[abhaga]

2 points. One is that starting a company is only frowned upon by a section of Indian society - the middle class professionals who grew up reading the mantra of job security. Also there are not yet enough stories of people making big by starting their own companies. Once we have few stories, things will change.

Second, a lot of people start companies and do business in India but since those are not in the traditional IT or other VC oriented sectors, they are not heard of that much in these circles. Also not a lot of these companies would be doing the "innovative" stuff but building businesses in well tested markets.