Piyush Goyal urges shift in startup focus towards deep-tech innovations

In a direct appeal to Shark Tank’s Aman Gupta, the Union Minister urged him to broaden investment horizons, questioning India’s growing focus on speed commerce and logistics, asking if the nation should settle for such limited roles

Union Commerce and Industry Minister Piyush Goyal urged Indian entrepreneurs and investors to shift their focus from niche consumer products like vegan ice creams to more impactful sectors, such as semiconductors, artificial intelligence (AI), robotics, and machinery.

In a thought-provoking speech at the inaugural session of Startup Mahakhumb, Goyal emphasized the need for value-driven innovation that can drive sustainable growth and global competitiveness. He pointed out the limitations of industries centered around trendy products like ice cream or chips, urging entrepreneurs to direct their energies toward more critical, future-focused industries.

The minister specifically called out Aman Gupta, a prominent investor from the popular business reality show "Shark Tank," saying, "Aman Gupta, change your perspective in Shark Tank," in a clear appeal to broaden investment horizons.

Addressing the current trends in Indian entrepreneurship, Goyal questioned the nation’s increasing investment in speed commerce and hyperfast logistics. “Are we going to be happy being delivery boys and girls? Is that the destiny of India?” he asked, arguing that this approach falls short of contributing to the country’s technological and economic progress.

Tech over trends: Innovate to lead

The minister reminded attendees that true entrepreneurship isn’t just about setting up shops; it’s about creating cutting-edge technology that can compete globally. He pointed to advances in fields like robotics, machine learning, and 3D manufacturing as the direction India should take to remain competitive.

Goyal also highlighted the importance of fostering a culture of innovation and long-term strategic thinking. While acknowledging that short-term wealth creation may be possible through consumer-driven businesses, he stressed that the larger goal should be to contribute to the global technological revolution. “Do we have to make ice cream or chips?” he challenged, encouraging founders to think bigger.

Debate sparks over deep-tech resources

The minister's remarks sparked a wide discussion across social media platforms, with some entrepreneurs and investors expressing concern about the resources required to pursue deep-tech ventures. Responding to Goyal’s speech, Anupam Mittal, the founder of Shaadi.com and investor on "Shark Tank," shared his thoughts on X. Mittal acknowledged the growing success of deep-tech startups in India, particularly in AI, space tech, and materials science. However, he highlighted a critical challenge: the lack of sufficient capital and support for scaling these technologies. “Founders can do most things but not EVERYTHING,” Mittal stated, stressing that while innovation is thriving, the infrastructure and ecosystem to support deep-tech growth remains inadequate.

Mittal’s response underscores the growing recognition of the need for a more robust support system for deep-tech entrepreneurs in India, particularly in areas such as funding and commercialization. The discussion continues to evolve as India’s startup ecosystem navigates its next phase of growth.