By Angad Daryani
Our capacity to envision the future and transform those visions into reality has been a driving force behind global prosperity. Technological innovation, the bedrock of the modern economy, continues to propel humanity forward, with core breakthroughs like the internal combustion engine, semiconductors, lithium-ion batteries, and touchscreens shaping our world.
These fundamental innovations, often termed as deep-tech innovations, redefine industries and form the backbone of economies. Thanks to the leadership of Prime Minister Modi, India is witnessing a surge in manufacturing capabilities and hardware innovation, positioning itself as a hub for creating core technologies.
While India has always had ongoing research in top academic institutions, limited capital and industry support have hindered the transformation of innovations into market-ready solutions. However, with economic growth, increased hardware innovation, and a growing belief in India’s potential, entrepreneurs are now aspiring to build world-class innovative companies on par with global giants like Apple, Tesla, and SpaceX.
The growth in deep-tech innovation is evident across various sectors, including semiconductor, defence, robotics, medical applications, warehouse automation, manufacturing, air purification, carbon capture, electric vehicles, battery technologies, green hydrogen development, industrial and domestic water purification, desalination, solar cell development, rocket and space technologies, and applications of AI.
This surge in innovation is not merely drawing in investor capital; it’s also generating employment opportunities in research and development, blue-collar technician roles, and assembly staff positions. Furthermore, it’s spearheading a renaissance in manufacturing, driving both the development of new products and the expansion of commercial manufacturing. To further amplify its impact, Indian deep-tech companies are strategically leveraging cost advantages, including reduced expenses in rent, labor, logistics, energy, and utilities, providing them with a formidable competitive edge in the global market.
This enables Indian companies to craft deep-tech solutions with global applicability, fostering local employment and infrastructure development while boosting foreign exchange reserves through exports. Moreover, these deep-tech enterprises actively engage in licensing and customizing their technologies for tertiary industries. For instance, Log9 Materials’ batteries aren’t solely utilized in-house but also find application with customers like Omega Seiki, who is manufacturing logistics delivery trucks and rickshaws in Faridabad, Delhi.
Deep tech goes beyond mere industrial definitions; it shapes human behavior and transforms global operations. Despite being perceived as time-consuming by venture capital in comparison to Software as a Service (SaaS) companies, successful deep-tech ventures that meet their innovation goals yield exponential outcomes. These outcomes aren’t confined to individual investors and founders; they extend to benefit entire economies—a significant achievement rarely paralleled by Enterprise SaaS companies.
The author is founder and CEO, Praan
