thillair

Dr. Thillai Rajan A.ProfessorThis email address is being protected from spambots. You need JavaScript enabled to view it.

Office: DoMS 202
Phone: 2257 4569 (O)

Academic Background

Fellow (Ph. D.), Indian Institute of Management Bangalore, 2000.
M.Sc. (Hons.) Biological Sciences, B.I.T.S., Pilani, 1994.
B.E. (Hons.) Chemical Engineering, B.I.T.S., Pilani, 1994.

Areas of Interest

Selected Journal Publications

Guest Editor, Special Issue on “Start-ups, Innovation and Venturing,” Journal of Indian Business Research, Vol. 14:1, 2022. Guest Editorial: 14(1): 1-3, 2022. DOI: 10.1108/JIBR-03-2022-365
Rani, Niroopa, Kuruva Ramesh, and Thillai Rajan Annamalai. 2021. “Angel Investors: Do They Clone or Contrast?” Indian Journal of Finance 16(January): 8–26. DOI: 10.17010/ijf/2022/v16i1/159878
Delhi, V. S. K., Devkar, G., Narayanan, S., Devaraj, R., Ayyangar, A., & Thillai Rajan, A. (2021). WASH for all: A systematic review of Physiological and Sociological Characterization Framework segmentation in WASH policies, programmes, and projects. Development Policy Review, DOI: 10.1111/dpr.12585
Samhita Mangu, Thillai Rajan Annamalai, and Akash Deep (2021), Comparison of toll and annuity PPPs: A case study of highway projects in India, Built Environment Project and Asset Management. DOI: 10.1108/BEPAM-12-2019-0138
Denila Jinny Arulraj and Thillai Rajan Annamalai (2020), Firms’ Financing Choices and Firm Productivity: Evidence from an Emerging Economy, International Journal of Global Business and Competitiveness, 15: 35–48. DOI: 10.1007/s42943-020-00008-2
Kuruva Ramesh and Thillai Rajan Annamalai (2020): What affects investment duration, exit type, and returns in venture investments? The Journal of Alternative Investments Spring 2021, 23 (4) 47-60; DOI: 10.3905/jai.2021.1.123
Kuruva Ramesh and Thillai Rajan Annamalai (2020): Corporate Tax Havens and Venture Capital Investment, Journal of Taxation of Investments, 37 (3), Spring Issue: 79 – 91
Akshaya Ayyangar, Sriharini Narayanan, Reeba Devaraj, Venkata Santhosh Kumar, Ganesh Devkar & Thillai Rajan Annamalai (2019): Target segmentation in WASH policies, programmes and projects: a systematic review, Journal of Development Effectiveness, DOI: 10.1080/19439342.2019.1595090
Ganesh Devkar, A. Thillai Rajan*, Sriharini Narayanan, and M. S. Elayaraja (2019). Provision of Basic Services in Slums: A review of the evidence on top‐down and bottom‐up approaches. Development Policy Review 37 (3): 331-347. DOI: 10.1111/dpr.12355
Sriharini Narayanan, A. Thillai Rajan*, Paul Jebaraj, and M.S. Elayaraja (2017). Delivering basic infrastructure services to the urban poor: a meta-analysis of the effectiveness of bottom-up approaches. Utilities Policy 44: 50-62
Josephine Gemson and A. Thillai Rajan (2017). A Choice between Staging and Syndication as Tools to Control Risks When Private Equity Invests in Infrastructure, Journal of Structured Finance, Summer Issue, 1-17
A. Thillai Rajan and Vikram Kapur (2017). The role of Ventures in Strengthening the Fabric of the City: The case of Chennai. Coller Venture Review, Issue 5: 18-28
A. Thillai Rajan and Vikram Kapur (2017). Chennai, 1998–2015: From the Epicenter of Small Business to Venture. Coller Venture Review, Issue 5: 30-31

