Indian Startups: Hotmail founder Sabeer Bhatia feels that the thinking of Indian venture capitalists is like that of private equity. On one hand, VCs of the world think that if money is not being made today, it is okay, but one day it will be made. There are no VCs in India. Here they only think about making money. This is the reason why no viral company has ever been formed in the country. Indian VCs only want to count money. This is the reason why Elon Musk calls them bean counters.
Indian laws and people’s understanding are not suitable for startups
Sabeer Bhatia gave the example of TikTok and said that this social media platform is incurring a loss of 4 to 5 billion dollars every year. But its valuation is 250 billion dollars. However, with the help of TikTok, they are getting data from all over the world. This is the reason why the loss is not bothering them. But the laws of India and the understanding of the people are not according to the startup. This should change. On the other hand, Uber violated every taxi law in America but they were creating jobs so they were not stopped.
Companies that were already operating elsewhere in the world opened in India
Sabeer Bhatia said that most of the startups in India are not made from original ideas. Companies that were already running somewhere else in the world were opened here. There is a lack of innovation here. How can copying be innovation? In Silicon Valley, 99 out of 100 ideas fail. But, efforts do not stop there. This is the reason why Elon Musk also keeps trying something new.
Hotmail faced failure at 18 places before launching
Hotmail founder Sabeer Bhatia has said that he had to face failure at 18 places before launching his company. He said that he had taken the idea of Hotmail to 18 venture capitalists (VC). But, no one gave him money. But, after this he got success and the world’s first free web based email service was started. Sabeer Bhatia says that it is not wrong to fail. It is wrong to reject a new idea and not work on it.
We added 5 million people to Hotmail in one year
According to a report by Business Today, Sabeer Bhatia said that when we approached the 19th VC Drape Facer, he found the idea of Hotmail amazing. He gave us 3 lakh dollars. We launched Hotmail on July 4, 1996. Within three months, 3 lakh people had joined Hotmail. In a year, 50 lakh people started using Hotmail. We used to add a line at the end of every email. It was written in it that this email has been sent from Hotmail, which is a free service. Due to this, our subscribers increased rapidly.
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