How nasscom is putting the spotlight on India’s deeptech innovations
nasscom, a prominent advocate of tech-driven innovation, envisions the next major wave of transformative progress emerging from deeptech.
Deeptech serves as the cornerstone of pioneering innovation, embracing cutting-edge fields like artificial intelligence, quantum computing, and advanced technologies.
As of 2022, India’s deeptech startup ecosystem boasts over 3,000 startups, a stark departure from a decade ago when the Indian venture scene predominantly concentrated on consumer and internet-based startups. Remarkably, the last decade witnessed the emergence of Indian Software as a Service (SaaS) startups on the global stage, with India now nurturing the growth of global SaaS startups. This same transformative script is being written for Indian deeptech startups, charting a promising path for their future.
The extraordinary potential of emerging technologies
These emerging technologies have delivered a multitude of economic, societal, and environmental advantages. For example, AI is now being harnessed to discern the optimal schedules for farmers to apply anti-pest solutions, guided by localised recommendations, ultimately enhancing their crop yields and income. Meanwhile, 3D printing techniques are revolutionising the creation of prosthetic limbs, and blockchain technology is streamlining the digital collection of feedback, enabling the tracking of meal distribution operations by major charitable organisations.
At the forefront of such disruptive technologies stand startups. Innovations rooted in deep tech hold the potential to generate substantial economic value, but their profound impact extends well beyond financial considerations, touching every facet of our daily lives. On a global scale, economies and businesses are turning to deep technologies to tackle the monumental challenges of education, climate change, affordable healthcare, and forecasting future pandemics.
The development of successful deeptech solutions poses formidable challenges, often demanding substantial capital and time resources, with unique circumstances that distinguish them from ventures operating with mainstream technologies. Investors venturing into this domain must possess a comprehensive understanding of deep technologies, allowing them to navigate its intricate lifecycle and support startups with a collaborative, co-creation mindset.
Academia and corporations have a vital role to play as enablers, offering invaluable research guidance and pathways for the commercialisation of products and services. Lastly, active governmental support, encompassing regulatory backing and enhanced ease of doing business, becomes indispensable for the sector's sustained expansion in India.
nasscom: An advocate of tech-driven innovation
nasscom a prominent advocate of tech-driven innovation, envisions the next major wave of transformative progress emerging from deeptech. In India, this vision is already taking shape, with over 3,200 deeptech startups, including 450+ pioneering ventures with deep intellectual property—a remarkable ascent from a mere 600 deeptech startups in 2017.
However, in a comparative perspective, Israel, despite being a fraction of India's size, houses 3,000 deeptech startups. To solidify India's position as a preeminent technology innovator on the global stage, India’s deeptech startup ecosystem must undergo exponential growth, necessitating a concerted effort, with patient capital playing a pivotal role.
To catalyse the continued expansion of the ecosystem, nasscom Product Connect takes the form of nasscom Deeptech, with the overarching objective of fostering a collaborative and symbiotic network that unites startups, investors, mentors, industry leaders, government agencies, and academia. This initiative is designed to provide vital support to early-stage deeptech startups, ensuring their holistic development and success.
The nasscom Deeptech Council is actively collaborating with the industry to orchestrate the convergence of the ecosystem, establishing a structured avenue for the provision of patient capital support to deeptech startups. This concerted effort holds paramount significance for both parties, as it bolsters the deeptech ecosystem and solidifies the industry’s position as trailblazers in championing the Indian deeptech revolution.
Reaffirming the commitment to the burgeoning world of deeptech, the 20th edition of nasscom Product Conclave transforms into nasscom Future Forge, where cutting-edge technologies and visionary leaders came together to drive the development of deeptech products across the Indian tech ecosystem and enable it to compete on a global scale.
nasscom Future Forge 2023 brought together a world teeming with cutting-edge technologies, visionary leaders, and the indomitable spirit of "deeptech from India, for the world".