A book, a challenge and boosting Indian entrepreneurship

CNBC-TV18 alongwith Stern Fisher Angel Network has launched the Startup India Funding challenge. Any idea that can transform the neighbourhood, city, state or India can be a part of this competition. Log on to www.startupsutra.in for more details about the submission guidelines. The Young Turks' Facebook page will provide any updates about this first of its kind challenge on Indian television. The winning venture will receive upto million dollars in angel funds along with access to venture capital firms, incubation, mentoring and be featured on Young Turks.

The idea of Startup India challenge is linked to Start-Up Sutra, a book that tries to unravel the journey of an entrepreneur from success to failure or failure to success. Author, Rohit Prasad gives a glimpse into the passion and imperil of being an entrepreneur. Rohit is a PhD in Economic Theory from SUNY Stony Brook in the US.
Prasad's research interest includes regulation of telecom and entrepreneurship. He recently served on a high-powered committee of the Department of Telecommunications to make recommendations on spectrum allocation and pricing and he manages all this while teaching at the Management Development Institute in Gurgaon. Also helping with the startup India Challenge is Ranjit Shashtri of Stern Fisher Angel Network. Below is the edited transcript of Shashtri and Prasad’s interview to CNBC-TV18. Q: We had earlier spoken about spectrum pricing and now we are talking about entrepreneurship but the issue of regulatory uncertainty and how that can crimp or clampdown on entrepreneurship is a real challenge that we face in India today, isn't it? Prasad: I am glad I am not talking about spectrum regulation in today’s landscape because things seem to be getting from bad to worse. However, it is true that entrepreneurs have unique challenges in India related to regulation. However, India is also a land of opportunity for entrepreneurs today and one of the most promising things happening on the Indian landscape is the emergence of the new breed of entrepreneurs who see the sky as the limit. Q: We have been having conversations with young entrepreneurs and while they are beating the odds, they are taking on the challenges, they still want more nurturing environment. Where do things stand in terms of nurturing the Indian entrepreneur at this point in time, the guys who do not have the big bucks? Shastri: We are trying to make the playing field more leveled by providing resources. We are mentoring them to overcome those challenges. Q: A step in that direction is the programme that we are launching jointly- the Startup India Funding challenge. When we had the first conversation about why we should want to do this challenge, it was for the ideas that we are looking for, ideas that can hopefully transform India? Prasad: I think the time has come now for entrepreneurship to take India to its next phase. India ten years from now is going to be totally different society and it will all be driven by ideas from entrepreneurships, which are emerging today. Ideas in healthcare, education, infrastructure services and both business problems and social problems are going to be solved by Indian entrepreneurs. Watch videos for more.