Goan entrepreneurs should leverage Startup Policy to build competitive businesses
Bharat Desai isn’t just any man on the street; yet the beginnings of his story echo the average Indian middle-class life. One can easily understand what’s unique about Desai from a headline that appeared in the business press. It read: From TCS employee to billionaire with Rs 15,000 crore net worth: Bharat Desai started his company with Rs 16,000 and sold it for $3.4 billion. This is the kind of dream that millions of middle-class Indians harbour, but the chances of achieving it are obviously one in a billion. Such stories nevertheless continue to inspire, serving as examples of what is possible.
Kenya-born Desai, 74, was raised in India. After studying at IIT Bombay, he completed an MBA in the US. In 1976, he moved to the US to work as a programmer with Tata Consultancy Services and began developing ideas for his own business. He founded the IT consulting and outsourcing company Syntel with family savings of Rs 16,000. Sales grew from a modest $30,000 in its first year to $900 million in 2018. The company was eventually acquired by French IT giant Atos SE for $3.4 billion (about Rs 32,000 crore today).
The first question is whether this can be replicated in India today by someone with a similar educational background and a willingness to take comparable risks. A story like Desai’s may be replicated in India, but perhaps only in part. Whether this reflects reality or an unwillingness to accept responsibility, the conditions that enabled Desai’s success are much harder to reproduce domestically. Desai’s journey is often presented as a classic bootstrapping story, and Syntel’s growth was remarkable.
It is true that the company was built not merely on Indian talent but also on access to the US entrepreneurial ecosystem. At the time, this included deep technology markets, venture networks, large corporate clients, strong intellectual property protection and the ability to sell globally. His rise came during an era when global IT outsourcing was a nascent, high-growth opportunity.
It cannot be argued that India lacks all the necessary ingredients today. The country has technical talent, a large domestic market, a rapidly growing startup culture and strong digital infrastructure. However, entrepreneurs often face constraints ranging from access to risk capital and regulatory complexity to exit opportunities and scaling beyond the domestic market. Indian equivalents are more likely to emerge in sectors where global demand aligns with Indian strengths, including software, AI, pharmaceuticals, fintech and specialised manufacturing. Goa is no stranger to pharmaceutical success.
In short, the “start small and become a billionaire” narrative is possible in India, but the hidden factor is not just individual brilliance. It is access to a favourable ecosystem that allows a small company to become a global one. Goa has one such example. Based in the Verna Industrial Estate, Molbio Diagnostics is regarded as Goa’s first unicorn — a private startup valued at more than one billion dollars. A couple of others have achieved that milestone but are based abroad.
Given today’s technology, Indian youth have access to global platforms and digital tools that allow businesses to scale much faster. Successful startups in the country often focus on solving problems for global markets, taking advantage of this connectivity.
Goa has taken steps to build a supportive base for startups. The Goa Startup Policy is comprehensive and offers financial incentives and infrastructure support, including subsidised office space and incubators. Goan entrepreneurs should be encouraged to leverage this infrastructure while maintaining a global perspective.
