There is a definite need in India for a different kind of Venture firm which funds early stage startups only.  The idea should be to help startups in the early part of their lifecycle which is typically called the valley of death (from the 1st to the 12th month of their existence).

It should be an Pan India initiative to act as a catalyst for aspiring/first time entrepreneurs to act as a stepping stone to turn their dreams/hobbies into real businesses. It will also help them to gain access to Angel investments, Seed capital and a world class network of advisors/mentors.

It should be modeled on the lines of YCombinator. The best part of this kind is that it creates a wonderful peer group as the alumni gets larger and that in turn will allow of lot of info sharing (networking) to happen.

It will create opportunities for high quality interactions and to gain advice from people who can help you make the most of your ideas.