Conferences

Books and Reports

Books

Shifting Orbits: Decoding the Trajectory of the Indian Start-up Ecosystem, Co-Edited with Srivardhini K. Jha, Joffi Thomas, and Rohan Chinchwadkar, Universities Press (India) Private Limited, Hyderabad, 2021. ISBN: 978-93-89211-95-5
Thoduvaanam Thedi (தொடுவானம் தேடி in Tamil), Ideas for Business Success, Vaanavil Publications, Chennai 2020. ISBN: 978-81-9478-2759
Fuel for Start-Ups: Perspectives on the Indian Venture Capital Industry (2018). New Delhi: Studera Press. ISBN 978-93-85883-56-9
Sigaram Thedi (சிகரம் தேடி in Tamil), A guidebook for first generation entrepreneurs, Kizhakku Pathippakam, Chennai, 2012. ISBN: 978-81-8493-747-3. Based on the weekly Tamil column on “First Generation Entrepreneurs” in Nanayam Vikatan, Dec 2011 – May 2012
Selections from the Inbox, An Anthology of the funniest and heart-warming emails of the decade, English Edition, Mumbai, 2002. ISBN 81-87853-33-6
The old, the new, & all in between - A process study of the pioneering power sector reform in Orissa, Classical Publishing Company, New Delhi 2002. ISBN 81-7054-348-7

Reports

Muscle to the Mind: Enhancing the success of micro women entrepreneurs. Published by Indian Institute of Technology Madras, 2019
India Venture Capital and Private Equity Report 2018: HOWZAT: Success and Impact of Start-Ups. Report available at: https://www.ynos.in/thought-leadership
How effective are interventions which seek to improve access and quality of civic infrastructure and amenities? What are the key characteristics of successful interventions in urban areas? – A Rapid Evidence Summary (2017) London: EPPI Centre, Social Science Research Unit, Institute of Education, University of London. Report available at: https://assets.publishing.service.gov.uk/media/5b2b926ced915d586b99f726/13A._Civic_Amenities-Evidence_Summary_Report_final__1_.pdf
India Venture Capital and Private Equity Report 2017: The State and the Start-Up: An analysis of government policy and support for Start-Ups. Report available at: https://www.ynos.in/thought-leadership
Venture Intelligence India Private Equity Impact Report 2017. Report available at: https://www.ynos.in/thought-leadership
Incorporating the life cycle approach into WASH policies and programmes: A systematic review (2017). 3ie Systematic Review 35. London: International Initiative for Impact Evaluation (3ie). Report available at: http://www.3ieimpact.org/media/filer_public/2017/03/31/sr35-life-cycle-wash.pdf
India Venture Capital and Private Equity Report 2016: Inspiration and Momentum for the Gladiators: A study and analysis of the startups. Report available at: https://www.ynos.in/thought-leadership
What is the evidence on top-down and bottom-up approaches in improving access to water, sanitation and electricity services in low-income or informal settlements? A Systematic Review (2016). London: EPPI-Centre, Social Science Research Unit, UCL Institute of Education, University College London. https://eppi.ioe.ac.uk/CMS/Portals/0/PDF%20reviews%20and%20summaries/SANITATION%202016%20Annamalai.pdf
India Venture Capital and Private Equity Report 2015: The alchemy of judgment and objectivity: An analysis of valuation and structuring in venture investments. Report available at: https://www.ynos.in/thought-leadership
India Venture Capital and Private Equity Report 2014: The fuel for wealth creation – An analysis of capital providers to the venture capital and private equity funds. Report available at: https://www.ynos.in/thought-leadership
Impact of private sector involvement on access and quality of service in electricity, telecom, and water supply sectors. A systematic review of the evidence in developing countries. (Sep 2013). Report available at: http://eppi.ioe.ac.uk/cms/Default.aspx?tabid=3423
India Venture Capital and Private Equity Report 2013: Convergence of patience, purpose, and profit: An analysis of impact investments in India. Report available at: https://www.ynos.in/thought-leadership
India Venture Capital and Private Equity Report 2012: Stimulus for the New and the Nascent. Report available at: www.doms.iitm.ac.in
Impact of changes in the transparency of infrastructure procurement and delivery on infrastructure access, costs, efficiency, price, and quality – A systematic review of the evidence in developing countries. Study funded by the Department of International
Development, Government of UK and supported by the EPPI-Centre, SSRU, Institute of Education, University of London. (June 2012). Report available at: http://www.dfid.gov.uk/r4d/PDF/Outputs/SystematicReviews/Infrastructure-2012Annamalai-report.pdf
India Venture Capital and Private Equity Report 2011: Fuelling growth and economic development. Report available at: http://www.dealcurry.com/publication.php
India Venture Capital and Private Equity Report 2010: The contours of smart capital. Report available at: http://www.indiavca.org/ivca_pe_vc_reports.aspx
India Venture Capital and Private Equity Report 2009: On top of the world, still miles to soar. Report available at: http://www.indiavca.org/ivca_pe_vc_reports.aspx

