Bridging Academia, Business
The intersection of academia and business is becoming increasingly common in India. The question arises: what happens to the future of scientific research
when professors leave their labs to build companies? The answer is nuanced. While the absence of specialized faculty in fields such as AI, quantum physics, and biotechnology can create challenges for future research and education, the real-world problems faced by scientists who transition to business can stimulate innovation. This engagement with business forces scientists to tackle real-world issues, leading to better science. For instance, according to Gopalkrishnan, the interaction with business compels scientists to confront practical issues, which in turn enhances the quality of scientific research.
Overcoming Obstacles
One significant hurdle for academicians considering a move to entrepreneurship has historically been the lack of business expertise and a supportive environment. Recognizing this, the Indian government has been taking steps to foster an environment conducive to this transition. A notable initiative involves the allocation of ₹1 lakh crore approved by the Union Cabinet, designed to catalyze research and innovation in deep technologies, including robotics and quantum computing, as well as space exploration. Over the next five years, this funding will be channeled through research parks and academic councils to support startups and promote collaboration between academia and industry. However, Ghosh from IISc emphasizes the necessity for strong institutional regulations to ensure faculty members do not misuse their academic positions while building companies. At IISc, for example, faculty members can dedicate only 10% of their time to startup ventures, with the remaining 90% allocated to academic responsibilities such as teaching and committee work. Institutions like IISc offer sabbaticals or leaves to those wanting to start businesses, with the condition that they return within a year or so, thereby balancing entrepreneurial opportunities with academic integrity, which is essential for thriving ecosystems.
Changing Perceptions, Mindsets
Historically, scientists were often perceived as isolated figures, immersed in their labs. However, this image is rapidly changing, driven by emerging technologies like AI, robotics, quantum computing, space exploration, and biotechnology. Another factor is the shift in mindset required to succeed in business. According to Dr. Sujay K Biswas, founder of Medinovare, many scientists mistakenly believe that money and knowledge are incompatible. This mindset can hinder researchers from translating their lab-developed products into market-ready solutions. He insists that, to be truly impactful, technology must reach those who need it beyond laboratory walls, pushing scientists to become entrepreneurs.
Deep Tech's Potential
The global deep tech market is projected to reach $714.6 billion by 2031, presenting significant business opportunities for scientists across physics, engineering, biology, and computer science. Successfully navigating the transition from the controlled environment of a laboratory to the unpredictable world of business poses a challenge. Pridharshini Mani's experience exemplifies this, as she transitioned from academia to start JSP Enviro, a wastewater treatment company. Coming from Erode, Tamil Nadu, she observed the detrimental effects of water pollution from the textile industry. She utilized her expertise to develop her products, but it was a substantial learning curve, requiring her to grasp business models, funding structures, and client interactions. She now emphasizes the need to adapt a product to market demands rather than striving for perfection.
Success Stories Emerge
Manoj Gopalkrishnan, an associate professor at IIT Bombay and founder of Algorithmic Biologics, illustrates the potential for scientists to succeed in business while also fulfilling academic duties. After years of work in molecular computing, he developed a method to improve efficiency in detection, focusing on improving the cost, scale, and accuracy of molecular testing in genetics for faster diagnostics and drug discovery. He believes it is essential that more scientists build science startups, as they are uniquely positioned to provide innovative solutions and have deep knowledge of the underlying technologies. This is exemplified by past inventions such as telephones, computer chips, cellphones, and the internet. Like a human infant, deep technology often requires decades of research and development to mature into commercially viable products. Success necessitates patience, perseverance, capital, and a strong market fit.
Incubation and Support
Incubation cells within academic institutions are playing a crucial role in fostering deep tech startups. The IIT Madras Incubation Cell, for instance, helped build Ather Energy into a nearly $3 billion company, with founders Tarun Mehta and Swapnil Jain acknowledging the cell's contributions to technology and business mentoring. The IITM cell now supports over 500 startups and has launched a venture capital fund to seed and mentor deep-tech ventures. Similarly, IIT Bombay has supported more than 200 startups, while the Foundation for Science, Innovation and Development (FSID) at IISc currently incubates 95 startups working on AI, quantum computing, robotics, and biotechnology. Dr. Arindam Ghosh, a professor in the Physics department at IISc, believes that faculty and their students are uniquely positioned to excel in deep tech startups due to their deep field knowledge, the ability to envision solutions, and the technical know-how to develop products.
