NATIONAL DEEP TECH STARTUP POLICY – ECONOMY
News:
Deep tech startups taking
brave risks
What
is in the news?
● Recently,
the National Deep tech Startup Policy was released by the National consortium.
What
is deep technology?
● Deep
Tech refers to advanced and cutting-edge technologies that are based on
significant scientific and engineering innovations.
● Eg. AI, Machine learning, 3d printing
etc.
Important
features of the National Deep Tech startup Policy:
Aim:
● To
address the challenges confronting deep tech startups through definitive policy
interventions to create a conducive ecosystem.
Nine
thrust areas:
● Nurturing
Research, Development & Innovation.
● Strengthening
the Intellectual Property Regime
● Facilitating
Access to Funding
● Enabling
Shared Infrastructure and Resource Sharing
● Creating
Conducive Regulations, Standards, and Certifications
● Attracting
Human Resources & Initiating Capacity Building
● Promoting
Procurement & Adoption
● Ensuring
Policy & Program Interlinkages
● Sustaining
Deep Tech Startups.
Important
provisions:
1.
Export Promotion Board:
● The
NDTSP recommends creating an Export Promotion Board to facilitate Indian deep
tech startups’ entry into foreign
markets.
2. Defence and
Space Sector Focus:
● The NDTSP specifically targets deep tech
startups in defence and space sectors, aiming to enhance their contributions to
national security and space exploration.
3. Inter-Ministerial
Deep Tech Committee:
● To
address the different aspects of deep tech and its supply chains that fall
under various ministries, the policy recommends the creation of an
"Inter-Ministerial Deep Tech Committee" to review and coordinate the
requirements for a thriving deep tech ecosystem.
4. Simplifying
Intellectual Property Regime:
● The
policy proposes to streamline the intellectual property regime for deep tech
start-ups, making it easier for them to protect their innovations and
inventions.
5. Ease
regulatory requirements:
● It
suggests the creation of an Export Promotion Board to ease barriers of entry
for Indian deep tech start-ups into foreign markets.
6. Single
window platform:
● It
suggests establishing a Single Window Platform that enables a Unified IP
Framework, customized for deep tech startups.
7. Financial
support:
● It
suggests creating a thematically focused Fund
of Funds (FoF) dedicated to deep tech investments.
Challenges
faced by the deeptech policy:
1.
Poor fund allocation:
● Main
issue of the deep tech startups are funding issues.
● Only 11% of the total funds
to the overall startups were provided to the tech startups.
2. Lack of
skilled workforce:
● Deep
tech startups are facing a shortage in the skilled workforce.
● Around 59% of the deep tech startups
reported that they couldn't find skilled People.
3. Time
consuming process:
● Deep
tech startups are facing a lengthy paperwork issue.
● They
said that it took 12 -16 months to complete the paperwork.
4. Poor
definition:
● Lack
of standard definition for deep tech leads to poor regulation in the deep tech startup
sector.
5. High cost
process:
● Deep
tech startups said that the process of registration and patent filing is a cost
consuming process.
WAY
FORWARD:
1.
Clear definition:
● Government
should clearly define what constitutes a deep tech startup.
2. New startup
policy:
● Government
should revamp the existing startup India scheme and should include the deep
tech startups under the startup India scheme.
3.
Private participation:
● Private
sector should be encouraged to invest in the R&D of deep tech startups.
● This
could increase the financial flow into the sector.
4. Market
creation:
● Government
should create enough markets for deep tech startups.
● Finding
new markets is one of the main issues for the deep tech startups.