American start up DripTech takes up root in India

India has built a reputation as a notoriously tough place to do business, one that has stymied even giants likeWalmart. And, unlikeSilicon Valley, where a decent idea can attract funding,investorsin India are much more reluctant to risk their money onstart-ups.

Despite such challenges, some American technologyentrepreneursare seeking to pursue the country's untapped opportunities, even without the clout of a multinational corporation backing them.

Peter Frykman, 30, of Palos Verdes, California, found his network of support at Stanford University, where he was a doctoral student in mechanical engineering. With the help of an angel investor in the US, he created a pilot study in Tamil Nadu in 2008 for his agricultural start-up, Driptech, which makes affordable, efficient irrigation systems for small-plot farmers.

The idea for Driptech had its origins in Ethiopia, where Frykman travelled with a team in 2008 as part of the Extreme Affordability programme at Stanford, in which students tackled real-world problems. But he found that for all its flaws as an investment destination, India had much less political risk than African nations and had better infrastructure. The nation also had more subsistence farmers than all of Africa.

In 2011, Frykman moved to Pune, after Driptech closed a funding round led by Khosla Impact, founded by the venture capitalist Vinod Khosla. "It's kind of unusual to start a company and then realise that the biggest opportunity is in India," Frykman said. "We sort of did it backwards."

India is home to many of the largest outsourcing consulting firms, and tech-oriented cities like Bangalore have attracted global technology giants like Microsoft. But attracting American-style entrepreneurism here has happened in fits and starts.

Source: Business Standard

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Taxonomy

• Agriculture
• Drip Irrigation