Pune has all the catalysts to become country’s AI & startup hub: Panelists at AI Alliance

Amit Paranjpe, co-founder of Reliscore, drew parallels between Pune and global startup hubs like San Francisco, stressing the city's possession of crucial catalysts for fostering entrepreneurial growth. "We possess all the necessary catalysts: excellent educational institutions, a hub of established companies, and robust research centers. Moreover, we offer a quality of life comparable to some larger metros" said Paranjpe

"Pune excels particularly in B2B, especially in software associated with manufacturing and fintech, thanks to the thriving Mumbai-Pune ecosystem. We're making significant strides in biology, chemistry, and materials. We're poised for substantial growth in the next decade," said Paranjpe.

Addressing the need for policy interventions to bolster Pune's startup ecosystem, Dr V Premnath, director of Venture Center, underscored the pivotal role of governmental support in nurturing fledgling enterprises, particularly in domains such as AI applications in healthcare and environmental solutions.

"Indian entrepreneurs, especially first-generation ones, often gravitate towards IT due to the conducive ecosystem. Policy plays a crucial role in creating continuity and filling these gaps, particularly in domains like AI applications in healthcare. Government intervention is necessary to level the playing field and enable both public and private entities to thrive in the startup ecosystem."

He further added, "There are many sectors where solutions are urgently required, addressing pressing issues such as diagnostics, devices, therapies, drugs, vaccines, food, nutrition, energy, and the environment. AI plays a pivotal role in tackling these challenges, albeit in distinct ways. It's important to foster an ecosystem conducive to the growth of companies addressing these issues"

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Venture capitalist Sayali Karanjkar said: "We have a growing number of startups, particularly in sectors like fintech and data analytics, but there is a perception that Punekars are not risk-takers. However, the reality is changing, and we see more startups emerging. Yet, the ecosystem needs more cohesion and investment".

"There is indeed a shortage of VCs in Pune, and this needs to be addressed. We must encourage more VCs from cities like Mumbai and Bengaluru to engage with startups here. Collaboration is key in building a robust ecosystem—universities need to partner with companies to create incubators, fostering real-world projects for students. Companies should not only invest in their in-house projects but also support external ideas through incubators and VC funding"

She also emphasised the importance of facilitating dialogues between startups and investors while fostering synergistic partnerships between academia, industry, and research institutes.

Highlighting Pune's domain expertise as a cornerstone for AI development, Saraph stressed the significance of cohesive collaboration among governmental bodies, academic institutions, industries, and research centers. Saraph said, "If we consider the four pillars—government, academia, industry, and research institutes—each is taking steps independently. Industry efforts to collaborate with colleges for student upskilling are commendable. However, true success will only come through cohesive collaboration across these sectors. Everyone needs to work together to realise our collective potential."

However, Paranjpe also acknowledged infrastructure challenges such as traffic congestion and the absence of a proper international airport, which hinder Pune's attractiveness to multinational corporations.

"Pune boasts exceptional strengths in four key areas: automotive and manufacturing, offering one of the best ecosystems nationally and globally; FinTech, evidenced by the emergence of unicorns and a robust ecosystem; deep tech, particularly in materials, biology, chemistry, and energy-related fields, where entrepreneurs are innovating; and defence research and development, housing significant government labs and small companies. The convergence of defence technology with deep tech startups utilizing AI and other modern technologies is poised for substantial growth in the coming decades," said Paranjpe.

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