Tiecon spawns new relationships
By siliconindia staff writer   |   Monday, 16 May 2005, 19:30 IST
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SANTA CLARA: The annual get-together of Indian-American entrepreneurs Tiecon that concluded here Saturday had one thing loud and clear-the Indians have arrived. Various leaders of the proud Indian American community discussed on various topics besides networking with each other indicating the rising prominence of the high-tech group founded by Indian entrepreneurs. About 3,000 people attended the Tiecon event from all parts of the world, prominent being the U.S. and India. Entrepreneurs jostled event venue hunting new contacts in the venture capital world, or hid on the sidelines with marketing gurus. Anil Jain, managing partner of Investment firm Clearview said ``TIECON is basically all about networking.'TIE spawns a whole range of relationships, whether you're looking for money or advice or a partnership. I struck up a new contact with a banker from India while I was waiting in line for my badge this morning.'' The highlight of the conference was when the audience split into smaller panel sessions, including one in which successful entrepreneurs Mitch Kapoor and Rakesh Mathur joined a conversation on ``Stories of Personal Transformation.'' Mathur, a veteran Silicon Valley figure whose latest start-up is business incubator Webaroo said ``I'm a failed retiree, for a while I decided not to travel and improve my golf handicap, but now I'm back into start-ups. I get pleasure working with the best people.'' The Indus Entrepreneurs, the group’s earlier version, has been successful because of its ability to replicate itself in small chapters, more than 40 around the world, that host frequent networking events, said Murali Subbarao, founder of online-bill-paying facilitator Billeo. “You pay $10 or $20 for a dinner or a workshop, and you exchange information with other entrepreneurs or you meet people who can put you in touch with someone who can help your business,'' Subbarao said. “It's a fantastic deal.'' Vinod Khosla, partner at the venture capital firm Kleiner Perkins Caufield & Byers said ``The Indian technical community has not stayed as closed as other ethnic business communities, just look at the diversity of people in our membership and attending this conference. We're wide open.'' However one person who held the attendees spell bound was Promod Haque, general partner at Norwest Venture Partners. Prammod was of the opinion that half of the venture firms would cease to exist in a decade or so. "Over the next five to ten years, I believe there are going to be half as many venture capital firms in this business, and there are going to be half as many companies being created," he said. Haque is of the belief that that there is a supply-demand gap between the amount of money earmarked for funding startups and the funds required for startups' products. There are simply too many companies created and not enough paying customers. Haque also said "Over the next ten years, you're going to get 30-year bond yields on venture capital investments."

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