Deepak Srinath, director at the Investment Banking firm Allegro Advisors on what makes Bangalore a centre for innovation and entrepreneurship.
Bangalore as a centre of innovation
Within India, Bangalore is the most innovation friendly city, especially when it comes to tech entrepreneurship. 30 years ago, the city saw a technological evolution with IT giants like Infosys and Wipro setting up shop Bangalore. That was the first generation of entrepreneurs. The second generation of entrepreneurs mostly dealt with proving IT solutions and services. Now we are seeing a third generation of entrepreneurs. This generation believes in applying technology to different products, be it e-commerce, education services or F&B.
What about Bangalore fuels entrepreneurship
Bangalore has a great support system. We see many start-up companies as they have the support of angel investors in the form of MNCs or big tech or corporate companies. For example, Yahoo facilitates start-ups.
Shining examples of Bangalore-based entrepreneurs
Companies like Flipkart, Inmobi, Myntra are all Bangalore-based and have done exceedingly well. They are the third generation entrepreneurs because they have applied technology to different products to bring out unique services.
Technology is in Bangalore’s DNA
Technology is inherent to the city. Bangalore entrepreneurs are confident about using technology, as it is part of their DNA. I have met a lot of people all over India but Bangaloreans are the most savvy. You don’t have to explain anything to them as they get it. They know how to use technology to deliver better and faster services.
The next Bangalore
Each city evolves in a unique way. Gurgaon has a vibrant tech community and perhaps better commercial acumen, so I see it coming up as a hub. But it still does not compare to Bangalore.
The sunrise industries
Over the last year, the city has seen a resurgence of product companies. It had gone down a few years in between but now I see a massive resurgence in product companies dealing with cloud solutions, data storage etc.
The device of the future
It’s a tablet ecosystem. More people access smartphones than PC and the numbers will only grow in the future.