October 29: The writing on the wall is as clear and as real as the free-falling share prices of virtual companies on the NASDAQ. The initial dotcom euphoria is shifing base towards `deep technology' companies, which provide the technological infrastructure that powers the Internet. This includes fibre optic cables, semiconductors, chips and server-based technology.In fact, about 20 Non-Resident Indian (NRI) billionnaires, who have already made their money in the infotech eden of the Silicon Valley in the United States (US), have already arrived in Mumbai for a two-day conference organised by the Indian chapter of The IndUS Entrepreneurs (TiE) to discuss the `emerging new opporunities in the New Economy'. The meet, the first ever Indian TiE conference in the city, will be held on October 30 and 31.TiE was set up back in 1992 in the Silicon Valley, when a small group of successful Asians decided to network their way back to their roots in India to help and encourage the next line of entrepreneurs. Eight years hence, the Indian chapter of TiE emerged with Harish Mehta as the president. TiE has today generated enterprise business worth US$ 75 billion.``The very purpose of our visit here is to put the spotlight on entrepreneurship in India. However, now a successful enterprise no longer means launching a dotcom bubble of a company,'' Kanwal Rekhi told Newsline today. But unlike in the past, when he generously funded the launch successful companies such as Exodus (worth US $ 20 billion), Rekhi is not here to throw around money, but more as a missionary preaching the new Net business.Another TiE member from the US, Raj Popli, has already helped in the creation of over 60 Internet start-ups in the last three years, with donations of over US $ 12 million. But he says he will no longer touch another dotcom enterprise. ``We have now decided to put our money into Net infrastructure. Only those dotcoms will survive that also have a real-shape business for hard profit margins. In fact, I shall be talking on how to raise money in difficult times,'' said Popli, who is also a partner of Accordiant Ventures. Asked if he will invest any money in Indian entrepreneurs this time, Popli says only if it concerns a `deep tech' company.All the NRIs also agreed on the fact that minimum government interference will lead to a Silicon Vally-like condition in India. ``The government should only focus on the broad policies and allow the entrepreneurs to find their own ways to stay in the market. That's when the economy will soar as in the US,'' feels Suhas Patil of Tufan Inc, which is a hi-tech incubator for Indian entrepreneurs in the US. Neat, he plans to open an incubator in Mumbai.The Indian chapter of TiE conference is being organised in association with NASSCOM. SOUNDBYTES Last year, I had predicted that 99 per cent of dotcom companies would crash. This short-term insanity was soon corrected by the NASDAQ in April and I think now entreprenuers should concentrate on building better infrastructure on the Net. - Kanwal Rekhi, president, (TiE).As a venture capitalist, I am no longer touching dotcoms after the April meltdown simply because they no longer succeed in selling diapers and fishing kits on the Net. A sustainable enterprise now lies in creating a good Internet backbone or `deep tech' such as semi-conductor deals and high end bandwidth. - Raj Popli of TiE, and The Internet will fast transform itself for the cause of education, entertainment and business, but barely one per cent of floating dotcoms will survive now. - Suhas Patil, founder-president, TiE
