The grass is greener on this side now. India is better than the United States for doing business, say 72% Indian entrepreneurs who’ve returned to set up shop at home in the last five years. These are the findings of a study done by Vivek Wadhwa, visiting professor at the University of California, Berkeley, carried out at three US business schools.
So, what is leading to the reverse brain drain? Is the US no longer the land of opportunities?
Coming home to an economy growing at 8% is a magnet for entrepreneurs hit hard by America’s negative growth, says Rajiv Kumar, 49, CEO of RockeTalk, who left a $250, 000 job to set up a successful mobile social networking venture. “With more than 600 million mobile users, India is a great place to be.”
Being at home brings with it a better lifestyle and other intangibles, say other returnee businessmen . For Sapple founder Subhasit Ratnam, who returned to launch a consulting business, it was the economical workforce that clinched the issue. Aditya Dev Sood, 40, founded the Centre for Knowledge Societies, which uses ethnography to help businesses create products.
“I came back for the challenge of designing technology suitable for our own culture.” Of course, every entrepreneur is eyeing the demographic dividend: 70% of India’s population is below 35, our very own ‘Baby-boomers’, who don’t mind spending.
For the desis from DC, India is the new road to El Dorado.