Indian network in Silicon Valley backs start-ups by desis

NEW YORK: Having gone through the ropes of establishing companies in the early years of the Silicon Valley phenomenon, Indian entrepreneurs in the US are now providing guidance and financial support to start-ups being set up by Indians and foreign nationals across America.

A group of Indian engineers who had come to the US in the early 1990s had formed the Indus Entrepreneurs (TiE) to support one another in setting up their own technology start-ups.

TiE members are "now bankrolling new ventures -- and not just for people from back home," a report in the New York Times said, according to a report in The Economic Times.

TiE Angels, as they call themselves, invested in 11 companies, with a total of about USD 4.5 million in the first year of its operations.  >>More here

SOURCE:  articles.economictimes.indiantimes.com