Entrepreneurship in India
|EF founder Matt Clifford talks about making entrepreneurship mainstream in India.|
Following London, Berlin, Paris, Singapore, and Hong Kong, Bangalore is the sixth global destination for EFs
With Bangalore-based deep technology company builder entrepreneur Firsts (EF) launch, co-founder and CEO Matt Clifford talks with the fund in Bangalore.
Bangalore is the sixth global destination for EF in 2017, EF announces a funding round of $ 12.4 million under the leadership of Greenock Partners in 2017. As part of that round, Reed Hoffman, Greenock Partner and co-founder of LinkedIn, the first board to join the entrepreneur
Q. Why did you choose Bengaluru for the entrepreneur first?
A: We have seen that the world is missing on some of the finest entrepreneurs in the world, which has never started, so we started in London and then in the last 18 months, we started thinking about where we were going to be there.
When we looked towards India, it became clear that you got an incredible technical talent pool, especially in Bengaluru, wonderful universities, in fact, a strong emerging startup is centered in the ecosystem. This is going to be a big opportunity to build entrepreneurship in the mainstream in Bengaluru.
Q. Why deep technology and AI or ML, when India is known for its consumer-based startups and social entrepreneurs?
A: I think it actually comes from two angles – one is that we believe that these techniques are really emerging and in the next 10 years, you have a global impact on the world. I think that it is really important and if it is true then they are also made globally.
Things like AI, I think it will be transformational technology, so I think it’s going to be a part of the next decade. We really believe that there is an important place to focus.
But again, in other ways to think about this, that is, if you see technical education in India and if you see the number of engineers of Indian education companies and bridges, which ends in the form of Indian technology companies or Silicon Valley companies So those people can be great founders I think the world needs to learn from Silicon Valley, engineers are wonderful founders. They are
Q. What kind of companies have been supported in other countries and regions?
A: We have invested in over 200 companies worldwide. We started with London, then we went to Singapore and this year, we have organized in Berlin, Paris and Hong Kong.
Therefore, we have a large and comprehensive portfolio, but we are very excited about emerging technologies.
An example would be by far our most famous company, called Magic Pony Technology, which was an Indian company on the way to reduce the cost of streaming video on the internet, just 18 months after Twitter purchased 150 months later is.
Another example would be a company that is growing very fast, called TrekTable, which is the world’s leading AI company, helps ensure that the claims of the company process are much cheaper.
Q. Do you see graduates and people in college, what is your experience regarding students’ maturation curve to become entrepreneurs?
A: People are included in the average age 28. Many people have many years of experience before joining. We have taken some college graduates but it is probably less than 10%.
The youngest person to join us is 19 years old and the oldest is 67. We do not really think of age, but we seek growth potential
Q. How is the $ 55,000 invested in Bangalore entrepreneur?
A: We have a model that is unique and exciting before investing. We tell people that we can pay the fee for three months, therefore, in the first three months of the entrepreneur’s first there is no company, so we will pay individuals in the amount of $ 2000, in that period, they are right The team is doing and choosing a right idea.
At the end of three months, we decide whether to invest in the company or not. If we do, then we will invest 55,000 dollars in them. Therefore, it is generally more than three-fourths companies that we are capable of increasing more funding from other VCs or Ficus investors.
Question: What is your sense of India as a market for investment? Do you meet any specific challenges in view of investment opportunities?
A: They have two ways to think about that there has been a wonderful, mature Indian startup ecosystem in the last few years. Companies like Flipkart, Peti M shows that you can build the world’s leading companies in India and you can raise money.
The second venture capital is the investors of America, China and other places really want to get new opportunities. We want to confirm Investors in America, China, and other places really want to get new opportunities. We are able to help these companies to be funded.
In the context of the specific challenges we face, I would say that every market has become different and there is always a definite requirement to ensure that we actually understand the place where we are operating, the same.
The reason is that we always rent a local team but at the same time, I think that what we have found is an EF global network and community, which really supports every The site has resources and knowledge of the same set.