Indian startups should cater to first-time net users: Jayant Sinha

Indian entrepreneurs need to build solutions which cater to the the masses who are coming on the Internet for the first time at the costs which they can afford, said Minister of Civil Aviation Jayant Sinha and Google India head Rajan Anandan at an event in the capital on Friday.While Sinha said Indian startups need to provide 80% of the functionality of the West at 20% of the cost, Anandan called for the need of a local version of SoftBank’s $100 billion Vision Fund to which can back these businesses as they scale over decades.
Sinha, who was a venture capital investor at Omidyar before jumping into politics, urged startups to build large platform companies to create opportunities for everybody in the ecosystem.”We need to see more unicorns, super unicorns that have crossed $10 billion in market cap and also mega unicorns that cross $100 billion in market cap. We have done that in IT services and the BPO industry,” said Jayant.
“We need to have our own Elon Musks and risk takers who are ready to take risks and invent trillion dollar industries,” he said.Rajan Anandan, who heads the operations of search engine giant Google in India and South East Asia resonated the same views adding that the next big opportunity for Indian entrepreneurs is solving the massive problems for Indians in rural areas and smaller towns. Biggest segments of opportunity lie in education, healthcare and connectivity.
“Don’t take cues from the businesses in the Silicon Valley,” he said at TieCon Delhi following Sinha’s speech.

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