Only 11% of Tech Investment in DeepTech Startups, More Funding Needed: NASSCOM
More financing is needed for the country’s deep technology startup to move fast, while at the moment the sector is receiving only 11 percent of total technology investment
Devjani Ghosh, president of the National Association of Software and Services Companies ( NASSCOM), said this on Friday.
Deep Technology startups are enterprises that works in the field of emerging technologies such as artificial intelligence (AI), robotics, quantum, blockchain, Internet of things (IoT), Drones and augmented Realty (AR), among others.
‘Startups and Entrepreneurship: Vision India @2047′ by the Department of Industry and Internal Trade Promotion under the Ministry of Commerce ( DPIIT )’ In a workshop organized on the subject, Ghosh said that there are more than 25,000 tech startups in the country। Only 3,000 of it is related to intensive technology
She said that India has some of the best deep technology startups, working in a full range of emerging technologies, But they are getting only 11 percent in technology related funding.
Countries like China and the United States are prioritising their funds to the deep tech startup ecosystem because this sector is driving innovation for their country, according to Ghosh.
She also suggested mandatory ‘startup service for students. She suggested creation of a ‘startup service’ on the lines of mandatory military service in countries like Singapore.
She said, “Can we say in the third or fourth year of engineering ( course) that you ( students ) have to work a year in a tech startups? This will help tech startups reach the best talent and compete with larger companies।”
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