At the Bengaluru Tech Summit 2020, tech experts and digital company executives praised Bengaluru for its standing as a global innovation hub. Yet, much is still needed to pick up deep-tech as an enabler of future product solutions.
Deep-Tech Startups Critical to Digital Ecosystem Growth
India has gone a long way on its digital transformation journey, as has the World over the past year. The Bengaluru Tech Summit 2020 revealed more about current industry hopes of harnessing deep tech as a lever in an effort to affirm the entire digital ecosystem at another level. In a panel discussion about the mindset necessary to stimulate growth in the sector, some of the industry leaders spoke about the need for the entire business process management to adjust in order to be able to fully reap the benefits of deep tech.
According to NASSCOM, 18 percent of Indian startups have deep-tech as their core business leverage. A wide range of technologies brings added value to the segment, enriching the Internet-of-Things scene – such as AI, Machine Learning, Augmented and Virtual Reality, Blockchain. Indian and global industries which have benefited mostly are related to fintech, healthcare, consumer applications and agricultural technology.
In Bengaluru, industry leaders stressed the importance of further strengthening the entire ecosystem by supporting local companies, including through the DeepTech Club program. Now that the Covid-19 pandemic has gently nudged global users and economic trends towards a more integral vision of technological development, many agree that automation is the way to quality growth. Exemplary investments in deep tech have brought us everyday life solutions like AI able to create hyper-personalised experiences within many sectors such as online gambling sites such as 10Cric, India’s most popular website for betting on cricket games online.
Bengaluru a Hub for Success
Consumers spend more time online than ever, relying on IoT and virtual platforms, producing more data and allowing for automation to pick up measurable market demands. Such technology is a catalyst for societal progress and well-being, enabling business productivity and service improvements.
The summit saw some top-level executives come together for a constructive review, representing global tech giants such as Intel, venture capital companies piVentures and Accenture Ventures, innovation hubs like Lowe’s InnoLabs. They all agreed that Bengaluru is on the right track to create its own niche in the global deep-tech competition, enabling quality startups to bridge the convergence gap to high-performance digital giants.
The city is rated highly in global rankings for its already existent ecosystem combining cutting-edge research and high adoption rates of deep tech with top quality talent and first-rate infrastructure. Such proximity between service suppliers and buyers gives Bengaluru a competitive advantage which is hard to ignore and a reality which must be supported and exploited.
As local deep-tech initiatives are transitioning from proof-of concepts to global production, national support and international funding is needed to further enable the ecosystem. Placing the sector’s faith in advanced technology and integrated digitisation is projected to create market niches and solve issues along a number of even remotely related business verticals – effectively eliminating long gestation and R&D periods in many cases and making the best of capital investments for years to come.
