“The main challenge for Indian entrepreneurs could be in the curriculum of universities. Most of the directors of universities today focus of raising the job seekers of the future rather than job creators of the future,” says, Baybars AltuntaÅŸ, one of the jury members of the Turkish entrepreneurship program, ‘Do You Have a Business Idea?’
The Istanbul-based author of a best selling book, ‘Off the Bus, Into a BMW’, who had held a private meeting with President Barack Obama at the presidential Summit on Entrepreneurship, talks exclusively to DC about the challenges faced by the Indian entrepreneurs.
“The reason why I highlight the importance of universities is, most often, the innovative business ideas come from students. Many universities in Turkey have been converted into innovation centers. Renowned companies wish to keep themselves close to the source of innovative ideas by visiting universities and hiring students,” says the angel investor.
Mr. AltuntaÅŸ feels that India has a good advantage in global markets as the venture capitalists are becoming keener on cooperating with early stage investments. To further strengthen the Indian startup ecosystem, the stock exchange of India, according to the Istanbul-based entrepreneur, should open its doors to SMEs and entrepreneurs and to anyone who innovates.
“It is important to connect Indian startups with global players and create a private market for them so that they have secure investments,” he says. However Mr. AltuntaÅŸ says that, Turkey, which is 20 times smaller than India in terms of population, has more business angel networks compared to India, which could also be very challenging for the Indian entrepreneurs.
Commenting on the stigma attached to failure in India, Mr. AltuntaÅŸ says, “Investors may refuse to invest in a failed business but not in the failed entrepreneur. They invest in jockey not the horse.”
