'India can spur entrepreneurship in social, hi-tech areas'

India can nurture entrepreneurship in social and high-technology areas which can solve not only its inherent problems but also issues of global magnitude. In an interaction with DH on the sidelines of US-India Startup Forum – Bengaluru organised by American Bazaar and supported by Deccan Herald, Wadhwani Chair in the US India Policy Studies at the Center for Strategic and International Studies Richard M Rossow said Indians have tech prowess to solve global and Indian issues.

“Indian social entrepreneurs have solved real life issues of the country and they have the technology prowess to resolve frontier area problems. The issues addressed in India can be applied in other geographies, especially in Africa and Latin America,” he said.

Rossow pointed out that Indian entrepreneurs should focus on resolving issues in energy, healthcare, education and fintech, among others. “India is facing a lot of issues in energy and the grid system should be systematically integrated. Also, research is going on in renewable sector, energy storage and utilisation,” he said. During his keynote address, Rossow pointed out that India is a tightly controlled economy and reforms are yet to reach many areas.

Rossow said Modi’s Atal Innovation Mission and Stand up India - Startup India will build a strong ecosystem in the country for innovation. “Besides the Silicon Valley of India, Bengaluru, cities like Bhubaneswar, Pune, Kochi and Indore are emerging centres of innovation,” he said.

As part of the event, a panel discussion on ‘India’s startup ecosytem through the eyes of foreign investors’ was also organised. The discussion was moderated by NyusuDigital Media Co-founder Sridharan Sri Ramakrishnan. Powerhouse Ventures Founder and managing director Sri Peddu, CommuniClique Board of Directors chairman Ram Reddy, Edgewood Ventures founding general partner Vishal Verma and Amaram Technologies founder Vinson X Palathingal participated in the discussion. Around 30 selected entrepreneurs presented their ideas to various investors and VC members from the US.