This article examines the emergence of a technology‐based start‐up ecosystem in Malaysia that is modeled on the tech economy of Silicon Valley and borrows a number of notions about value, capital, and merit. Malaysia is encouraging distinct forms of entrepreneurship as a tool for national economic development and for the socioeconomic mobility of Malay Muslims, who are the recipients of affirmative action–style benefits from the state. I propose that Malaysia's entrepreneurial ambitions have engendered a dilemma within the start‐up ecosystem: Malays must utilize their special benefits while being viewed as lacking in entrepreneurial spirit for doing so. This dilemma is the result of the specific forms of cultural and financial capital that are needed to navigate a challenging economic landscape that is far from a meritocracy.

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