In the past few months, various stakeholders of the startup ecosystem have publicly spoken about the potential of artificial intelligence (AI) and how it will impact the future of the Indian economy. Now, chairman emeritus of Tata Sons, Ratan Tata, has also said that the startup of the future will be more about AI.
Speaking at TiECon Mumbai 2020, Tata said that the leading tech companies have shown the path. “Considering that companies like Amazon and even Google are very [AI] technology-oriented. So I think the startups of the future will be more about AI.”
Tata also advised startups to operate businesses ethically. He said, “When we [Tata] raised money from the international market, we built our case on the stability and maturity of the founders, or the top management.”
Interestingly, Tata is also an investor in AI-based chatbot Niki since the company’s seed round. In 2017, the company raised $2 Mn Series A funding from Tata, SAP and Unilazer Ventures.
At TiECon Mumbai 2020, Ratan Tata also was awarded the lifetime achievement award for his contribution to the Indian startup ecosystem. The award was presented by Infosys cofounder N.R. Narayana Murthy.
This month, even union minister of commerce and industry, Piyush Goyal, noted that the using AI applications and other emerging technologies in different sectors can help India achieve its goal of becoming a $5 Tn economy by 2024.