Deeptech Evolving the Startup Ecosystem
In the new digital age, technology has deployed in the utmost manner. It not only helps warrant a bright future but originates bounties of opportunities for business growth. The Indian startups are, therefore, realising the potential and positive impression of technology. Tech startups are now stepping into the deeptech arena.
DeepTech innovations are mainly disruptive solutions formed around unique, secured or difficult to reproduce technological advances. Tech startups that initiate and utilise technology in their product offerings are deemed as deeptech companies. Such companies primarily comprise Artificial Intelligence (AI), Internet of Things (IoT), Big Data, AR or VR and Robotics.
According to a report by Nasscom, the deeptech industry holds $450-500 billion potential of blockchain to add to the Indian economy by 2023. A $5 billion potential of blockchain to add in the Indian economy by 2023.
Deeptech startup ecosystem is accelerating at over 40 per cent CAGR in the last four years, as per Nasscom’s report. In a short span, the count of tech startups has increased from approximately 6,000 to over 12,000. Amid these, over 2100 startups are focusing on the deeptech area, which is a steep spike from 600 startups that were operating in deeptech, four years back.
The penetration of startups leveraging deeptech has also surged from 9 per cent (in 2017) to 19 per cent (in 2020). Also, there is a twofold increase in the investment made into deeptech startups.
DeepTech Strengthening Its Root
Deeptech has increased and fortified its presence in the country for a variety of reasons. Several factors help grow deeptech’s dominance in the Indian business ecosystem, which are:
AI and IoT
ArtificaI Intelligence and Internet of Things are important pliers for technological advancement. Both these elements also play a crucial role in dominating deeptech ecosystem
There is an upward spike in the sector owing to the enterprise tech. Enterprise Tech plays a pivotal role in deeptech technology
Investors have grown interest and trust in the deep-tech ecosystem. The investors help grow the domain thereby, rising potential of the deeptech.
Scaling up the Business
Deeptech industry is accelerating as tech startups have turned innovative and expanded the business.
The sector has got an up thrust due to vivid research and development process. Strong Incubation and R&D support will help strengthen the deeptech niche.
Sectors or niches that have adopted deeptech quickly are enterprise tech (29 per cent), fintech (8 per cent), healthtech (7 per cent), industrial and manufacturing (6 per cent) and edtech (5 per cent).
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