Although it is fast emerging as a dynamic destination for entrepreneurship, India is nowhere close to being Asia's Silicon Valley. Government support, changes in the education system, and a more vibrant network of angel investors and mentors can help the country get there.

India has come a long way since 1991, the year it opened its economy to foreign investment. Today, it has several first-generation entrepreneurs such as Infosys' Narayana Murthy and Bharti Airtel's Sunil Mittal, who have shown how multinationals can be built from the ground up.

With proof that garage startups can work in India, thousands of professionals are taking the entrepreneurial plunge to pursue their own dreams.

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