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Boom Country?: The New Wave of Indian Entrepreneurship
In Boom Country?, Alan Rosling, entrepreneur and strategic advisor in India for over 35 years, explores an unmistakable and profound change that is underway in the Indian business landscape. A fresh wave of enterprise and start-ups; rapid advancements in technology; government reform; and recently developed pools of risk capital, he holds, are contributing increasingly to a massive expansion in new business – all of it underpinned by a deep social change, a willingness to ‘do things differently’, especially among the young.
Drawing upon his own experiences and more than 100 interviews with Indian entrepreneurs – representing traditional leading business houses (Tata, Mahindra and Godrej), established first-generation entrepreneurs (Sunil Mittal, Kishore Biyani and Narayana Murthy, among others) and new-generation start-ups (including Sachin Bansal, Bhavish Aggarwal and Vijay Shekhar Sharma) – as well as forces of the government, Rosling provides an incisive and in-depth analysis of the opportunities and challenges, both traditional and contemporary, of doing business in India.
Yet, the growing uncertainty of global trends and India’s own record of under-performing despite its massive potential, lead him to one vital question: Can the current upsurge in entrepreneurial activity – imperfect and early as it may be – really reshape India’s economy and propel it towards becoming a true boom country for new enterprise?
Drawing upon his own experiences and more than 100 interviews with Indian entrepreneurs – representing traditional leading business houses (Tata, Mahindra and Godrej), established first-generation entrepreneurs (Sunil Mittal, Kishore Biyani and Narayana Murthy, among others) and new-generation start-ups (including Sachin Bansal, Bhavish Aggarwal and Vijay Shekhar Sharma) – as well as forces of the government, Rosling provides an incisive and in-depth analysis of the opportunities and challenges, both traditional and contemporary, of doing business in India.
Yet, the growing uncertainty of global trends and India’s own record of under-performing despite its massive potential, lead him to one vital question: Can the current upsurge in entrepreneurial activity – imperfect and early as it may be – really reshape India’s economy and propel it towards becoming a true boom country for new enterprise?
337 pages, Kindle Edition
Published May 20, 2017
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May 22, 2017
Alan Rosling’s affair with India began as he exited his teens as a Cambridge sophomore in 1982. He celebrated his 20th birthday in India and fell in love. After graduating, he became a banker before going to Harvard to study further. He then took a management position in a manufacturing company in the UK before advising the British Prime Minister on policy. This happened in the same year as the Indian economy coming out of the clutches of Nehruvian socialism 4,500 miles away. Another Cambridge graduate, Manmohan Singh, liberalized her economy as the Finance Minister. 1991 was also the year when Rosling’s future boss and mentor took over as Group Chairman of the Tata Group.
Rosling attempted to make his way to reformed-India through the beverage industry but that turned out to be a false start. Several years later in 1998, he finally carved out a way to move to Bombay through a retail and financing company that worked closely with Ratan Tata (Tata Group) and Deepak Parekh (HDFC). He decided to become an entrepreneur in 2003, only to be convinced by Ratan Tata to join the board and expand the group’s international interests. Then finally in 2009, he became an Indian entrepreneur and started Kiran Energy, now a leading renewable energy generator of the country.
After being operator, investor, policy maker, advisor and entrepreneur, Rosling adds another feather to his stellar cap by becoming an author. In the first half of the book, he wears a journalistic hat to chronicle the interviews of 100 Indian entrepreneurs - a mix of those he calls “Manmohan’s Children” and the ones he calls “The New Generation”. He profiles many of the known names, shares their personal stories and key moments of their journey. He takes a positive and entrepreneur friendly view to illustrate his key insights about the evolution from one to the other. Or what he calls “the new wave of Indian enterprise - an unmistakable and profound change that is underway in the Indian business landscape”.
By now, my engineer brain raised doubts about survivorship bias and my entrepreneur brain found Rosling holding back in the interest of being optimistic. The second half of the book put these to rest and delivered what I sought out to read - Rosling’s opinions. As the book progressed, Rosling artfully used the canvas he painted in the first half to share the perspectives he is uniquely qualified to deliver. While growing up in a different culture gives him an external vantage point, his deep experiences as entrepreneur, investor, operator and policy influencer in India makes him that unique insider who you would wish became an author and wrote such a book.
My highlights of the book are Rosling’s views on the sectoral bias of risk capital, the innovation gene (or lack thereof) of entrepreneurs, the role of the government and the worrying trends in the manufacturing sector. For those who might miss his perspectives inter-weaved in interviews of entrepreneurs, investors and government officials, he summarizes them as recommendations for each group at the end of the book. He reminds the reader that the title of the book is followed by a question mark, explaining “The fact is that I am a cheerleader for what has changed in India and a firm believer in the enormous upside of what should pan out in the decades ahead. A long-term boom in the economy from the boom of entrepreneurship is developing and strengthening. Yet, I cannot ignore that significant risks and fragilities remain.”
I find it valuable when credible insiders vested in the success of an institution ask hard hitting questions. They do so because they care. They do so because they are optimistic and want the institution (India, in this case) and its people to succeed. Growing up in the pre-Internet era, I was partial towards entrepreneur role models whom I considered industrialists rather than traders. Rosling’s analysis educated me about the impact of one over the other in terms of national employment and wealth creation for the long term. It revealed a new dimension to my own study of entrepreneurs who innovate, create and invent new businesses versus those who adapt, distribute and localize global ones, whether in the world of atoms or electrons.
Though complementary, my professional journey as a tech entrepreneur and the period I have chronicled in my book as an author, both have an uncanny overlap with Rosling’s. It was an especially gripping experience for me to read an insider’s perspective of the evolution of India from post-liberalization entrepreneurship (the world I admired growing up as a kid) to technology and risk capital driven entrepreneurship (the world I entered as a professional). All budding entrepreneurs, investors, government officials and readers curious about the bridge between the old and the new must read this book. I promise you will learn a new thing or four.
