at last this weekend I get time to write about my favorite topic – entrepreneurship. As internet revolution is booming again and Web 2.0 is in very much demand nowadays, I thought why not right about Net entrepreneurship. India is becoming global IT hub but there are very few .com companies which is
able to sustain them self after .com bubble burst. So, I thought about wirting this post in Indian context only, but in later part will write about some other net entrepreneur also.
If we talk about India, there are few companies which started before .com bubble burst but very few companies coming up with innovative idea in this Web 2.0 ( I am not able get any new Web 2.0 company from India, except Slideshare.net, if you have more info about Web 2.0 company from India plz post it here)
Companies like Naukri.com, Shaadi.com which is started around 8-10yrs are some of the successful company in India, later on some travel site also came up with successful business model but they were not started by any individual person but most of them are just a new initiative taken by company already running travel business. (I found makemytrip.com which is amoung few successful travel company started by Deep Kalra) Another successful internet start up is Contest2Win.com which is started by Alok Kejriwal, this company organize online
contest for many company to reach out to young audiences. 2nd one is seventymm.com, online movie rental company started by Raghav Kher.
Now, as Web 2.0 revolution is booming again, this successful companies have enough fund to start new companies with some new innovative business model. For example, success of Contest2Win Alok Kejriwal started two new company Games2Win and Mobile2Win, Anupam Mittal o Shaadi.com also started new
sites like Fropper.com and Astrolife.com. Bikhchandani of Naukri.com started Jeevansathi.com and 99acres.com.
As Indian economy growing faster, it’s easy to get VC fund for new startup compare to earlier. Earlier it was not easy to get funds from VC or any other financial institution for internet start up, but now because of some successful startup many VC funds and financial institution like ICICI Venture and some other are ready to support new venture in internet world.
“Today investors are ready to give high valuations to Net companies and want to grab companies that have a first-mover advantage in their space. Or those that have a dominant market share, a good brand and, of course, if they already are profitable,”
– Bala Deshpande (Director, ICICI Venture)
Now, if we take a look outside India there are many highly successful Web 2.0 companies making millions of dollar and have very large user/customer base. Some of most successful Web 2.0 startup are MySpace, YouTube, Wikipedia, Flickr, Digg, Facebook etc. All this startup is very successful and made millions of dollar thru their innovative business model or selling themself to some BIG copmany. For Example MySpace bought by Fox Interactive for $580 million, YouTube bought by Google for $1.6 billion and Facebook founder already rejected $1 billion offer from Yahoo!
If we talk about US, it seem to be far ahead of any other country in terms of Net entrepreneur. even Teenage students are becoming entrepreneur like Laima Tazmin (Age 17) have her own web site design company LAVT. This company earned $25,000 in 2006. another example is Omar Faruk (Age 18) running web
management company called BlueStream. His company grossed $40,000 in 2006 and earned Faruk the Youth Entrepreneur of the Year award given out by Ernst & Young and the National Foundation for Teaching Entrepreneurship. At last but not least one of the best example for teenage entrepreneurship is of Jack Fisher & Weina Scott (both Age 17) who started SwitchPod, a podcasting website. It was very successful and later on sold their business to Pittsburgh based Wizzard Software for $2,00,000.This sale also provide both founder with annual salaries of $40,000 for a 20-hr workweek.
Wanna be millionaire like all this Net entrepreneur?? there are still huge scope for business on the Net, most common Web business models are like Product sales, Services sales, Information delivery and ofcourse e-commerce.
Opportunities as only as finite as your imagination 🙂
All the best.
Rediff.com article on Net entrepreneur and US teenage entrepreneur.