A Brave New World Beckons Indian Innovators and Entrepreneurs - India Knowledge@Wharton

via Knowledge@Wharton: "Jagannathan: Are we actually innovative as a country or not? Mr. Haque, what's your observation when you look at Indian entrepreneurs in Silicon Valley and here? Do you think Indians tend to be innovative? I know Indians tend to be innovative in areas that are extra-legal -- which is the lead story in the first edition of India Knowledge@Wharton -- but how are they when it comes to actually delivering things that are successful? Do you see any traits here that aid or hinder innovation among Indians and Indian companies?

Haque: I can speak more about the U.S. experience. We're investing quite heavily in India, but we're still learning about the Indian market. It's fair to say that if you look at the technology sector in the U.S. market -- where I spend most of my time -- a good 40% to 50% of enterprises getting created today, whether in the software arena, silicon or even Web 2.0, are founded by Indians. A fair number of companies also get founded by the Chinese.

Indians tend to be entrepreneurial. In the U.S., policies and the environment foster innovation and entrepreneurship, and Indians have taken pretty good advantage of that. Given the right circumstances and the right environment, where entrepreneurship can be fostered, I don't think there is any impediment to Indians being able to take advantage of them.

Jagannathan: Mr. Haque spoke about how the North American environment fosters innovation and entrepreneurship. India, of course, has the largest actual number of entrepreneurs, because if you don't have a job, you have to be an entrepreneur. You have to sell vegetables in the street or whatever else you need to do. But how good is the Indian environment for innovation when it comes to organized or formal business?

Viswanathan: Many Indians have innovative minds. We innovate mostly in terms of crisis, but there is a huge [flow] of innovate ideas. The question today is how do we harness and transform them? We worship several goddesses in the country. The question is: How do we translate Saraswati (the Hindu goddess of learning) into Lakshmi (the Hindu goddess of wealth)? So much of a knowledge base is available; how do we convert this knowledge base into capital? If you provide a more fostering environment, you'll find more and more entrepreneurial talent coming in to make this happen.