NationalTechDay2022: Technology As Epicentre For Startups
On this National Technology Day as a mark, this story digs deeper as to how technology suddenly became so prominent and made its position so strong? Is it taking the industry right way? Is it dividing the nation into two by creating a tech handicap gap?
Out of choice and need, technology is certainly an imperative for startup enterprises to enhance business efficacy, reach optimum performance and survive the competitive market. 2020 was the year that acted as an accelerator to technological advancements across the sectors and that’s when education becomes edtech, agriculture became agritech, HR became HRtech and the trajectory remains ongoing.
On this National Technology Day as a mark, this story digs deeper as to how technology suddenly became so prominent and made its position so strong? Is it taking the industry the right way? Is it dividing the nation into two by creating a tech handicap gap?
Technology Leading To A Gap Or Bridge?
Today, technology is at the centre of our lives and businesses. Moreover, the startup sector largely revolves around tech.
“Our experience has been the opposite. We have seen a lot of hunger to learn among investors from non-urban areas and small towns. Technological advancements have enabled us to address the challenges of financial literacy and accessibility to investors which were earlier only limited to investors residing in urban markets,” Neeraj Singh, Co-Founder and CTO, Groww adds.
Retail investor participation in the country has been on the rise since the onset of the pandemic and the Indian equity markets particularly have shown resilience despite a strong sell-off by Foreign Private Investors during this fiscal year. With the RetailTech market taking a beating, it is yet to be seen if this growth sustains for the next five years. Although, it is clear that with increasing financial literacy, participation in retail markets will continue to grow.
Internet speed is a challenge in rural challenges which creates hindrances to deploying technology-driven solutions in those regions. People in rural areas are mostly not compatible with modern devices which also creates problems in delivering services directly to them. “The cognitive aspect of interior regions in the context of their reluctance and apprehension towards technology adoption is something very challenging,” Navneet Ravikar, Chairman and MD, Leads Connect Services says while sharing about the real-time challenges.
The Focal Point For Sectors
With the help of mobile phones and affordable internet access, technology can be almost in every household. Indian EdTech raised more than $1.43 billion in 100 deals in 2020 and is growing consistently.
“Our vision of reaching the masses with courses in their mother tongues helps us move closer to our goal. In India, more than 79 per cent of the 270 million students in K12 are learning in their mother tongue. Technology is a way to make sure we can create accessible and affordable solutions for all,” Mridul Ranjan Sahu, Co-founder, Curiousjr expresses.
From the conventional practice of the patients going to hospitals for treatment, modern technologies have enabled robust remote and doorstep care delivery making the healthcare segment HealthTech. While speaking about how the process in the segment has transformed Vaibhav Tewari, Co-Founder and CEO, Portea Medical says, "Today, we are using the most cutting-edge tools and processes to optimize healthcare outcomes alongside devising ways to reduce medical waste which is averse to environmental wellness. Going forward, Portea Medical believes that innovation and evolution of health-tech will further make it possible to enhance the sustainability of healthcare operations globally."
Both consumers and enterprises have been pushed to implement and adapt to tech-enabled solutions. “India has more than 6 million possible locations to install a vending machine. The technological revolution has helped make vending machines smart with digital payments, remote management, AI & ML-based ordering system, etc. and this will only grow in the coming years as the demand is also going to increase,” Prerna Kalra, Co-founder of Daalchini Technologies shares her observation.
Agriculture has finally been getting a lot of attention over the last few years and became AgriTech. While most smallholder farmers don't have the resources to own even feature phones but some rural families have access to smart devices. Aneesh Jain, Founder, Gram Unnati mentions, “With improvements in the road, rail and air infrastructure no place is impossible to reach. The Government's push on improving digital connectivity and access has ensured that even information is able to now easily flow.”
Technology is interwoven into our daily functioning, it has radically revolutionised the way we live. HR functions are being assisted with technology backed with AI and ML, slashing redundant manual work and enterprises are actively working on developing better HR Tech solutions. “This National Technology Day, we want to encourage every techie out there to buckle up and continue learning more advanced technologies as it is going to change the face of tomorrow. As a country, we should aim to be at the forefront of this revolution,” Himanshu Aggarwal, Co-Founder and CTO, Qandle asserts.
Continuous Rise Going Forward
Startups across various segments need to consciously assess their requirement for technological intervention for their business. While penetrating into deeper parts of the nation, tech needs to become easy to learn and affordable despite any differences. If startups would hold up with the tech’s pace of progress, then they are poised to witness a constant rise in terms of their business development.
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