Yep, I am currently living in Nepal doing a startup and recently wrote this:
How to move to a third-world country and plant a tech startup http://blog.cloudfactory.com/2012/10/how-move-to-third-world...
How to move to a third-world country and plant a tech startup http://blog.cloudfactory.com/2012/10/how-move-to-third-world...
If you're bootstrapping with no need to network for sales, further investment or elite development skills, and don't mind adapting lifestyle a little bit, the developing world might be a good idea. If you're doing fairly time-insensitive contract work that can be done remotely or just fancy a break, it's a great idea.
(I spent most of the last 20 months in various developing countries. I'm not convinced going back to London is such a great idea yet...)