India stands proudly as the world’s third-largest startup ecosystem, hosting a thriving community of over 3000 deeptech businesses. These enterprises are at the forefront of technological breakthroughs in areas like artificial intelligence, machine learning, big data analytics, IoT, and blockchain. Notably, they are expanding their influence across diverse sectors, including agriculture, life sciences, chemistry, aerospace, and green energy, aiming to revolutionise industries through cutting-edge technology solutions.
NDTSP: A Catalyst for Growth
The Indian Government has unveiled a groundbreaking initiative, the National Deep Tech Startup Policy (NDTSP), designed to propel innovation, spur economic growth, and foster societal development within the deep tech startup landscape. This strategic policy is geared towards providing incentives, such as tax reductions and encouraging venture capital investments, to facilitate the growth and sustainability of deep tech startups.
Foundational Elements and Collaborative Approach
The NDTSP Consortium, in collaboration with stakeholders, released the draft policy on July 31, opening it up for public consultation until September 15. Through extensive discussions with investors, incubation centres, academia, and various organisations, the draft policy emerges as a well-thought-out strategy to address challenges related to funding, talent acquisition, and scaling research and development operations.
Visionary Pillars of NDTSP
The draft policy envisions the Indian deeptech startup ecosystem based on four key pillars:
Securing India’s Economic Future
Progressing Towards a Knowledge-Driven Economy
Bolstering National Capability and Sovereignty
Encouraging Ethical Innovation
Strategic Measures for Growth
Funding and Innovation
The NDTSP outlines measures to provide financial assistance to deeptech firms through grants, loans, and venture capital. It aims to foster innovation by simplifying regulatory processes and promoting collaboration between academia and industry. The policy proposes centralized platforms, fiscal incentives, specialised financial instruments, and technology impact bonds to boost the growth and sustainability of deeptech businesses.
Talent Development
Recognizing the crucial role of human resources, the policy advocates for steps to cultivate a skilled workforce. This includes promoting STEM education, offering training opportunities, and attracting international talent to support the growth of the deeptech sector.
Access to Advanced Infrastructure and Technology
Emphasising the importance of infrastructure, the NDTSP recommends establishing deeptech incubation centres and testing facilities nationwide. It also underscores the strengthening of existing partnerships with institutions like IIT and IISc, providing shared infrastructure resources at nominal fees. The policy introduces domain expertise for data interpretation, network standardisation, and field test sites to facilitate the testing of deep-tech startups.
Public Procurement and Market Opportunities
The policy encourages government agencies to adopt deeptech solutions, opening up new markets for businesses and becoming the first market for deep tech startups. It also promotes international cooperation and market access to expand the reach of these innovative solutions.
Intellectual Property (IP) Protection
Recognizing the importance of IP protection, the NDTSP suggests the establishment of a uniform IP framework and robust cybersecurity measures. It aims to support deep tech startups by building in-house capabilities and granting government-purpose rights for strategic technologies.
Charting a New Course for India
In conclusion, the NDTSP emerges as a guiding light for India’s deep tech startup landscape, laying the foundation for a future where technological innovation propels the nation to new heights globally. As the policy progresses from draft to implementation, its success will be measured by its tangible impact on startups, the depth of innovation it fosters, and the positive transformation it brings to India’s economic and societal fabric.
The NDTSP aims to democratise the benefits of deep technology, making them accessible to all levels of society. Through effective utilisation of deeptech research-driven breakthroughs, the strategy is deliberately structured to boost innovation, spur economic growth, and promote societal development in India.
