Season Two Ventures is an early-stage enterprise fund targeted on deep tech/AI-enabled B2B options for giant companies in healthcare, fintech, retail, power and utilities. Its CEO and managing companion, Sajan Pillai (he holds patents in web computing and knowledge programs and is former CEO of UST Global), tells Sudhir Chowdhary that India can turn into the following AI superpower; however there must be a nation-wide prioritisation to upskill the youthful technology and encourage governing our bodies to push an AI-first agenda in a strategic method. Excerpts:
How do you examine India’s AI technique with that of China and the US?
The US and China are in a race to turn into the following AI superpower. In reality, China has intently adopted the US’ AI-focused technique and can seemingly surpass it quickly when it comes to investments and improvements on this house. In phrases of coverage, the US authorities signed the American AI Initiative in 2019, detailing that there’s going to be a robust federal push for AI upskilling. China has targeted on an identical technique, along with beginning training and upskilling of graduates on this house at an early stage. China has doubled right down to incentivise the return of AI professionals educated overseas, and the retention of high quality AI specialists throughout the nation, by providing subsidised entry to sources and enticing pay packages. India additionally has a excessive knowledge availability and variety together with excessive quantity of information. Therefore, India can turn into the following AI superpower via innovation and development in expertise.
Where does India stand presently when it comes to international comparability?
India has the potential to match China in AI capabilities because of the diploma of innovation that happens and the accessibility to massive datasets. However, there must be a nationwide prioritisation to upskill the youthful technology on this house and encourage governing our bodies to push an AI-first agenda in a strategic method. AI has rapidly turn into a spotlight right here in India, with the variety of AI startups and personal investments rising quickly.
The authorities has accelerated the appliance of AI in each agricultural and healthcare house.
It has launched a National Strategy for Artificial Intelligence in 2018, with a dedication to offer Rs 3,000 crore in funding for AI-related initiatives throughout verticals. There is a pool of 1.7 million STEM graduates from India yearly. India has an infrastructure oriented in direction of expertise and IT providers, the Indian training system and workforce have super potential for upskilling and re-skilling, and immediately specializing in AI-related alternatives.
How can the startup ecosystem assist in India changing into an AI superpower?
India has numerous startups and the entrepreneurial potential to be a significant participant globally in numerous sectors, but it surely wants a robust innovation engine to construct deep firms of substance. Startups in India can leverage expertise and AI for a few of the essential industries reminiscent of healthcare, agriculture, training, sensible cities and infrastructure and strengthen the present place of India. Additionally, AI skilling must occur from a younger age. AI within the training and healthcare sector is the necessity of the hour and startups should forestall “brain drain” by selling a tradition of innovation.
Has Season Two Ventures made any investments in Indian startups up to now?
Season Two Ventures has made 5 contemporary investments in India this July. We have backed digital funds startup Uvik Technologies, air high quality intelligence startup Ambee, knowledge privateness firm Ozone.ai, and two healthcare companies Svast and Hilabs. These are all related firms that may seize massive markets in a post-Covid-19 world.
Indian coverage generally makes it troublesome for startups to obtain funding. The authorities ought to deal with adopting greatest practices and insurance policies to create a predictable, secure and clear surroundings for buyers. There can also be a must benchmark towards different international locations which might help cut back transaction prices. It is crucial to broaden startup hubs and analysis labs throughout the nation, and never simply restrict to Bengaluru and Hyderabad.