It is said that a flourishing Entrepreneurial Culture can either be achieved by:

1)The social aspects of the people of that community or geographical region
2)By generating an eco system similar to the one we find in Silicon Valley and other places

Gujaratis & Marvadis are some famous business communities we as Indians are aware of and their entrepreneurial flair extends well beyond the places that geographically identify them. Internationally Jews, Arabs & Cantonese-Chinese are also famous for their flair in business because of the certain type of history they had.

Places like New york, London, Tokyo and most international cities have obtained . Places like Silicon Valley have been lucky to have generated and eco system for entrepreneurship to flourish based on one-side by the talented engineers and MBAs spurned out by some of the best universities of the world and availability of VC funding on the other side.
Now Ahmedabad is fast becoming a melting point for both this concepts of entrepreneurship. Being a part of gujarat, it is home to lot of inborn gujarati and marvadi entrepreneurs, yet it has not quite jumped onto the IT bandwagon that South India has done successfully.

The overall quality of higher-education for the locals is not comparable to the metros or even places like baroda or pune, however the institutes with national funding and national reach like IIM-A, NID, MICA, CEPT, EDI, NIFT, IHM, DA-IICT are all exceptionally well-positioned to cater bright talent to those incubators. On the local front some nice name include Nirma University, L.D. Engineering, St. Xaviers College & H.L. Commerce College. Apart from this 4 places, the quality of higher-education is not commendable.
However, Ahmedabad now boasts of an excellent entrepreneurship breeding places:

1)Entrepreneurship Development Institute of India (EDI)- http://www.ediindia.org/

2)Nirmalabs -http://www.nirmalabs.org/

3)Centre for innovation, incubation & entrepreneurship at IIM-A http://www.ciieindia.org/

4)The Indus Entrepreneurs – Ahmedabad Chapter

http://www.ciieindia.org/

5)Gujarat Venture Finance Limited

http://www.gvfl.com/

6)Entrepreneurship Development Centre @ MICA

http://www.mica-india.net/EDC/EDC.htm

7)Entrepreneurship Development Centre @ NID

8)Ahmedabad Management Association (Networking)

http://www.amaindia.org/

An article citing this trend

http://www.thehindubusinessline.com/2005/04/11/stories/2005041101561300.htm

Quick links to Entrepreneurship

http://www.techno-preneur.net/

Ahmedabad is a place full of industrial & trading dynasties. Also, put here in a list of some first-generation Entrepreneurs who have majorly setup their enterprises in Ahmedabad or have significant interests in Ahmedabad
1)M.K. Gandhi (Shocked I know – He was an entrepreneur in many ways)

2)Sardar Vallabhai Patel

2)Kasturbhai Lalbhai

3)Karsanbhai Patel

4)Gautam Adani

5)Dhirubhai Ambani

6)Ambalal Sarabhai

7)Indravadan Modi

8)Ramanbhai Patel

8)U.N.Mehta

9)Sunil & Sushil Handa

I plan to continue this list substantially. Please provide inputs on the same.