Abhijeet points me to this.

I think its a much needed effort. First time entrepreneurs in India face considerable difficulty in seed funding and mentorship. What would I want to see in a Y Combinator done in India?

1.  Mentorship. Yes, not just money but mentorship. Money is difficult to come, but can still be arranged – at least as much as in required to pull off a technology company for the first few months. But valuable mentorship is more dear. It involves an understanding of the line of business, an insight into markets and future trends, people skills and contacts.

2. Focus Teams – to take care of HR, Finance, Law, Taxes, Sales Processing etc so that intially I can focus on what the venture is about. Of course, once the business is up and running you need to hire people for these things as well.

3. Freedom – I would luv to have the freedom to work out of anywhere. But I know it conflicts with the idea of mentorship. Mentorship involves communication, and communication is best done face to face. Plus startups need to do lot of networking, and networking opportunity varies with the kind of city you are in. So maybe I will have to give up this freedom. But as long as the city I am in offers similar level of ecosystem (networking, employees, infrastructure etc) I should not be required to move to the city this YC India is based out of.

But I think BoA will have some challenges in doing a YC in India.

1. The Paul Graham factor – he inspires an army of entrepreneurs by his essays, and has a huge fan-following. BoA will need someone who is as great a role model as Paul G.

2. Mindset – there is considerable difference in mindset of Paul G and the typical VC firm. BoA will need to do away with formal business plans, and bet more on the team and ideas.

A YC India would be a good thing.  Actually a great thing! It may help create the badly needed ecosystem for startups in India. I am definitely up for it.