McKinsey launches indiaventure2000.com
ENS ECONOMIC BUREAU

MUMBAI, JANUARY 19: Management consulting firm, McKinsey & Company has launched India Venture 2000 which will bring under one umbrella talent, ideas, coaching, mentorship and financial resources to help Indian entrepreneurs kick-start or grow their infotech start-ups. Any professional, student or existing entrepreneur who wants to covert his or her ideas into concrete businesses could participate in this initiative which has been designed as a business plan competition model, at no cost by logging on to the website www.indiaventure2000.com.

Addressing a news conference, Ashok Alexander, Director at McKinsey & Co. said Venture capital funds like Chrysalis, ICICI Venture, Infinity and Walden, who had already set aside funds for venture capital funding in India, have given their committment to support the initiative.

There are five characteristics that define entrepreneurial regions like networking and exchange, ideas, entrepreneurship, capital and the right environment. These are precisely the qualities,McKinsey is trying to foster in India with India Venture 2000, he said. McKinsey is asking young entrepreneurs to come in with their ideas. Finally, 15-20 viable ideas will be filtered out over the next couple of months with possible venture capital (VC) funding, he said. ``Such initiatives are pertinent in the Indian context given the ground realities that exist.

A typical Indian internet start-up, for instance, he said, starts off with an idea. The idea is funded with a mixture of personal savings and borrowings. On an average, five years down the line, professional funding, perhaps in the form of a VC steps in, he said.

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