Here (in India) entrepreneurship is like standing in a sandstorm – you do not know your path ahead and are constantly buffeted by strong winds. In the US, it is more like a foggy day – the path ahead is unclear, but you have a strong support system. One key cog of entrepreneurship seems to be doing more to hinder than help startups in India: venture capitalists.
…Fifteen minutes into a pitch with a top VC, he started quizzing me on
financial services, when I was pitching my e-commerce business. A
meeting with a VC is enough for entrepreneurs to feel discouraged and
demoralised.…Nine out of 10 technology entrepreneurs I have met told me that VCs were
clueless about what they were doing and told them to copy a US-based
idea and implement it in India. Very few have the guts to support
innovation and make an investment in which their peers have not
invested.
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