How is Piyush Goyal Encouraging Startups to Innovate in Frontier Technologies in India?
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Synopsis
In a recent roundtable in Bengaluru, Piyush Goyal emphasized the critical role of startups in driving India's frontier technology innovation. With over 35 startups and 30 venture capital firms participating, the focus is on enhancing India’s DeepTech ecosystem to achieve a self-reliant economy by 2047.
Key Takeaways
- Domestic Capital: Scaling local investments is crucial for startup growth.
- DeepTech Focus: The emphasis on DeepTech can lead to significant innovations.
- Startup Support: Government initiatives aim to bolster the startup ecosystem.
- Investor Engagement: Collaboration between startups and investors is vital.
- Policy Frameworks: Effective policies can enhance India’s global tech position.
Bengaluru, Nov 1 (NationPress) There is an urgent need to enhance domestic capital, foster local funds, and motivate startups to play a pivotal role in ‘Aatmanirbhar Bharat’ by innovating in frontier technologies within India, stated Commerce and Industry Minister Piyush Goyal.
He emphasized that the government is dedicated to fortifying India’s DeepTech ecosystem, improving the ease of doing business, minimizing compliance burdens, and fostering innovation and entrepreneurship.
Over 35 DeepTech and semiconductor startups, along with more than 30 prominent venture capital firms, engaged with Goyal during a roundtable in Bengaluru.
“In alignment with Prime Minister Narendra Modi's vision for a Viksit Bharat by 2047, initiatives are in motion to establish a future-ready, innovation-driven economy,” he remarked.
The session was facilitated by 3one4 Capital Chairman T.V. Mohandas Pai and Prashanth Prakash, Partner at Accel Partners, alongside representatives from Startup India, Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce and Industry, and in collaboration with TiE Bangalore and IVCA.
The discussions centered around bolstering India’s DeepTech ecosystem and pinpointing policy measures to nurture innovation-driven growth.
Topics included interactions with DeepTech and semiconductor startups engaged in sectors like semiconductor design, artificial intelligence, quantum computing, robotics, advanced materials, and machine learning infrastructure.
According to a ministry statement, startups such as Agnit Semiconductors, QpiAI, Nabhdrishti Aerospace, EtherealX, Fabheads, Ethereal Machines, Dozee, Exponent Energy, SignalChip Innovations, and QNu Labs shared their insights and outlined challenges regarding prolonged development cycles, access to patient capital, and technology commercialization.
Investors from leading funds like Celesta Capital, Blume Ventures, Avaana Capital, Peak XV, Creagis, and 3one4 Capital offered perspectives on supporting long-term DeepTech innovation, developing sustainable exit pathways, and exploring co-investment opportunities.
They also deliberated on policy frameworks that could enhance India’s standing in global technology value chains.
The discussions concluded with a consensus to maintain structured engagement between DPIIT, TiE Bangalore, and the DeepTech ecosystem to identify and tackle policy priorities.
Point of View
It's clear that the emphasis on DeepTech and frontier technologies represents a significant step towards establishing India as a powerhouse in innovation. The government’s commitment to fostering a supportive ecosystem will not only enhance economic growth but also ensure that local startups can thrive in a competitive global landscape.
NationPress
01/11/2025
Frequently Asked Questions
What are frontier technologies?
Frontier technologies are advanced technologies that are at the forefront of innovation, including fields such as artificial intelligence, quantum computing, and robotics.
Why is Aatmanirbhar Bharat important?
Aatmanirbhar Bharat, or Self-Reliant India, aims to empower India’s economy by promoting local manufacturing and reducing dependence on imports.
Who attended the roundtable discussion?
The roundtable included over 35 DeepTech and semiconductor startups, more than 30 venture capital firms, and key government representatives.
What challenges do startups face in technology commercialization?
Startups often face challenges such as long development cycles, securing patient capital, and navigating the complexities of technology commercialization.
How does the government plan to support startups?
The government is focused on strengthening the DeepTech ecosystem by reducing compliance burdens, enhancing the ease of doing business, and promoting innovation.
