India in transition…The perfect storm is brewing
India has always had deep cultural relationship with STEM (science, technology, engineering and mathematics). This relationship has allowed India (and Indians) to thrive as a key contributor to the global innovation and a technology disruption worldwide driven by emigration and settlement worldwide to drive innovation and discovery worldwide. This pursuit for deeper understanding of STEM has also prepared it to capitalize on this set of skills back at home.
Last three decades: from the with late 70’s to 2000’s, India acted as R&D offset center supporting many disruptions to occur in developed and mature economies. This mushroomed the local ecosystem and education infrastructure to thrive with young work force developing highly technical skill set in mathematics and software that enabled India to be prepared for the tech tsunami to come in the next two decades. This formed the basis for India to grow financially from 1.14 Tr GDP to roughly 2.49 Tr currently. The IT sector contribution to the GDP grew from 1.2% in 1998 to 7.7% in 2017. The US-India IT export partnership was a key driver for this growth and accounted for 60% of the IT services export.
Enter 21st century: Core technology disruptions occurred in key geographical pockets such as Silicon Valley and brought the advent of internet, mobility and cloud infrastructure worldwide including India over these the next 10 years. This reduced the barriers for the already highly technical software young force to take advantage of their skills to solve massive business model problems locally. Over the last decade between 2010 to 2020, India has established itself as the third largest startup ecosystem especially disrupting B2B enterprise sector, BFSI, Ed Tech, HR Tech sectors. In addition, Multinational and global conglomerates have setup R&D centers in India to tap into this talent pool. The basic infrastructure of cloud, mobility and tech expertise created the perfect storm for Indian entrepreneurs to address massive scale problems using software primarily disrupting business models Vs core technology disruptions (like is normal in Silicon Valley).
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