<p>The recent devaluation of unicorns in India is not a cause of concern and in fact these unicorns were initially overvalued, said Ajay Kela, president and CEO of Wadhwani Foundation.<br /><br /></p>.<p>Wadhwani Foundation is a corporate social responsibility (CSR) initiative by Silicon Valley entrepreneur, Romesh Wadhwani, with focus on economic acceleration in emerging economies.<br /><br />“I don’t think devaluation of various Indian unicorns in recent weeks is a cause of concern. In fact, they were overvalued. It is a normal cycle that they go through,” Kela said. “Even in the Silicon Valley, startups go through such phases. It’s a part of their business cycle,” he added. He also added that the problems faced by Indian startups are expected, as they are in their nascent stage. <br /><br />“In 1999, when the concept of startups and unicorns in Silicon Valley came up, about 80% of them failed. But those failed entrepreneurs came back stronger the next time, learning from their failure,” said Kela. <br /><br />“Given that Indian startups are in the nascent stages we can expect these problems here,” he added.<br /><br />Wadhwani Foundation established its National Entrepreneurship Network (NEN) in 2003. Since its inception, NEN has helped over 2,000 startups, and is now tracking close to 1,500 companies each year. </p>
<p>The recent devaluation of unicorns in India is not a cause of concern and in fact these unicorns were initially overvalued, said Ajay Kela, president and CEO of Wadhwani Foundation.<br /><br /></p>.<p>Wadhwani Foundation is a corporate social responsibility (CSR) initiative by Silicon Valley entrepreneur, Romesh Wadhwani, with focus on economic acceleration in emerging economies.<br /><br />“I don’t think devaluation of various Indian unicorns in recent weeks is a cause of concern. In fact, they were overvalued. It is a normal cycle that they go through,” Kela said. “Even in the Silicon Valley, startups go through such phases. It’s a part of their business cycle,” he added. He also added that the problems faced by Indian startups are expected, as they are in their nascent stage. <br /><br />“In 1999, when the concept of startups and unicorns in Silicon Valley came up, about 80% of them failed. But those failed entrepreneurs came back stronger the next time, learning from their failure,” said Kela. <br /><br />“Given that Indian startups are in the nascent stages we can expect these problems here,” he added.<br /><br />Wadhwani Foundation established its National Entrepreneurship Network (NEN) in 2003. Since its inception, NEN has helped over 2,000 startups, and is now tracking close to 1,500 companies each year. </p>