Experience

Academic

Mar 2015 - Till Date - Professor, Management Studies, IIT Madras
Jun 2010 - Mar 2015 - Associate Professor, Management Studies, IIT Madras
Dec 2005 – Jun 2010 - Assistant Professor, Management Studies, IIT Madras

Fellowship and visiting Faculty

Leadership for Academicians Program (LEAP), Indian Institute of Technology Bombay and Nanyang Technological University, Singapore, Feb 25 – Mar 22, 2019
Associate, Mossavar-Rahmani Centre for Business and Government, Harvard Kennedy School, Harvard University, Jan 2017 – Feb 2021
International Research Affiliate, Coller Institute of Venture, Tel Aviv University, Jan 2017
Senior Fulbright Fellow, Centre for Business and Government, Harvard University, Jan – Jun 2010
Visiting Fellow, Macquarie Graduate School of Management, Sydney, May – June 2008
Chevening Gurukul Fellow, London School of Economics, Sep – Dec 2005
Visiting faculty, Project Analysis and Finance, Centre for Public Policy, Indian Institute of Management Bangalore, 2004 – 2009
Visiting faculty, Corporate Finance, T.A. Pai Management Institute, Oct-Dec 2000

Industry

Member of the Board, CloudAdic Intelligent Solutions Private Limited (Since Feb 2015)
Member of the Board, Rural Technologies Business Incubator (RTBI) (Since 2012)
Director and Member of the Board, Merkel Haptic System Private Limited (Since Sep 2012)
Advisory Trustee, Board of Trustees, Socio Economic and Education Development / Hand in Hand Trust (Since Sep 2011)
Founder and Member of the Board, Pluto Education (Money-wizards) Private Limited (Since Sep 2011)
Aug 2002 – Dec 2005 - Operations Manager, Infosys Technologies Limited
Jan 2000 – Aug 2002 - Manager, IL&FS Investment Managers
Jun 1999 – Dec 1999 - Assistant Manager, IL&FS Limited
Aug 1994 – Jun 1995 - Sales Engineer, Thermax Limited

Ventures and Other Organizations

Principal Investigator, Centre for Research on Start-ups and Risk Financing (CREST), a proposed Centre of Excellence, IIT Madras, Feb 2021
Convenor and Founder, innovation, Venturing, and Entrepreneurship in India Network (iVEIN), a PAN IIT – IIM consortium, 2020. The partner institutes included IITM, IITB, IIMB, IIMC, and IIMK
Geonomics Research & Technologies Private Limited (www.idip.co.in). Co-Founder. From April 2018.
YNOS Venture Engine CC Private Limited (www.ynos.in). Co- Founder. From April 2017
Co-ordinator, IITM-MSME Incubation Venture Fund

