What Deep Tech Offers India?
There are several technologies that are emerging every now and then, but how beneficial are these technologies and what they bring to the society is all that matters. The gradual revolution in the startup ecosystem has led to numerous startup establishments in India. Today, let us take a look at deep tech, a category of startups that involve in substantial scientific advances and high tech innovation. In the past five years, our country has had about 1,200 budding deep tech startups, and the companies embracing advanced technology has also rapidly increased by 50 percent.
Need for Digital Revolution
Citing the present scenario, the experts say, India is critically in need of digital transformation to reach the next level. The existing technologies such as Advanced Analytics, Artificial Intelligence & Machine Learning, Blockchain, and the Internet of Things would work at the background of any software to make it even more instinctive, smart, self-reliant, personalized, and constant upgradation, marking the next phase of digital transformation.
A deep tech startup's innovative technology usage like AI, blockchain, and more would help India to achieve its goal to reach a $5 trillion economy by 2025. For instance, by inculcating AI in the Ministry of Corporate Affairs, the government could see and evaluate any discrepancies in the corporate records. Eventually, this would cut the misconducts occurring in the sector. Alongside, this would naturally increase the country's GDP. Also, improved productivity in any sector would largely enhance the nation's GDP. Thus, embracing technologies like artificial intelligence, machine learning, and the Internet of Things in possible fields would elevate the annual income of about 70 million employees by $9 billion in India.
Challenges Faced
Through deep tech, the cutting edge research is carried out in various technologies, which include material science, biotechnology, and more, along with other software and AI. Still, India lacks in the deep tech front as compared to other countries such as China, the US, Japan, and Taiwan. As a measure to improve India's status in deep tech startups, the country must develop a stronger deep tech startup ecosystem and hire deep tech talents. But, financial support would be a major obstacle for the deep tech startups in India. So far, the Indian startup ecosystem has developed about 27 unicorns, but not one is from the deep tech domain. According to Inc24 DataLabs report, the deep tech sectors have obtained nearly $9.58 million as an investment in the Q1 of 2019, which is incomparable to the other sectors such as fintech ($697 million), eCommerce ($958 million), and consumer service ($212 million). Besides finance, deep tech startups also undergo a scarcity of talents and even severe competition on the existing talents. At present, there is a favorable condition on the funding front for these deep tech companies. Several venture capitalists are coming forward to invest in these companies.
India is one of the strongest and fast-growing economies and has the potential, resources to head digital revolution. Through this revolution, India could accelerate its economic growth. Furthermore, we could induce the emerging technology in every field to boost their efficiency, yield, and eminence. The technological adoption would not just ease one's life but also greatly benefit the country in its social and economic front.
