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Newman has already raised some $8 million. Until recently it wasn't too hard, even for an undergraduate, to line up donations. As long as tech stocks were pushing the NASDAQ index to record highs, VCs could take scores of seedling companies public before they had time to fail, and walk away with triple-digit gains. The recent market downturn doesn't seem to faze Newman. "We're taking a long-term view," he says, like a Silicon Valley...
...Rakesh Gangwal is president and CEO of U.S. Airways) or, as consultants and securities analysts, telling others how to do so. (Calcutta-born Rajat Gupta, managing director of consulting giant McKinsey & Co., does both.) But above all, they are bringing their own entrepreneurial stamp to America's high-tech frontiers. Venture-capital fund Kleiner Perkins Caufield & Byers, one of Silicon Valley's biggest VC firms, says 40% of its portfolio consists of companies founded or managed by people of Indian origin. Indians have one of the highest per capita incomes of any immigrant group...
According to AnnaLee Saxenian, an associate professor of city and regional planning at the University of California, Berkeley, about one-third of the engineers in Silicon Valley are of Indian descent, while 7% of valley high-tech firms are led by Indian ceos. Some successes are well known, such as Vinod Khosla, co-founder of Sun Microsystems, and Sabeer Bhatia, who founded HotMail and sold it to Microsoft for $400 million. The number of Indian American New Economy millionaires is in the thousands. Massachusetts' Gururaj Deshpande, co-founder of a number of network-technology companies, is worth between $4 billion...
John and Nana Naisbitt agree that high tech will only get higher, but they make the pessimistic point that simulation is also here to stay, with a kid playing his snowboarding video far more times than he actually whizzes down a mountain. This does not bother Chris Taylor, our San Francisco correspondent, in the least; answering the question Will I still be addicted to video games?, he happily predicts being plugged into a bioport, the star of his own virtual-reality show...
...good companies on weakness, when it looks as if the bottom is falling out, and hold for the long term. That includes blue-chip tech names. Look for companies that will continue to hold up as the economy slows --food and drug stocks, for example. Financial stocks should rally as the Fed stops hiking rates. Face it: sometimes boring is best...