The rise of deep tech start-ups is exemplifying the country's growing prowess in technological breakthroughs and driving sustainable growth.
As we step into the high-tech world, deep tech start-ups are becoming the trailblazers to tackle complex real-life challenges and drive innovation across multiple industries. Unlike their conventional counterparts, these futuristic projects are venturing into the realms of artificial intelligence, nano-biotechnology, quantum computing, automated drones/robotics and many more.
These start-ups are in a new gold rush to create disruptive solutions that have the potential to transform entire sectors, ranging from healthcare and finance to agriculture and manufacturing.
In the Indian context, the rise of deep tech start-ups is exemplifying the country's growing prowess in technological breakthroughs and driving sustainable growth. Back in 2014, the country had less than 100 deep tech start-ups, however, this figure has skyrocketed to over 400 by 2023, marking a fourfold increase.
This trend reflects the nation’s journey towards becoming a global hub for technological breakthroughs and the next phase of Start-up India must focus on watering the seeds of this burgeoning deep tech ecosystem.
Developing The Next-Gen Talent: Building a flourishing deep tech community requires a skilled workforce equipped with the latest technological expertise. Administrative initiatives should collaborate with educational institutions and industry partners to design specialised training programmes in areas such as data science, machine learning and blockchain.
Additionally, pushing hackathons, incubator programmes and mentorship sessions can nurture talent and encourage entrepreneurship among aspiring innovators.
Supporting Latest Research and Development: Since the start of the modern technological revolution, R&D has been at the heart of any kind of innovation. Similarly, Start-up India should facilitate collaboration between start-ups, research institutions and academia to create a culture of consistent progress.
Providing grants, subsidies and tax incentives for R&D activities can encourage experimentation and breakthrough inventions. Moreover, creating technology parks and innovation clusters can facilitate knowledge sharing and networking among the next generation of entrepreneurs.
Encouraging Creative Minds in Tier Two and Three Cities: Historically, metropolitan hubs like Bangalore, Mumbai and Delhi have been the epicenters of innovation, yet, there is a wealth of untapped potential in smaller cities and towns across the country. Start-ups must focus on bridging the urban-rural divide by providing support to entrepreneurial talent from tier two and three cities. This would involve setting up incubation centers, innovation labs and co-working spaces in regional hubs, as well as access to new funding opportunities. India can unlock a wealth of creativity and drive inclusive growth across the nation by empowering innovators from diverse geographical backgrounds.
Opening International Collaboration: While India offers a vast market for deep tech solutions, at the same time start-ups must also explore global opportunities for further expansion. Our government can facilitate international collaboration through trade missions, joint research projects and strategic partnerships with foreign counterparts. Also, creating platformmes for showcasing Indian deep tech innovations on the global stage can enhance the country's reputation as a technology powerhouse and attract foreign investment, speeding up the growth of the homegrown tech ecosystem.
Simplifying Regulatory Frameworks: Often, regulatory uncertainty can stifle innovation, particularly in highly regulated sectors such as healthcare and biotechnology. Start-up India should work closely with regulatory bodies to develop clear and streamlined frameworks for emerging technologies and industries. This involves establishing sandboxes for testing new products, simplifying intricate approval processes and ensuring compliance with ethical standards. With a conducive regulatory environment, the country can attract both domestic and foreign investment in its deep tech sector.
It is clear that empowering India's deep tech ecosystem is vital for our nation's long-term prosperity and global leadership in innovation. Start-up India plays a pivotal role in sparking the growth of rising deep tech start-ups but it requires concerted efforts from policymakers, industry leaders and entrepreneurs. With the right support and collaborative spirit, India's tech start-ups have the potential to become global trailblazers.
Authored by Appalla Saikiran, Founder, SCOPE