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Longtime readers of TriplePundit know we’re big fans of entrepreneurial solutions to the world’s problems. But simply throwing loans around to impoverished people and hoping brilliance percolates is not enough. Developing a culture of entrepreneurism, and beyond that, a culture that understands sustainability, is something that requires generations of development and the close involvement of expert mentors and investors.
K Srikrishna, of the National Entrepreneurs Network (NEN), made the point very clear in our meeting last week – “There is no shortage of money in India, what’s missing is a mature ecosystem of angels, mentors, etc… that’s where the bottleneck is.” To illustrate, Srikrishna explained that in 2011 a mere $20Million in angel funding took place in India, 1000 times less than the $20Billion invested in the United States. Even Canada had close to $400Million. Complex regulations and bureaucracy are not helping either (India ranks 132nd on the annual “doing business” rankings).
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