Participants agreed that most Indian investments were largely focused on extracting value from the application layer. By broadening the investment focus, India could strengthen its AI capabilities and foster a more resilient AI ecosystem.
Participants suggested the need for Indian GenAI startups to focus on the development of specific use cases geared at servicing the needs of the Indian market in order to acquire a competitive edge over their global counterparts. By addressing unique local requirements, such as language diversity and cultural nuances, startups could position themselves as potential leaders in niche sectors, allowing for their sustainable growth and expansion.
Participants discussed the prospects of Indian corporate giants extending funding and mentorship support to Indian startups. By leveraging the financial resources, industry expertise, and networks of established companies, startups could benefit from accelerated growth, scale their operations, and access new markets. In return, corporate investors could generate strategic returns over the medium to long term and foster innovation within their own organisations.
Participants suggested that access to proprietary datasets could help startups generate a stronger investment proposition. Access to proprietary data could provide startups with a unique competitive advantage, as they could leverage this data to develop innovative products or services that cater to specific market needs.
Participants underscored the need for IP reform in the country to create favourable incentives for startups to invest in the creation of AI-related IP for commercial purposes.
Participants emphasised the need for startups to adopt solid mechanisms for corporate governance and accountability to ensure long-term business sustainability. Implementing transparent governance practices, ethical decision-making frameworks, and robust internal controls was crucial for maintaining trust with stakeholders, investors, and customers. By adopting these mechanisms, startups could demonstrate their commitment to responsible business practices, foster investor confidence, and attract long-term partnerships and collaborations.
