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Praxis Global Alliance's recent report, "AI & DeepTech," paints a vivid picture of the transformative potential and disruptive forces of Artificial Intelligence (AI) and Deep Tech. The report dives into the far-reaching impact these technologies will have on businesses and the global workforce by 2027.
Disruption on the Horizon
The report predicts a seismic shift, with AI potentially affecting a staggering 86% of companies. This disruption will not be limited to operational changes; it's poised to fundamentally alter how businesses function. With advancements in automation, an estimated 83 million jobs worldwide could be transformed, necessitating workforce reskilling and adaptation.
India's AI and Deep Tech Landscape: A Hotbed of Innovation
The report highlights India's emergence as a key player in the AI and Deep Tech space. With over 26,000 tech startups, India boasts a vibrant ecosystem fueled by affordable talent and strong collaborations between academic institutions like the IITs and IISc. This synergy fosters innovation and the commercialization of cutting-edge solutions across diverse domains.
Beyond Hype: The Tangible Applications
The report delves into specific examples of how AI and Deep Tech are revolutionizing industries. In logistics, collaborative robots (co-bots) are enhancing sorting capacities by 40%, while advancements in Generative AI are poised to automate a significant number of activities across various functions. However, the report also acknowledges the challenges associated with e-commerce, where the environmental impact of plastic packaging and higher CO2 emissions compared to brick-and-mortar retail require innovative solutions.
A Look at Deep Tech: Differentiating from Regular Startups
The report sheds light on the unique characteristics of Deep Tech startups. Unlike regular startups focused on rapid market entry, Deep Tech ventures prioritize extensive research and development (R&D) to develop groundbreaking technologies. This extended R&D phase allows them to unlock solutions with transformative potential across industries and society.
Government and Academia: Pillars of Support
The report underscores the crucial role of government initiatives like the National Deep Tech Startup Policy (NDTSP) and the Next Generation Incubation Scheme (NGIS) in fostering the AI and Deep Tech ecosystem. These initiatives provide funding, resources, and infrastructure, propelling startups and fostering innovation. Additionally, academic institutions play a vital role by providing a fertile ground for research and collaboration, transforming scientific discoveries into practical solutions.
Investment Landscape: Promising Future with Challenges
The report highlights the attractiveness of the AI and Deep Tech sector for investors. The six-fold increase in investor exits from AI unicorns between 2018 and 2022 underscores the robust growth and potential for substantial returns. However, challenges remain, including high upfront R&D investment needs, longer gestation periods for Deep Tech solutions, and the ever-evolving regulatory landscape.
A Call to Action
Praxis Global Alliance's report serves as a clarion call for businesses and policymakers to prepare for the transformative wave of AI and Deep Tech. By understanding the potential disruptions and opportunities, organizations can invest in reskilling their workforce, embrace automation strategically, and leverage Deep Tech solutions to gain a competitive edge. Investors seeking high-growth opportunities can conduct due diligence and adopt a strategic approach to navigate the challenges and capitalize on the immense potential of the AI and Deep Tech revolution.