India is slowly witnessing changes in the start-up ecosystem and interesting tech products are coming from India, said venture capitalist and founder of many a successful enterprise across the world Vinod Khosla.
“I am seeing many new interesting product start-ups from India. It was difficult to see such start-ups coming out of India a few years ago. This is an indication that India can be the leader in tech products too,” he said here on Wednesday. As part of the product conclave organised by the apex body of Indian software companies, seven new start-ups were given an opportunity to pitch for investments from Khosla’s VC fund.
He said, the problem is that the country lacks in producing a product ecosystem and role models which is the driver for innovations in the US. “There is a need for new models to drive business. I feel that culture is slowly evolving in India.”
Stressing on the need for funding for creating an ecosystem in India, he said, the companies are getting funding in the later stages of their growth. But, the need of fund for a company is during its initial stages.”
Pointing to his own life an example for the new generation of entrepreneurs, he said, success will only follow when risk is associated with it. “I always take risk in my life and that is my success mantra,” he said.
Vinod Khosla-led venture capital firm Khosla Ventures recently raised a new fund worth $1.05 billion fund called the Khosla Ventures IV for seed investment in the areas of clean tech, IT and internet.
He also expressed his interest in investing in India companies. When asked of his plans to invest in India from the new fund, he said, “I make investments in global start-ups without looking at them as of Indian or US origin. I am interested in Indian product companies than the Indian services companies.”
Building up confidence for the new start ups, he said, “Always ignore conventional wisdom and be prepared to take risks.”
Further, he said, there are huge opportunities in data analytics, education, augmented reality, social network, health and NFC. Indian companies are doing some tremendous work in this area.
The product conclave witnessed participation of around 1,300 delegates from across the start-up community.
