Deep technology has aided Indian entrepreneurs in not only addressing barriers but also expanding their presence. It is now well accepted that the coronavirus pandemic triggered widespread digital adoption in India. And companies that had previously ignored technology made the transition to the modern age. Suddenly, e-commerce. Working from home, online education, and video conferences have all become the norm.
Furthermore, the digital wave has spread through industries, aided by the popularity of smartphones and data. Those that scoffed while watching Robocop on TV found themselves face to face with robot nurses as they hurtled down halls delivering desperately needed health treatment. AI was used to develop track and trace programs to monitor the spread of the pandemic, as well as drones to sanitize streets from the clouds.
India’s deep tech ecosystem, in particular, has been gradually growing over the last few years, with the country’s burgeoning start-ups sector driving the development.
Deep tech start-ups from various industries have developed creative solutions to societal problems not only in India, but also in foreign markets such as the United States, Europe, and Japan. According to the Economic Times, 19% of Indian tech start-ups are leveraging deep-tech solutions to develop product competencies for business expansion. With over 1,600 tech start-ups and a record 12 new unicorns (start-ups estimated at more than $1 billion) added in 2020, the Indian tech start-up base is rising at a rate of 8-10% year on year.
Furthermore, 14 percent of overall investments in 2020 were in deep-tech start-ups, up from 11 percent in 2019, with artificial-intelligence machine-learning start-ups responsible for 87 percent of all deep-tech investments.
Facts that influence growth
Students use smartphones to learn at a mobile library that was inaugurated in Mumbai’s Imamwada district. The widespread use of smartphones and data is boosting digital use in India, whether it’s for online shopping, gaming, or even studying. The widespread availability of cell phones, as well as widespread penetration of both mobile networks and data, have hurled the average Indian headlong into the modern age. Smartphones, in particular, are driving digital usage, whether it’s online shopping, entertainment, or even online learning.
The huge talent pool in India also plays a role. Though India has always been regarded as having some of the best IT talent in the world (particularly in the services sector), the move toward IP, SaaS, and innovation-based entrepreneurship is gradually laying the groundwork for India’s digital sector. “The strength and fortitude shown by the Indian start-up ecosystem in 2020 was unmatched and unprecedented,” said Pari Natarajan, CEO of Zinnov, in an interview with ET. _India Global Business
In 2020, start-ups gradually leveraged and piggybacked on the fundamental framework placed in place by the government – the India Stack.”
The role of start-ups
Indian startups and businesses’ digital sophistication has risen from 34% in 2018 to 55% in 2020. In 2020 Indian technology enterprise was able not only to remain on track, but also to strategically turn the crises into a threat by innovation and technology, when the earth was tumbling under Covid-19 pandemic. As a result, Indian companies’ digital sophistication rose from 34% in 2018 to 55% by 2020.
Remote activity continues to be substantially embraced by technical start-ups, according to NASSCOM’s technology start-up report, with about 30% to 35% providing remote jobs and 15 to 20% of businesses with commitments to the remote job community. Technological start-ups are now expanding on foreign markets, pursuing growth and penetration in 28-30 percent of the foreign industry. The CAGR at 40-45% would remain deep-technological and modern start-up hubs. Although investment in 2020 has been substantially lower than in 2019, NASSCOM states that rebounding and investment will rise to levels in 2019, if not above, in 2021.These are both signs of tentative hope. Entrepreneurs are more involved not just with their peers, but also with industry, corporations and production ecosystems.”