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The UK Will Be A Co-Star In India’s Tech Blockbuster

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The UK-India bilateral partnership is price $30.5 Bn, up virtually 10% on final 12 months, and the UK-India tech partnership lies on the coronary heart of that success.

A few of India’s most profitable corporations have chosen the UK because the place to scale their enterprise.

From AI and Blockchain by means of to fin- and health-tech, innovation will drive the UK-India partnership.

The world is altering quickly, extra so in current months with Covid-19 pushing international locations to suppose otherwise about commerce, connectivity and commerce. The function that know-how has to play has turn out to be extra vital than ever, because it cuts throughout practically all sectors. Happily for India, a digital revolution has lengthy been underway fuelled by a rising startup and innovation tradition. Alongside the continued success of massive IT and tech corporations, entrepreneurs would be the stars. 

India is a number one hub for entrepreneurs, startups and small companies.  It’s the fourth largest marketplace for tech unicorns and the third-largest startup economic system globally. This 12 months India made the International Innovation Index’s ‘Top 50’ record of most modern economies for the primary time.  India’s startup ecosystem has a cumulative valuation of $130 Bn+ (Inc42 Plus) and has helped create greater than 390,000 jobs – 60,000 of which within the final 12 months alone. 

India will proceed to be a enterprise capital hotspot and entice companions to assist propel it to the subsequent stage – and the UK is uniquely positioned to play that function. We’re the second-largest startup economic system on the planet, third-biggest marketplace for tech unicorns globally (first in Europe), and enterprise capital funding for UK tech companies crossed £10 Bn final 12 months – a record-breaking 44% improve year-on-year in comparison with India’s $12.7 Bn. 

Over 81% of UK tech funding in 2019 was made into small tech companies with a excessive progress potential, in rising applied sciences comparable to AI, Blockchain, robotics and IoT. Additionally in 2019, fintech companies within the UK obtained $5 Bn in investments – there’s a purpose 44% of Europe’s fintech unicorns and 46% of Europe’s fintech ‘future unicorns’ are based mostly within the UK. The UK might have exited the EU, however we stay Europe’s tech capital: London Tech Week continues to be Europe’s most influential tech occasion giving startups and SMEs entry to main figures from authorities and business. 

The UK-India bilateral partnership is price $30.5 Bn, up by virtually 10% in a single 12 months and the UK-India tech partnership lies on the coronary heart of that success. A few of India’s most profitable corporations have chosen the UK to assist scale their enterprise.

Final 12 months, Indian ride-sharing unicorn Ola launched operations within the UK and Infosys opened its first design and innovation studio within the coronary heart of London’s tech hub. However entrepreneurs and startups stay the spine of the tech ecosystem and are sometimes the primary to reply to rising social challenges. There are a selection of UK-funded programmes particularly designed to assist gas the ambitions of promising Indian entrepreneurs for precisely this purpose. A few of these embody:

This not too long ago launched $3.eight Mn fund will help scientists in academia and business deal with probably the most acute international challenges of our time — Covid-19 and the menace to the environment. The fund is aimed toward tech innovators with connections to the AI information cluster in Karnataka and the Future Mobility cluster in Maharashtra.

GEP permits high-calibre entrepreneurs and their innovation-rich corporations scale and internationalise. Since 2004 GEP has supported over 1,000 abroad entrepreneurs and has helped relocate greater than 350 corporations within the final four years. 

The Fellowships presents capability constructing programmes for researchers in entrepreneurship and the commercialisation of their analysis. The programme is delivered in partnership with the Indian Authorities’s Division of Science and Expertise and IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship. Startups comparable to Trestle Labs — an edtech empowering the blind and visually-impaired – and Enerlyf – a cleantech startup growing power saving shopper electronics have been benefited from the programme. 

UK-India Fintech Awards

These awards provide probably the most modern fintech entrepreneurs a possibility to be mentored by world-class consultants on scaling up domestically and internationally. CreditEnable, an AI-driven SME credit score market (one of many winners) is supporting SMEs entry enterprise loans, particularly working capital financing to navigate by means of Covid-19. 

TECH Rocketship Awards

Tech Rocketship awards promote collaboration between startups, universities, and business leaders in India and the UK. The programme has helped over 35 startups, together with  Thinkerbell Labs – which created Annie, the world’s first Braille literacy gadget that helps visually impaired individuals be taught to learn, write, and kind in Braille on their very own in any medium of instruction.

In addition to these programmes, one sector – significantly related proper now – is the healthtech sector. 

Over the previous couple of months, the UK has supported Indian tech SMEs and startups comparable to Nocca Robotics, Chakr Innovation, Mecords, and Ceremony Water to develop inexpensive options to assist deal with Covid 19.  With merchandise like transportable ventilators, ozone-based PPE decontamination programs, on-line telemedicine session programs and electrostatic spraying machines these corporations demonstrated that know-how is the answer to so lots of our trendy challenges. 

For instance, the Sevili, a service robotic supported by our Newton-Bhabha Business Academia Partnership programme has been deployed in six hospitals – serving to guarantee secure distancing between the medical employees and Covid-19 sufferers in isolation wards. 

The essential function know-how has to play extends past the present pandemic. As extra collaborations and investments occur in areas such as synthetic intelligence and blockchain, additional alternatives for UK-India collaboration will emerge. I’m assured the UK might be a co-star in India’s tech blockbuster.



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