Awards & Honors

Case Studies

Competitive Grants

Popular Media

Skilling and reskilling for the DeepTech ecosystem, DataQuest, March 02, 2022.https://www.dqindia.com/skilling-and-reskilling-for-the-deeptech-ecosystem/
Is the new economy creating new jobs? The Hindu, February 25, 2022. https://www.thehindu.com/opinion/op-ed/is-the-new-economy-creating-new-jobs/article65081411.ece
Key takeaways from the start-up awards, The Hindu BusinessLine, February 25, 2022. https://www.thehindubusinessline.com/data-stories/data-focus/key-takeawaysfrom-the-start-up-awards/article65080414.ece
Some zing and freshness in recent IPOs, The Hindu BusinessLine, October 08, 2021
How the legal form of a start-up impacts funding, The Hindu BusinessLine, July 20, 2021
What angel investors want when investing in start-ups, The Hindu BusinessLine, May 08, 2021
Why more of India needs to Stand up, The Hindu BusinessLine, April 10, 2021
Indian start-ups becoming increasingly attractive for overseas angel investors. The Hindu BusinessLine, March 23, 2021
Long-Term Positive Impact Of Covid On Indian Education, Outlook, URL: https://www.outlookindia.com/website/story/opinion-long-term-positive-impact-of-covid-on-indian-education/377497, March 17, 2021
Budget 2021 and Investment in Infrastructure in Tamil Nadu – A review, Thittam (Tamil Edition of Yojana), Published by Ministry of Information and Broadcasting, Government of India, March 2021.
Should Indian startups take on global Internet giants? The Hindu, October 09, 2020
Grassroots women entrepreneurs need help, The Hindu Business Line, July 04, 2020
How should start-ups play the game in a post-Covid world? The Hindu Business Line, June 09, 2020
The Transparency Catalyst, Swarajya, February 2020. Page 46 – 50.
The many questions entrepreneurs have, The Hindu Business Line, January 07, 2020
A cost-effective way to power generation, The Hindu, October 16, 2019
More highways should be built by States, The Hindu Business Line, September 13, 2019
Indian landscape for venture funding, Silicon India – STARTUP CITY, April 2019
The home run: From venture launch to exit, The Hindu Business Line, February 05, 2019
How funding from multilateral agencies aids road projects, Mint, January 28, 2019
What should start-ups go after for better venture returns, The Hindu Business Line, January 22, 2019
Honey, show me the money! The Hindu Business Line, January 08, 2019
Investors’ exit expectations: What entrepreneurs need to know, The Hindu Business Line, December 25, 2018
How to know which door to knock for investment, The Hindu Business Line, December 11, 2018
The importance of getting venture funding, The Hindu Business Line, November 27, 2018
The Conundrum of PPP road projects, Mint, November 15, 2018
Sanitation for All, Thittam (Tamil Edition of Yojana), Published by Ministry of Information and Broadcasting, Government of India, November 2018.
Entrepreneurship: Beyond self-employment to innovation, The Hindu Business Line, March 06, 2018
Public sector financial institutions: Keeping venture capital firms in funds, The Hindu Business Line, February 20, 2018
Venturing where angels fear to tread, The Hindu Business Line, February 06, 2018
Seizing the high tide moment, The Hindu Business Line, January 23, 2018
Funding Bling! Venture Capital and Private Equity Investments in Indian Fashion, India Business of Fashion Report 2017, Images Yearbook, Volume XIV, No.1
VC impact: The picture beyond the pixels, The Hindu Business Line, May 16, 2017
Trends in Start-Up Ecosystem and Financing, FICCI Blog, Feb 20, 2017
Tasting success in fund raising, The Hindu Business Line, February 7, 2017
The odds against entrepreneurial fund raising, The Hindu Business Line, January 24, 2017
Angel investors and their stripes, The Hindu Business Line, Jan 10, 2017
Why start-ups need the kid glove treatment, The Hindu Business Line, Dec 27, 2016
States need to buck up, The Hindu, Dec 20, 2016
The start-up show: Lets’ applaud the play, The Hindu Business Line, Dec 13, 2016
Inside the minds of venture investors, Forbes India, Sep 21, 2016 https://www.forbesindia.com/article/iit-madras/inside-the-minds-of-venture-investors/44325/1
Right pitching key to fund-raising, The Hindu Business Line, Feb 9, 2016
There is a method to the valuation madness, The Hindu Business Line, Jan 26, 2016
VC investment: Adapt, not avoid, complexity, The Hindu Business Line, Jan 12, 2016

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