India has a rich history of entrepreneurship, dating back to the marwari merchants, who controlled much of the country’s indigenous trading, commercial and banking activities in the 19th century. The marwari people trusted each other inherently, but conducted business with a heavy guard and serious demeanor.
Today’s Indian entrepreneurs don’t necessarily come from a long line of businessmen, nor do they view clients from a cautious and homogeneous standpoint. Although their drive and self-sufficiency may stem from an instinct to survive scarce economic resources and to escape a discriminatory caste system, their entrepreneurial spirit also comes from a strong education (many have earned their masters degrees) and a disinterest in working for big name corporations, especially when they can envision working for themselves.
Just twenty years ago, entrepreneurs had to seek start-up opportunities abroad, but now with the help of angel investors and venture capitalists, starting a business in India is just as viable of a reality as doing so in America or the UK. Private investors are willing to take risks on new companies because of India’s flourishing economic market, and therefore, start-up companies no longer have to turn to traditional financial institutions for capital.
Like in some other markets, technology and internet-based companies are the most popular types of start-ups, but a range of pharmaceutical and manufacturing companies have also sprung up across India in recent years, paving the way for entrepreneurs of various backgrounds to connect with investors from around the world.