Majority of artificial intelligence (AI) startups in India lack adequate mentoring and support to scale their operations from incubation to real-world sustainable application.
The IT services company Mphasis has recently announced its partnership with NASSCOM to felicitate best in class artificial intelligence (AI) startups at the upcoming NASSCOM Technology & Leadership Forum 2019.
This partnership aims to recognize, nurture and promote bright young startups to scale the current AI ecosystem in India and drive the adoption of futuristic technologies including deep learning, machine learning, artificial intelligence and analytics.
India is ranked amongst the top 10 AI/Data Science ecosystems globally and in future, the demand for advanced deep tech and AI-related technologies is expected to unlock a trillion-dollar opportunity.
The Data Science industry in India is expected to become a USD 16 billion ecosystem by 2025, from the current USD 2 billion, translating to an 8x growth. AI has the potential to add US$957 billion, or 15 per cent of current gross value added to India’s economy in 2035 and advanced tech startups are likely to drive this transformation as well as spearhead the broad structural transformation of the economy.
Mphasis Pitch Day
To meet the growing need to support the AI/Data Science ecosystem, 30 AI focused startups from the NASSCOM 10,000 startups initiative are invited to participate in the ‘Mphasis Pitch Day’. It is aimed at identifying the most innovative AI startups that will bridge the technology gap across enterprises business.The jury for the Pitch Day will include industry experts, AI specialists and accomplished business and technology leaders from the technology industry.
The startups will be selected based on certain parameters such as high-impact innovations in AI across industries and categories; the best use cases, applicable across verticals and horizontals; high-tech AI solutions that organizations have delivered internally or to their clients.
Nitin Rakesh, Chief Executive Officer, Mphasis, noted that though India has some of the brightest startups focused on innovating for the future, a majority of them lack adequate mentoring and support to scale their operations from incubation to real-world sustainable application.
Debjani Ghosh, President, NASSCOM said thatProwess in data science and artificial intelligence will be one of the main drivers of economic competitiveness in the near future.Also added that NASSCOM-Mphasis partnership will not only stimulate the creation of a world-class AI ecosystem in India, but also provide emerging tech startups the right exposure to flourish in the industry.