Why India’s hardest technologies could become its biggest VC bets
By Ajay Modi, Director at Piper Serica
The biggest venture opportunities are not always found in markets that are already large. They often emerge in markets that are still being built where few companies have participated, the problems remain difficult and the eventual shape of the industry is still unclear. That is precisely what makes deep technology interesting. When years of R&D begin converting into working products, commercial pilots and early demand, technologies that once appeared too difficult to finance can begin to look like some of the most defensible businesses of the next decade.
India is increasingly entering that phase. For years, businesses built around semiconductors, advanced electronics, space systems, robotics and other complex technologies faced a familiar problem: significant R&D requirements, long product-development cycles and uncertain commercial adoption. These characteristics made them difficult to finance through conventional capital. But the equation is changing as technology matures, domestic demand...
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