Continuing from where I left off on Startups, one of the huge pain areas that I'm trying to understand from an entrepreneur standpoint is - what would make the VC/Investor bite at an unknown, non branded but passionate entity which does not possess the calling card of IIT/IIM.
This story seems paradoxical to me and pretty skewed against the new age, youthful entrepreneur, or the once failed entrepreneur - who is at it again. It seems that it is their destiny to sacrifice and fight a million battles to get some VC oxygen, whereas the 'Old Boys Network' works overtime to chase the same tried and tested names - even if they are first-timers. Many times it boils down to IIT/IIM/BITS et al. What about the hungry, sharp folks who did'nt go to these schools. While there are success stories, the odds are often stacked against them for not 'belonging' to the club.
The VC Industry must nurture the entrepreneurial spirit in our country. This involves taking some leaps of faith beyond the scope of their 'traditional world view'. India as a nation is risk averse and tag conscious! As a result, a lot of potential gets filtered and possibly wasted.
The time has come for VC's to break the elitist mindset and open-source the nurturing of entrepreneurialism in our country.
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