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India is home to the third largest startup ecosystem in the world. Almost every day, a host of disruptive startups emerge from the business parks of Electronic City, Whitefield, Hiranandani Gardens, and others. However, it is undeniable that most of them plummet to a premature death even after raising funds. There is no one who can forget the stories of TinyOwls, StayZilas, and many others. So what seems to be the problem? Lack of creativity, go-to-market strategy, vision or government regulations? The answer to this is entwined in a vexing conundrum. Even the VCs and angel investors shy away from questions like this.
When the entire ecosystem is in a fix, let’s venture into this territory and find out if there is a tangible solution or a success mantra that can alleviate the concerns of up and coming startups. To begin with, we need to have a closer look at the changing trends in the startup ecosystem. Initially, when this space was in its teething phase, investors looked for sustainable business models that can be scaled up. However, with the gradual shift and proliferation of DeepTech, the investors are more inclined towards firms delving into this arena.
What is DeepTech?
Call it the new industry buzzword or anything you like, DeepTech is the up and coming business model for tech-based startups. Abbreviated from Deep Technology, DeepTech encompasses the revolutionary technologies such as Artifical Intelligence, Machine learning, Internet of Things (IoT), Augmented and Virtual Reality. In recent times, the Indian startup ecosystem has seen a constant rise of DeepTech ventures. In fact, India is the third largest AI startup hub in the world. As per a report by Analytics India, the AI market in India is valued at $180 million. Such astounding figures have coerced the angel investors and VCs to concert their efforts with an aim to accommodate such firms. The average funding for AI startups has reached a mammoth figure of $73 billion from $43 billion within a year. This is a strong hint that DeepTech is the go-to space for emerging startups. And with this technology, they can either create a new marketplace or disrupt the existing ones.
Indian Startups in the DeepTech Space
Realizing the potential of DeepTech, many startups in India, of late, have ventured into this space. Despite the complications (technological and shortage of resource pool), many firms have established themselves as the thought leaders. For instance, the Bangaluru-based healthcare startup Aindra and Artelus use AI and machine learning to make healthcare more affordable and accessible to Indians. On the other hand, Cron Systems provide IoT-based surveillance systems to detect intrusion at the international border. The firm has not just disrupted but revolutionized the international border defense sector. Following the same trend, Cogknit offers an inclusive shopping platform through machine learning while Arya, a rather young FinTech startup has disrupted the insurance and banking sector. The list of successful DeepTech-powered startups is long and with the rise in demand of such technologies, more and more individuals are attracted to this lucrative space.
The Final Word
Admittedly, DeepTech is the most desirable commodity in the tech world and startups vying to become the warlords of the ecosystem need ample intellectual investment to navigate this space. Having said that, being agnostic and identifying a real problem and attempting to solve is the key to success. The entrepreneurs must open themselves to any opportunity and drive it forward if it solves a real-life problem.