Bangalore:
The new-born companies in India are cheering the budget allocation of Rs 10,000 crore to promote start-ups and entrepreneurship. With nearly 10 new start-up companies setting up shop in Bangalore - projections indicate that the region in India could soon be the new technology start-up capital of the globe.
"Bangalore was known for IT enabled services, a hub for programming but now with the budget actually mentioning 'software product companies' - wow - I can tell you that we could soon be a hub for tech start-ups specially product based companies," said Narayan Babu, CEO of Dexetra.
"The government should help newer and younger CEOs not do the mistakes we did as entrepreneurs when we started companies about four years ago," he added.
The focus has shifted from service-based to product-based companies, using cloud data - a sector that may be high-risk but high-reward too. With newer ideas, founders say an incubation centre to train want-to-be-entrepreneurs should be invested in.
"Think investment should be allowed even before a company is three years old. Because there are several waiting to invest in an idea but then the old model of laws allow it only after three years," said Prateek Sharma, co-founder of MyGola.
Another CEO, Cherian Thomas who co-founded CucumberTown said, "I have made many mistakes in funds transfer from US to India. These are areas we need training in. Government could look at a system where we can meet them often and get to know the right way to start a company because we only want to concentrate on product and value creation."
The budget allows Foreign Direct Investment or FDI in the nearly 20 billion worth E-Commerce industry in India. At 30, Shivakumar Ganesan, Founder of Exotel, feels the winds are changing direction. India has close to 25 million online buyers. And with focus on start-ups, including the young but fast growing E commerce sector - employment generation could be huge - by young Indians.
"Ultimately the consumer will benefit. The market and its forces will play a role. More players coming in will mean efficiency of the sector" Mr Shivakumar said.
"We see immense business in Tier 2 cities, so to create smart cities, investing in smaller cities, providing them better internet would be really profitable" Aakash D, Vice President at C42 Consulting, a Bangalore-based online trainer for software programming languages said.
"Bangalore was known for IT enabled services, a hub for programming but now with the budget actually mentioning 'software product companies' - wow - I can tell you that we could soon be a hub for tech start-ups specially product based companies," said Narayan Babu, CEO of Dexetra.
"The government should help newer and younger CEOs not do the mistakes we did as entrepreneurs when we started companies about four years ago," he added.
The focus has shifted from service-based to product-based companies, using cloud data - a sector that may be high-risk but high-reward too. With newer ideas, founders say an incubation centre to train want-to-be-entrepreneurs should be invested in.
"Think investment should be allowed even before a company is three years old. Because there are several waiting to invest in an idea but then the old model of laws allow it only after three years," said Prateek Sharma, co-founder of MyGola.
Another CEO, Cherian Thomas who co-founded CucumberTown said, "I have made many mistakes in funds transfer from US to India. These are areas we need training in. Government could look at a system where we can meet them often and get to know the right way to start a company because we only want to concentrate on product and value creation."
The budget allows Foreign Direct Investment or FDI in the nearly 20 billion worth E-Commerce industry in India. At 30, Shivakumar Ganesan, Founder of Exotel, feels the winds are changing direction. India has close to 25 million online buyers. And with focus on start-ups, including the young but fast growing E commerce sector - employment generation could be huge - by young Indians.
"Ultimately the consumer will benefit. The market and its forces will play a role. More players coming in will mean efficiency of the sector" Mr Shivakumar said.
"We see immense business in Tier 2 cities, so to create smart cities, investing in smaller cities, providing them better internet would be really profitable" Aakash D, Vice President at C42 Consulting, a Bangalore-based online trainer for software programming languages said.
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