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Expats set up shop here to beat the blues at home
28 Oct 2009, 2050 hrs IST, Anirvan Ghosh, ET Bureau
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BANGALOREhttp://economictimes.indiatimes.com/articleshow/5170573.cms?flstry=1#:
James Sullivan, 41, has found salvation in the holy city of Varanasi. Once a
master chef, he lost his job twice in one year, first in Chicago in early
2007 after working for 10 years as the
hotelhttp://economictimes.indiatimes.com/articleshow/5170573.cms?flstry=1#trimmed
costs, and then in Mumbai, where he was employed by a four-star
hotel.
Then, on a visit to Varanasi, he realised that the city didn’t have good
restaurants serving continental cuisine and saw an opportunity to set up one
that would cater to the large number of foreign visitors that throng India’s
religious capital all year round.
When many of his friends in the US were losing jobs or money during the
recession, ‘Bread of Life’ became in reality what it meant. It was helping
Sullivan earn a good living during tough economic times and make plans for
the future.
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Starting with a couple of lakhs of rupees and three waiters two years ago,
Sullivan now has 20 employees and is planning to expand to
Delhihttp://economictimes.indiatimes.com/articleshow/5170573.cms?flstry=1#and
Lucknow with a Rs 50-lakh investment. He recently bought an apartment,
is sending his daughter to school and plans to make India his home.
Sullivan is among the hundreds of expats who have found that the severe
economic crisis in rich nations can be turned into an opportunity in India.
Compared to the US or Europe, where there are products and services in every
segment, even niches, India is a big market, with few or no players, that
remains untapped in many ways.
“When you fall on hard times, you tend to prove you are tougher than
others,” says John Howard, who makes solar-powered LED lights for sale in
rural India. After he graduated from the California Institute of Technology
in 2006, he worked for a while but always wanted to be an entrepreneur. And
rural India was a big market for solar-powered LED lamps.
“When I came here, I found rural India, especially in northern India, has
severe power cuts. I knew solar-powered LED lights could be a solution. He
trudged through remote villages in UP, using an interpreter, and managed to
find distributors.
Since November 2008, he launched his business with investments by angel
investors in the US.
“India is now the new land of opportunity and thousands of expats are making
a beeline to Indian cities to nurture their dream of setting up their
business, says Neill Brownstein, owner of Footprint Ventures, which funds
startups by expats as well as Indians.
A majority of the estimated 50,000 expat workers in India live in Bangalore
and many of them are employed with multinational tech firms. A few
enterprising ones, however, have set up their own small businesses.
Emma
Trinidadhttp://economictimes.indiatimes.com/articleshow/5170573.cms?flstry=1#came
to India’s tech capital in the middle of the recession to find herself
a job after the US firm which used to source cosmetics from her decided to
cut production. A resident of the Philippines, she eventually launched a
spa, S2, about a year ago and is already the talk of the town. “While the
world saw a slump in spending, surprisingly Bangaloreans continued to spend
on luxury,” she says.
With the economy now showing signs of an upswing, Trinidad is already
planning to expand to other cities like Mumbai and Delhi. Across town,
Italian master chef Paolo Nonino, a co-owner of Via Milano, one of the most
popular and highest rated Italian restaurants in Bangalore, is also planning
to go national. So is Chris Baker, a British national, who started a
recommendation-based directory service to smoothen
