A total of RM1 million has been allocated to fund projects selected at the pitch.