Delving Deep into the Deep Tech Ecosystem!
PeopleLogic
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On the 31st of July 2023, the office of the principal scientific adviser to GOI released a Draft National Deep Tech Startup Policy (NDTSP) for public consultation. The draft policy has requested public opinion and feedback till the 15th of September 2023. This policy complements and adds value to the existing Startup India policies, programs, and initiatives, by fostering a conducive ecosystem for deep tech startups to thrive and address their unique and complex challenges.?
With over 10,000 DPIIT-recognised deep tech start-ups, this move by the government is the affirmation of the deep tech industry’s significance and future growth prospects. As per NASSCOM, the deep tech startup base in India is growing at more than 40% CAGR.? India, with its vast pool of talent and technological advancements, is witnessing a surge in the number of deep tech companies. These companies are making significant strides in their respective domains, revolutionizing industries and transforming the way we live and work.
In this edition of “The People Weekly”, we will discuss deep tech and the deep tech ecosystem. With a finger on the pulse of current technologies and trends, it is the constant endeavour of “The People Weekly to provide our readers with valuable insights so that they can stay ahead of the curve.
What is Deep Tech?
To understand what deep tech is, let us first understand what “Shallow Tech” is. Most of the digital solutions that we see are examples of “Shallow Tech” where repetitive tasks are moved digitally. Shallow tech solutions are not very complex, offer small incremental improvements and can be easily copied by competitors.??
As opposed to this, deep tech or deep technology refers to a category of advanced technologies that are based on scientific breakthroughs and cutting-edge innovations. These technologies often require?
?All deep tech solutions use technologies like Artificial Intelligence, Machine Learning and Robotics. Deep tech innovations usually go beyond incremental improvements and aim to solve complex, tough problems, create new markets, or fundamentally disrupt existing industries. They often involve interdisciplinary approaches, combining expertise from fields such as computer science, engineering, physics, materials science, biotechnology, and more.?
?One of the popular examples is “Bandicoot”, a robotic machine developed by Genrobotics, a Kerala-based startup, that cleans any type of manhole.? Another relatable example of a deep learning solution is ChatGPT.
Existing Deep Tech Companies in India
As mentioned earlier, India has over 10,000 DPIIT-recognised deep tech companies. Some of the major sectors they belong to are space tech, healthcare, environment, aviation, maritime and defence, biotechnology and life sciences, agriculture and green energy.
Some of the popular deep tech start-ups in India include Genrobotics, Deepvision.ai, Agnext, Drive Analytics, Instoried, Spyne, Cognit, Datacrux, Qubit technologies, Astrome etc
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These are just the tip of the iceberg. India currently boasts of having the third-largest startup ecosystem in the world. More than 18% of these startups are into deep tech. Even though it is perceived as requiring significant investment and a lengthy development period, a recent investigation reveals that the greater initial capital investment demanded by the deep tech sector balances out over time when compared to its digital counterparts. Deep tech companies take around 11 years from founding to exit as compared to 5 -7 years for consumer and payment companies. This is indeed a long time, but then the reward is high.
Careers in Deep Tech
India will need 2 million deep tech engineers by 2030. Currently, there is a shortage of high-quality talent in this domain. Candidates with skills like AI/ML and advanced computing are rare to find and this has direct implications on the growth of B2B SaaS firms. Some of the deep tech roles are
Skills required for a career in deep tech?
To land a job in the deep tech domain, one has to be skilled in the following technologies
Apart from the above technologies one needs expertise in writing error-free and well-designed algorithms and codes, debugging complex systems, and fair knowledge of UI technology. A deep tech engineer should also be very strong in Mathematical and Statistical concepts. Successful deep tech engineers will have a strong analytical mind and will always focus on finding solutions to problems. Having a futuristic vision and being able to move from being a dreamer to a doer sets deep tech engineers apart from the others!
PeopleLogic Opinion
Deep tech is an evolving and emerging technology. With its stress on sustainable goals, deep tech solutions are here to stay. The adoption and growth of deep tech in India have the potential to transform the Indian economy. By driving innovation, creating high-skilled job opportunities, and fostering entrepreneurship, deep tech can lay the foundation for a technology-driven economy, attracting investments, and contributing to India's overall development.
In a rapidly evolving technological landscape, organizations that leverage deep tech gain a competitive edge. Individuals with deep tech knowledge are valuable assets, as they can contribute to the development and implementation of cutting-edge solutions. In essence, deep tech is shaping the future in numerous ways, and having knowledge in this domain allows you to actively participate in this transformation, whether through your career, research, entrepreneurship, or informed decision-making.