Talent, ear-on-the-ground key for start-ups: IDG Ventures

For every tech start-up that makes it big, there are many that fall by the wayside. Critics say herd mentality in the investor community  in 2010 and 2011 created a bubble of sorts with valuations skyrocketing.

But with India adding Internet and mobile users by the millions every quarter the potential for growth is still tremendous. What does it take to spot and nurture a winner?

This week CNBC-TV18's special show India's Angels turns the spotlight on a venture capital fund that invests exclusively in the tech space - IDG Ventures India.

IDG Ventures manages more than USD 6 billion globally with over 200 companies in its portfolio and 10 offices across Asia and North America. The fund's lead investor and sponsor is the International Data Group or IDG, the worlds largest IT-media company.

IDG's India fund was set up in 2005 by Sudhir Sethi, TC Meenakshisundaram and Manik Arora. Together the trio manages a USD 150-million fund with 20 start-ups in Internet, mobile, SAS (statistical analysis system), enterprise services, and medical devices.

TC Meenakshisundaram, co-founder, IDG Ventures India offers tips on how start-tups can set the ball rolling.

"Get people who are better than you in terms of helping you grow the company. Go for big markets where you can make a big impact. Sometimes the technology is very cool, but the size of the market opportunity is very small. That does not excite a venture capitalist. Start-ups should keep their ears to the ground. The market shifts so quickly that in just two quarters a particular technology can become irrelevant, especially in the consumer business."

Manik Arora, co-founder, IDG Ventures India adds, "When you are trying to build a large company with a great product and a good CEO, it is important to recruit talent that has seen scale, build a good architecture and manage 100 others who are rockstars at what they do."

Meanwhile, Sudhir Sethi, co-founder, IDG Ventures India describes his first visit to the office of online retailer Myntra.com.

"My first visit to Myntra was on a rainy day and the office was on the first floor in a vegetable market. I thought that the entrepreneur must have come up with an extremely frugal business model to have an office in a vegetable market."

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