Today, Sudhir Syal from ET Now Starting Up had arranged an interesting meet with Mr. Vinod Dham (the father of the Pentium chip) and 6 Mumbai-based product entrepreneurs. Mr. Dham started off with the early days at Intel and then we went into a group discussion on the product space in India. We pitched in and it turned out to be a great, from the heart discussion. A few good points that were made:
1. Indian entrepreneurs are more risk averse than their Valley counterparts.
2. VC’s in India want to make a minimum of 2-5 million dollars investment. Angels make around 20-50 lacs. What happens when Indian entrepreneurs need around 1-2 crores? There might be a disconnect between VC’s who want to make $ investments and entrepreneurs who are spending in Rupees.
3. There have not been many success stories from India and hence people feel that working in a startup is risky. Maybe thats why they choose to work at a SWITCH - Satyam, Wipro, Infosys, TCS, Cognizant, HCL.
4. Service companies or Product+Service is abundant here. Product innovation takes time and needs focus.
5. Build a minimum viable product and ship it out soon.
6. Get people to test the product out early on - these could be friends, family and very early adopters.
The meet was recorded and should be on TV/ Internet next week.
And look…Mr. Dham is holding my book, 'The SaaS Edge' that I presented to him…