It was an interesting day at TiECon Delhi today. Some quick observations:
1. VCs are everywhere! I think there were more VC firms in presence than aspiring entrepreneurs! This is of course great news for the local startup scene. VCs were lamenting on lack of quality entrpreneurship. A few moderators and speakers took light hearted digs at the “vulture” capitalists. All in good fun!
2. Mobile and consumer internet remain dominant ares of interest in both VC and startup circles.
3. Web 2.0 and KPO are the latest buzzwords. Everybody is using those terms (I know I am myself guilty of hyping the former!)
4. I was impressed by the concerted effort that Orissa is making as a state to attract investments. I was also surprised to hear that more than 11% of all FDI flows in via Orissa!
5. Movie stars Anupam Kher and Satish Kaushik announced the launch of their new movie production house. I got a chance to talk 1-1 with Mr. Kher! They are looking to raise money for their new company. Mr. Kher and Mr. Kaushik drove across the point that the Indian film industry is making a very conscious effort to become more professional in its approach. Mr. Kher categorically stated that today not a single movie star accepts or demands cash renumeration. Impressive!
6. TiECon is one of the best conferences for networking. Though I am noticing that ultimately its the same usual suspects you run into in all conferences! I think after attending a dozen or so conferences, I will run out of new people whom I can meet up at such events 🙂
- Winners of TiE-Canaan Entrepreneurship Challenge announced - December 18, 2006
- TiECon Delhi underway - October 28, 2006
- Canaan Teams with Yahoo! Inc. in an $8.6 Million Investment in Bharat Matrimony, an Online Marriage Service - August 2, 2006
You make some valid points. Thanks. I will keep trying
If you sensed some skepticism in my comment, that was because of my past experience with VCs. Like you rightly said, maybe the future will be different.
I am an Oriya currently living away in London; I have been following news that state government is passionately pursuing goal to bring more investments to Orissa.
Some information to share with the community here:-
**Orissa Computer Application Center (OCAC) has been training Software graduates with Japanese language from ~1995 onwards.
**I have been hearing that Mr. Gyan Dash (senior executive at IBM for 16 years in software and a senior VP for Technology at Oracle for 10 years, currently on a few Boards of Directors and a consulting chief Technology Officer at 4 companies) is supporting state administrator to devise strategy to attract investors.
**Subroto Bagchi (Co-founder of MindTree ) has been supporting administrators too. There must be other technocrats helping state govt. too.
**Orissa is celebrating Orissa IT day on 12th December, happening in OCAC, Bhubaneswar.
I am sure the low cost factor; south east railway connectivity factor will drive more investments to Orissa.
I think this is a very common misconception in India that VC’s/angels/seed funds are interested in one or more sectors. What all investors are interested in is building value in a reasonable amount of time.
If the entrepreneurs have passion and the ability to build a profitable business then the sector is not important.
It is true that certain angels/ VC’s/ seed funds will be more comfortable with areas they understand but now in India there is considerable depth in the ecosystem.The band of angels website has over 30 angels with diverse backgrounds.
Specifically on financial services I think there is a lot of interest as there are clear examples such as IndiaBulls which have delivered excellent returns for investors.
I met a company at Tiecon which manufactures rugs and wants to grow from 60 crores to 500 crores. There was a book publishing company that wants to dominate Asia Pacific. Gaurav has already mentioned the entertainment industry.
Net Net it is time to stop moaning and start doing. I think that was one of the central messages I heard again and again from the successful entrepreneurs in India. They do not wait for the system to become perfect but succeed despite roadblocks.
Thanks for the update Gaurav. Certainly provides a flavor of the event for folks like me who are not able to be there in person.
You make an interesting point in that internet and telecom dominate VC mindshare with Web 2.0 and KPO following closely behind.
My question is do VC and start-up funders in India have any appetite at all for other sectors. We do come across a few stray deals in other sectors but not too many. I am particilarly to hear views on VC’s appetite for start-ups in Financial Services