I read this question on Quora and thought of adding my perspective to it. I am going to address the point of key differences between these two countries and their eco systems.
1. In India, our ecosystem surrounding Startups is still in the Nascent stage. Most people would say that the ecosystem is absent, but I don’t think as of today (May 2012) that is the case. We have certain IIT’s(Indian Institute of Technology) running incubators, we have Accelerators and Incubators such as http://themorpheus.com( who are in their 7th batch) and we have multiple VC’s investing their money in Indiann startups.
2. Though the First wave of Tech innovations in the US came around 1997-2001, we in India were a little late to catch on and had a good run around 2002-2005. These companies either had decent exits, got acquired or went to IPO’s. Which brings me to the important point, in India we are Now seeing second generation entrepreneurs. These people have seen the ups and the downs and are willing and able to mentor the current crop of entrepreneurs. This segment would include fantastic people like Mahesh Murthy & Alok ‘Rodinhood’ Kejriwal.
3. One of the biggest differentiating factors between being a (Tech) entrepreneur in the US and in India is that, in the US, failure is celebrated. In India, that may not be the case. In India we are very particular about the importance of “Completing one’s Formal Education”. Until the turn of the millennium, if an Indian girl/boy told their parents that they were “dropping out of school” to take up entrepreneurship, life would be very difficult (not impossible, but extremely difficult) for them. This mindset is also changing and most students are already forming small companies and servicing clients well before they are done with college.
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