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Our greatest strength is our network through 44 chapters across 9 countries that consist of many participants in the entrepreneurial ecosystem - successful and experienced as well as budding entrepreneurs, venture capital firms, angel investors and service providers. TiE makes continuous efforts to interconnect this network in a way that allows it to deliver real value to all its constituents.
Associating with TiE-ISB Connect helped TiE Hyderabad, fortify its idea of promoting the spirit of entrepreneurship, identify the entrepreneurial potential at the idea stage itself and support them to build successful businesses.
ISB's reputation of being a top-ranked, research-driven, independent management institution with a vision to groom future leaders for India and the world provided the perfect momentum to TiE-ISB Connect vision. Pursuing the idea was a win-win situation for TiE, Hyderabad as well as ISB.
What is the role of TiE in the event?
The focus at TiE, Hyderabad is to nurture and guide the next generation of business leaders. Our objective is to showcase the TiE-ISB Connect as the most preferred hub of all innovative entrepreneurial activity. The goal is to create wealth and value for India by promoting entrepreneurship and helping entrepreneurs to build successful businesses by helping them network with the right fusion of VC's, mentors and business leaders.
How successful was the last year's entrepreneurial meet at ISB from TiE's point of view?
The aim of the entrepreneurial meet is to consistently add value to each of the new and upcoming venture enthusiasts approach to create successful business enterprises. Every young aspirant aspires to start an enterprise. TiE-ISB Connect wants to create an entrepreneurship learning process that they can experience through out the event, which will ultimately help them take an idea from conceptualisation to realisation.
The most satisfying characteristic of our event is that the participants have been able to incorporate the experiences from TiE-ISB Connect in the business in which they're going to be involved productively. The event has also been able to consistently maintain a high level of entrepreneur, VC and investor community interest that complements our constituent's aspirations.
You told me at the event last year, "In 2005 at the TiE-ISB summit, we hardly received 50 business plans, but this year (2006), there are more than 300 business plans, and they are from all around the world." How many business plans do you expect to get in 2007?
TiE-ISB Connect attracted close to 400 entries this year (2007). Out of which 36 ideas have been short listed for Start Connect -for early stage firms and Growth Connect - for growth-stage firm's categories of the business plan showcase.
This year, we are delighted to find the entries much more focused, qualitative and have a very diverse mix of ideas covering both the emerging and sunrise sectors.
You also said earlier that when you started out, there was no ecosystem in India. How much has the ecosystem changed from 2006 to 2007?
Besides, India's exceptional economic growth which is well diversified, some of the fundamental changes have already taken place providing the necessary impetus in building the right eco system such as the growth in domestic consumption, growth in infrastructure, availability of high quality human capital, opportunities in basic and growth sectors, access to the global investments, and an increasing number of MNCs providing access to the latest technologies in a range of sectors.
The challenge is to further integrate these inherent advantages, and establish an ecosystem with a right mix of incentives where entrepreneurship can thrive profitably.
Is India ready for entrepreneurs?
There is a sea change in the entrepreneurial climate in India. Today, Indians are beginning to think of entrepreneurship and are willing to take risks and face the challenges of creating profitable enterprises. I believe some of the reasons which have helped this to happen are:
How do you rate Indians as entrepreneurs?
Indian entrepreneurs are bright, committed, hardworking and globally competent. The drawbacks that seem to have impacted the development has been the lack of a free enterprise environment to nurture their aspirations that encourages risk taking ability, team building capabilities and increase their ability to tap the right business opportunity at the right time.
Many Indian entrepreneurs who have gone to the US and started ventures say that the US is more open to new ideas. Do you feel so?
A true entrepreneur knows how to shape his idea. He also knows to tap the right opportunity, be gritty, committed and has the passion to take the idea forward that will make him a successful entrepreneur.
US is known for its excellence in welcoming new ideas to build innovative technologies and finding new commercial applications for them besides providing an ideal investment and free enterprise climate. The fact is Indians are enterprising and have the requisite competence. So, given the appropriate environment, they would flourish anywhere in the world.
What has to change so that India will have more entrepreneurs?
Entrepreneurs take on great amount of economic risks in order to start up and build businesses. They are a primary source of innovation and invention in our economy and play a major role in job creation. They also provide consumers with new and improved products and services and serve as an engine of economic growth.
The key driver for fostering rapid entrepreneurship development is to advocate governmental policies that are consistent, enterprise friendly, which are in line with global demands and that serve to encourage industrial investment resulting in widespread economic development. What is equally important is to strengthen the value based education system and prepare the students to dream "global".
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