Brown launches venture capital to fund young Indians
Printer Print Email Email
New Delhi: Amidst thunderous and repeated applause, British Prime Minister Gordon Brown on Sunday announced the launch of a venture capital fund to promote entrepreneurship among young Indians big on ideas but short on cash. "Since networking is important to promote start-ups, I take pleasure in announcing today the launch of a venture capital fund to help a new generation of Indian entrepreneurs get started," Brown said while participating in a panel discussion at the Indian Institute of Technology (IIT) here. Brown is leading a large business delegation on a two-day visit to India, his first here as prime minister. "Through the Angel Network, young Indians with ideas but who don't have access to funds will get a chance to become entrepreneurs," Brown declared with a broad sweep of his hands. The overflowing audience, comprising mainly students of one of India's best engineering colleges, enthusiastically displayed its appreciation, with the sound of their applause resonating through the auditorium. "I say: take the risk and we will support you. Believe in the future," Brown declared grandly of the Angel Network that will enable young Indians start businesses both here and in Britain. "Together, we can make a huge impact on the world," Brown maintained and the audience lapped up every work he uttered as they experienced an adrenalin high over a whole new world that was opening up for them. Sharing the dais with Brown was the cr? de la cr? of Indian and British entrepreneurs, some of whom were part of the prime minister's business delegation. They included Virgin Atlantic head Richard Branson, Cobra beer founder Karan Billimoria, NIIT head Rajendra Pawar, business advisor Amit Mitra, Bharti Enterprises Sunil Mittal and TV personality Nalini Singh. All of them enthusiastically participated in the panel discussion, as did Indian ministers Kapil Sibal (science and technology) and Kamal Nath (commerce and industry). The Angel Network will have chapters in India and Britain and will be funded by industry captains of both countries, as also by the British government. "I see universities at the heart of entrepreneurship and would venture to suggest we start not just in the universities but in schools to create more opportunities," Brown contended. Welcoming the Angel Network, Billimoria noted that he "came up with the Cobra idea while in university in India. My father was aghast that after all my education I wanted to become an importer and exporter but I persevered". His statement elicited another round of wild applause - an indicator of the kind of role model he and the others on the dais had become for young Indians. "The government can do a lot to help businesses," Billimoria added, leading Sibal to immediately sound a word of caution. "The challenge is to ensure that the government promotes entrepreneurship but doesn't regulate entrepreneurship," the minister maintained.
Source: IANS
siliconindia