While PM Modi tries to pitch his ideas to the global innovation giants in the Silicon Valley, in order to raise funds for the startup projects in India. We have some ideas which Mr Prime Minister should keep in mind as he tries to bridge the gap between US and India.
- Startup should be preferred over Licence Raj:
Venky Ganesan, MD at Menlo Ventures has this to say,
I am long-term bullish on India. It has a huge demographical advantage, the percentage of young people in our population is the highest. The government can make a big change by giving Indians the best access to broadband, both wire and mobile data. Then, we need to streamline and make our laws consistent with entrepreneurship. Today, our law, despite the changes PM Modi has made, still reflects licence raj than a startup raj. The reason why Indians are successful in Silicon Valley is because they feel free.
- e-payments should be the way for Payments:
As per Gokul Rajaram, product engineering lead, Square
One of the most interesting things we are seeing emerging in India is the digital wallet.The emergence of e-wallet companies like freecharge makes commerce easy on the buyer side. The Centre should ease the process to push this emerging technology.
- Lesser Intervention:
As per Anand Rajaraman, founder, Millways Ventures
There is lot of tech talent in India who build interesting products both for domestic and global markets.Right now there is probably a little bit of froth in the valuations of companies, especially when you see some of these firms raising money in over billion dollar valuations. There are some enabling things that the government can do like for example simplify the tax structure through a goods and services tax, which sort of regularises this mess of local octroi and various kind of state taxes that will remove a lot of friction for e-commerce firms.
- Risk-Takin Culture should be promoted:
According to Monisha Prakash, CEO & Co-Founder, Lumo Bodytech
What separates Silicon Valley from the booming startup culture back in India is its unique mindset of risk-taking. The Modi government should incentivise investors, developers, give them opportunities for things they may not seek. It should help create a risk-taking environment for such firms to succeed.
- Help cos for legacy, not money :
Amit Srivastava from Oracle believes
We don’t have a building culture back in India. The key to Silicon Valley’s success is that people here really want to build technologies, they don’t see it as a path to make fast buck. The Modi government needs to act like an enabler, simplify things that enable such firms to build. When it cuts down the stress, it will create confidence in this booming startup ecosystem.
- The Disruptive Edge should be understood:
Sumit Jain Co-founder and CEO at CommonFloor.Com says
PM Modi’s visit to the Silicon Valley is an epitome of India getting the spotlight on the global stage. It is a great forum to understand and inculcate the best practices from Silicon Valley as they have extremely conducive and robust environment which is a growth booster for new startups and businesses. We hope the PM’s visit gives the much needed assurance to investors about the disruptive edge of Indian start-up ecosystem and thereby enhances the investment sentiment.
- Be open to Disruptions:
Rajiv Kaul, Vice Chairman and CEO at CMS Infosystems believes
Meetings with Facebook and Google will be good to encourage them to do more in India but I would really like to see Prime Minister Modi and his colleagues spend time with some of the new age start ups in the Valley that have impacted lives across the world with their disruptive technologies.
- US is very important for India:
Vineet Nayyar, former CEO, HCL Technologies says
People are our biggest assets and a global mobility agreement with countries like US is our biggest need of the hour. So I hope PM Modi is able to negotiate with America the continued and increased expansion of their borders for our talent. Secondly, While PM Modi’s choice of focusing on the Silicon Valley as a model of innovation-led growth is a great idea, it will remain just an idea if the policy framework back home is not re-modeled and ready to seed the silicon dreams.
- Innovation is the Key:
As per Yogendra Vasupal, CEO and Co-founder, Stayzilla
I expect the govt to make it easier for startups to set up their base and operate in India and encourage further innovations in various fields. In fact, passage of GST and bankruptcy law would help make investing in India safer rather than via intermediary countries.
- Cutting-Edge Technology needs to be invested in:
As per Mohan Kumar, Norwest Venture Partners
PM Modi should go all out to welcome the business and private equity firms to invest and collaboratively solve India’s need in health, clean energy/ water, transportation & education. India should invest in cutting edge innovation that fosters great companies.