Next innovation wave to emerge from semiconductors, AI in India: IT Minister

Union Minister of State for Electronics and IT Rajeev Chandrasekhar unveiled the remarkable growth of India's startup innovation landscape over the past 2-3 years on Monday. According to Chandrasekhar, the nation is poised for the emergence of the next wave of innovation, particularly in sectors such as semiconductors, microelectronics, artificial intelligence (AI), and high-performance computing.

Speaking at the launch of the 'Investor Information and Analytics Platform' developed by IIT Madras, the minister highlighted the platform's role in bridging the gap in understanding the innovation ecosystem. Chandrasekhar emphasised the significance of the platform's AI-based conversational interface, named 'StartupGPT', which aims to facilitate easy access to exhaustive data for all stakeholders navigating the startup landscape.

"This platform will serve as a valuable resource for researchers, enabling them to comprehend the growth dynamics within the ecosystem. Additionally, it will aid public policymakers in crafting responses and initiatives aligned with these dynamics," Chandrasekhar stated.

The 'Investor Information and Analytics Platform', a collaborative effort between IIT Madras and the Centre for Research on Start-ups and Risk Financing (CREST), offers a comprehensive repository of information crucial for startups. With data on over 200,000 startups, nearly 11,000 angel investors, 5,000 venture capitalists, 1,000 incubators, and more than 100 government agencies supporting startups, the platform aims to streamline access to capital and resources for entrepreneurs.

Professor Thillai Rajan A, Head of CREST at IIT Madras, underscored the platform's role in advancing India towards an innovation-driven economy. "Platforms like these will democratise access to information and capital, thereby accelerating the commercialisation of innovation," Professor Rajan remarked. He further highlighted the platform's potential to benefit young entrepreneurs by facilitating connections with experts, investors, and mentors tailored to their ventures.