Like the rest of the world, South Asian entrepreneurs love Silicon Valley, just like everyone else. It has been said that geek culture in the San Francisco Bay Area is a separate group from the rest of the country.
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Like Sri Lanka and India, those entrepreneurial and intelligent have what it takes to make money. This is very important for business owners in South Asia to know. If they don’t, South Asia’s economy and the world will be hurt.Indian tech support and engineering offices are only a tiny part of the story.
As an example, the NASSCOM (National Association of Software and Services Companies) has been working to make India more focused on products and less on services. There are plans to make events and programs to help 10,000 product companies get excited about their work by 2022. If you want to see how “developed” cities are changing, even more, Uber recently started operating in the Indian city of Bangalore.
However, if the best business minds in India are only thinking about making the next Snapchat, they won’t be making things that people in India want. It will also fall short of what people have hoped for in the area.
In the first place, countries like India and Sri Lanka copy Western business models. Asian cultures tend to be less “individualist” than Western societies, which means that the next prominent entrepreneur might not be a lone wolf like Steve Jobs. Social status and intimacy are more important to them than people in the West.
It was not only that the facts were shown as unquestionable truth, but the material sent out did not have context and was misleading. Convertible debt was the only way to get “early” money. $100K seed rounds were thought to be minor, and crowdfunding was seen as an alternative that could work.
The cost of living in Sri Lanka is a lot less than in the United States, which means $100K is a significant investment. This meeting would not have been worth it unless Brad Feld’s “it depends” approach had been used. As Silicon Valley spreads knowledge, we need to adapt to local contexts. Entrepreneurs from other countries need to call us out when we don’t do this.
South Asian business owners face more than just deciding to start a business and learning how to run one. They also have to deal with other issues. To build a big company, you need to make something that looks like a Silicon Valley company, which could be bought by one.
According to what I’ve seen, getting bought by a company like Google or Facebook is the most important goal. They want to make the next big social media app. During the last few weeks, I’ve seen a lot of fakes of Quora and Instagram, as well as Path. As a waste of human capital, this is sure to scare away foreign investors or investors in your own country.
They could have more significant and more relevant opportunities if they just looked at the needs right in front of them. These innovators could have better infrastructure, better agriculture, and better mobile solutions.
Abhishek Gupta, a partner at TLABs, says, “The Indian market is very different from most of the western world.” Even though there are many options, the way people act and buy things is very different. This may or may not work in the Valley because of how people buy things and how products are distributed there. It’s easy to see this in the deals you see on sites like Groupon. Even though Groupon was very popular, most of the deal sites in India were shut down in less than a year or two.”
ZipDial uses “missed calls” to run polls and contests, while Innoz makes SMS-based apps for people who don’t have access to the internet, like people who don’t have a cell phone. Low-income workers in cities can use EkoFinancial’s mobile money transfer service to send money to their families. At the same time, InVenture provides a global credit-scoring service for people who want to check their credit.