In news– Minister of state for electronics and IT has said that the government will launch a Digital India Innovation Fund which aims to support deep-tech startups.
What are deep-tech startups?
- Deep tech or deep technology refers to a class of startup businesses that develop new offerings based on tangible engineering innovation or scientific discoveries and advances.
- Deep technology (deep tech) or hard tech is a classification of organisation, or more typically startup company, with the expressed objective of providing technology solutions based on substantial scientific or engineering challenges.
- Usually, such startups operate on, but are not limited to, agriculture, life sciences, chemistry, aerospace and green energy.
Deep Tech start-ups in India-
- India had over 3,000 deep-tech start-ups, dabbling in new-age technologies like Artificial Intelligence, Machine Learning, Internet of Things, Big Data, quantum computing, robotics, etc., at the end of 2021.
- Bengaluru accounts for 25-30 per cent of India’s deep-tech start-ups, followed by Delhi-NCR (15-20 per cent) and Mumbai (10-12 per cent).
- Overall, the share of deep-tech start-ups in India’s overall entrepreneurial ecosystem stands at 12 per cent now.