Ask HN: Is there a big startup scene in KL?

I've got contrasting reports online about the extent to which there are growing opportunities for start-ups in Kuala Lumpur, Malaysia.

Some people paint the city as a backwater - not enough VC money, too small internal market, and too much dominance by corporations and outsourcing.

On the other hand - there are events like the maker faire, which is growing, and a sense of buzz around KL start-ups making the most of the cheap manufacturing costs and good levels of English.

Which is true? Anyone know anybody in KL who has tried to start a business?