Rosling attempted to make his way to reformed-India through the beverage industry but that turned out to be a false start. Several years later in 1998, he finally carved out a way to move to Bombay through a retail and financing company that worked closely with Ratan Tata (Tata Group) and Deepak Parekh (HDFC). He decided to become an entrepreneur in 2003, only to be convinced by Ratan Tata to join the board and expand the group’s international interests. Then finally in 2009, he became an Indian entrepreneur and started Kiran Energy, now a leading renewable energy generator of the country.
After being operator, investor, policy maker, advisor and entrepreneur, Rosling adds another feather to his stellar cap by becoming an author. In the first half of the book, he wears a journalistic hat to chronicle the interviews of 100 Indian entrepreneurs - a mix of those he calls “Manmohan’s Children” and the ones he calls “The New Generation”. He profiles many of the known names, shares their personal stories and key moments of their journey. He takes a positive and entrepreneur friendly view to illustrate his key insights about the evolution from one to the other. Or what he calls “the new wave of Indian enterprise - an unmistakable and profound change that is underway in the Indian business landscape”.
By now, my engineer brain raised doubts about survivorship bias and my entrepreneur brain found Rosling holding back in the interest of being optimistic. The second half of the book put these to rest and delivered what I sought out to read - Rosling’s opinions. As the book progressed, Rosling artfully used the canvas he painted in the first half to share the perspectives he is uniquely qualified to deliver. While growing up in a different culture gives him an external vantage point, his deep experiences as entrepreneur, investor, operator and policy influencer in India makes him that unique insider who you would wish became an author and wrote such a book.
My highlights of the book are Rosling’s views on the sectoral bias of risk capital, the innovation gene (or lack thereof) of entrepreneurs, the role of the government and the worrying trends in the manufacturing sector. For those who might miss his perspectives inter-weaved in interviews of entrepreneurs, investors and government officials, he summarizes them as recommendations for each group at the end of the book. He reminds the reader that the title of the book is followed by a question mark, explaining “The fact is that I am a cheerleader for what has changed in India and a firm believer in the enormous upside of what should pan out in the decades ahead. A long-term boom in the economy from the boom of entrepreneurship is developing and strengthening. Yet, I cannot ignore that significant risks and fragilities remain.”
I find it valuable when credible insiders vested in the success of an institution ask hard hitting questions. They do so because they care. They do so because they are optimistic and want the institution (India, in this case) and its people to succeed. Growing up in the pre-Internet era, I was partial towards entrepreneur role models whom I considered industrialists rather than traders. Rosling’s analysis educated me about the impact of one over the other in terms of national employment and wealth creation for the long term. It revealed a new dimension to my own study of entrepreneurs who innovate, create and invent new businesses versus those who adapt, distribute and localize global ones, whether in the world of atoms or electrons.
Though complementary, my professional journey as a tech entrepreneur and the period I have chronicled in my book as an author, both have an uncanny overlap with Rosling’s. It was an especially gripping experience for me to read an insider’s perspective of the evolution of India from post-liberalization entrepreneurship (the world I admired growing up as a kid) to technology and risk capital driven entrepreneurship (the world I entered as a professional). All budding entrepreneurs, investors, government officials and readers curious about the bridge between the old and the new must read this book. I promise you will learn a new thing or four.
July 22, 2021
This book covers chronicles of Indian enterprises from independence till 2017. The author interviewed 92 prominent entrepreneurs accross the country, gender and industries. This book examines the evolution of VC funding, gender disparities in entrepreneurship and government policies at various stages.
Highly recommended to entrepreneurs of all stages, especially to gain global perspective on Indian business, also to understand many entrepreneurs and their journeys.
PS: You can find details of Life Science / Biotechnology companies which is rarely discussed. He sits on board of two such companies, so first-hand details.
Highly recommended to entrepreneurs of all stages, especially to gain global perspective on Indian business, also to understand many entrepreneurs and their journeys.
PS: You can find details of Life Science / Biotechnology companies which is rarely discussed. He sits on board of two such companies, so first-hand details.
August 15, 2017
A very well written book that remains interesting till the end. I liked the style in which it was written. The book will be a very interesting, informative and new for someone new to India. But someone like me, an Indian entrepreneur, it did have any new ideas.
May 17, 2020
The initial part of the book was less engrossing. The journeys of some entrepreneurs could have been better captured. But it picked up in the latter half with interesting lessons for aspiring entrepreneurs, VC's & Govt.
August 3, 2020
A good book explaining how the start up culture has evolved in India. Alan Ross has been on the Tata board for decades before foraying in the solar energy business. His insights are interesting. Only draw back is it talks about startups till 2017 and hence many events since 2017 are not covered.
June 11, 2017
Enjoyed the book - breezy read with an interesting overall perspective of India's start up scene. Only didn't rate it 5 because it didn't have any insights I wasn't already aware of.
December 28, 2018
Interesting primer for those who are knew to India.
But the book is poorly compiled. It seems that the author met quite a few prominent people - but has failed to make it into a good book.
But the book is poorly compiled. It seems that the author met quite a few prominent people - but has failed to make it into a good book.
June 15, 2019
Crisp and coherent writing style. Also has a clear thesis, presented in the concluding chapters
October 6, 2019
It was interesting but not really analytical which I was expecting. Very data and research oriented, but I was expecting something a little more prescriptive.
February 27, 2018
Great insight into the opportunities and shortfalls of Indian entrepreneurship. Inspiring book, which motivates the reader to consider and explore potential opportunities in the country that will lead growth over the next 10-30 years
Displaying 1 - 10 of 10 reviews