|Seed, 10/2012 |
India is at the threshold of widespread adoption of Internet and e-commerce among consumers and in small and medium enterprises. The last 12-months have seen a huge increase in traffic and revenues of various ecommerce sites as well as an explosion in data traffic through GPRS and now - 3G. Together with a dramatic lowering of the price points of Smart phones (under Rs. 5000), impending slew of low-cost tablets (under Rs. 10,000) and massive identity infrastructure like UID, we now have a fertile ground for entrepreneurs. Now entrepreneurs can start with a clean slate and build apps and products based on the new ground realities which can leapfrog existing technologies.
Exploiting these opportunities calls for the new breed of entrepreneurs to use the “lean startup” model - quickly building, tuning and sometimes discarding products and business models in a rapid protyping and testing cycle. Doing this successfully requires a support system that does not exist today.
AngelPrime addresses this much needed gap in the Indian startup ecosystem. While numerous Venture and PE funds pour capital into later stage ventures with proven business models and revenues, the very early stage startups and entrepreneurs with ideas are starved of investment and critical mentorship.