Recently the television show Shark Tank had gained popularity in India. It showcased many startups touching a chord with everyone with their use of technology for the greater good. Inspired by this thought, INDIAai, on 11th June 2022, brought #SharkTankLessons– a one-of-a-kind event which hosted some of the best AI minds from the television series. The founding members of the organizations graced the first edition of the discussion. Dileep Ramesh, Thinkerbell Labs; Ashish Patil, PnT Solutions and Ranjeet Deshmukh, RoadBounce, were panelists for the event. Jibu Elias, Content and Research Lead of INDIAai, moderated the event.
From education to road safety and robotics, the panelists hailing from various walks of AI differ in their vision and how they use AI. However, they all had one thing in common, their idea to do something good. For instance, Thinkerbell Labs developed a model named Annie, the world’s most comprehensive braille literacy device. All things taken for granted, the edTech world has been missing for the visually impaired for the last few decades. Annie, who is deployed in the schools of the visually impaired and NGOs, rectifies these limitations and opens the door for effective learning. RoadBounce developed a model that focuses on empowering the authorities and those who control the quality of Indian roads. It fights with struggle and reduces accidents. PnT Robotics, on the other hand, built an engagement and interaction robot. It was developed to enhance engagement and interaction between the user and the robot.
Learnings from Shark Tank
“Currently, we have set up some plans in MIDC Dombili”, said Ashish Patil speaking about the changes he encountered after Shark Tank. However, the post-Shark Tank situation for RoadBounce was quite different. Talking about which, Ranjeet stated that there was a surge in his LinkedIn profile and the company website. “Events like this can aid in the surge, but the real challenge is how to maintain such a surge”, he added. One of the most challenging stages of a startup is when they are struggling for recognition, and Shark Tank ensures validation, which according to Ranjeet, is the most significant advantage of being a part of it. Even though there was no direct impact on their B2B, for Thinkerbell Labs, being a part of the Shark Tank did bring about considerable changes in matters such as relationships with customers and partners. “With our recognition, Braille literacy is also developing”, added Dilip Ramesh.
Challenges for building India-centric startups
A company which is a copy of an accepted firm in the western market will gain quick acceptance. If the investment is one of the issues faced by startups, revenue was the critical challenge for PnT Robotics. They also struggled to cope with the infrastructure in India. The management of the employees is yet another problem. Ashish stated that “no one will understand what you are doing as you do”.
Credibility was one of the significant challenges faced by Thinkerbell labs in the initial days. They had to make the extra effort to build the confidence of their users. Also, there are plenty of talents in India, and it is difficult to find what the company needs. As companies grow, investors and customer confidence will also begin to develop. “Be patient and bring your A-game concerning resilience”, added Dileep.
The panelists suggest being clear about what they are doing for anyone who wants to build an AI startup. It is easy to get carried away, and it is essential to stay focused. There are three things to get selected on Shark Tank:
- Be prepared for an exhausting selection process
- Be genuine
- Whatever you do, have a mass appeal
During the event, the panelist also took questions from the audience about bringing AI to students and tackling issues of small datasets. They stated the importance of building an entrepreneurship mindset among children. Also, students should have a problem at hand, and they should figure out how AI can be used to solve the issue.
Source: indiaai.gov.in
