It is high time India (and Russia, China, Vietnam etc) founded their own angel investors. People willing to risk, willing to believe in their own people.
We rely too much on the generosity of America.
The IT boom in India has been largely, IMHO, as a result of American projects rolling in.
Why cant we generate our own?
All the Valley VCs from India (they are too well known for me to mention) should be ashamed of themselves. The top VC in the world is Indian.
that is why Bill Gates gives $100M and plenty of his time and energy to eradicate diseases in India's children. LN Mittal who is the 3rd or 4th richest man in the world, gives how much to his home country? (no reports of his giving).
Selfishness. that is the bane of India. That is why you have beggars on the streets alongside Mercedes Benzes.
And yet another unpopular post from me. :)