Silicon Valley VCs keen on new projects

By agencies   |   Friday, 29 July 2005, 07:00 Hrs
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HYDERABAD: Venture Capitalists from the U.S are keen to zero in on innovative projects in India to assess the potential of technology projects proposed by local entrepreneurs.

The President of TiE, Hyderabad, J.A. Chowdary, said the funding trends point towards a more focussed and sustained interest from the Silicon Valley VCs in the Indian market.

Chowdary said 56 proposals worth 2 billion have been received and, of this, 14 short listed for further interaction with the VC community.

Significantly, 36 proposals have been considered for the `elevator pitch', which will offer a short duration for entrepreneurs to attract VC funding.

The venture fund representatives were from APIDC Ventures, iLabs, West Bridge Partners, Jump Start Up, Avigo Global, Blue Stream Ventures, Pace Setter Capital were among host of participants.

The Chairman of Satyam Computer, B. Ramalinga Raju, in his keynote address, said about 44 percent of global IT outsourcing is represented by the Indian IT sector today and this can only get better as long as we continue to innovate and sustain the momentum.

If the market capitalization of large companies in India is compared with their counterparts in the U.S., it is clear that the Indian companies have been getting five times the valuation.

As opposed to valuation of $50,000 in the U.S. per employee, it is nearly five times in India, even though the revenue is one-fifth. This is because the world is recognizing new ways of delivering value that a company can provide through services at affordable prices, Raju said.

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