Taking India towards “Data-Driven Entrepreneurship” – The Focus Areas and Opportunities

Source | Entrepreneur : By Rahul R

As per entrepreneurs today who are constantly working at creating next-gen technology-driven solutions towards improving the condition of society and thereby solving a multitude of societal problems, the data sciences domain represents ample potential and opportunity to drive change. Now, as per an alarming trend, India is in need of as many as 45,000 data scientists at the moment.

“Not everyone has to become a data scientist, but we certainly believe that every professional who is engaged in customer and business driven innovation should become data science savvy,” states Pinkesh Shah (CEO at the Institute of Product Leadership (IPL). )

IPL, which recently hosted the Data Sciences Summit 2018 in Bangalore, has been involved in skilling professionals to become data scientists; thereby leading to creation of newer entrepreneurial models. These models are mostly driven by technological aspects such as Artificial Intelligence (AI), the Internet-of-Things (IoT), BlockChain, Machine Learning (ML), and more.

Societal problems represent an opportunity for next-gen entrepreneurship

With today’s scheme of things taking giant strides towards data sciences, data is the key factor on which newer models and solutions are based. Identification of the right problem is the key for implementing data-driven entrepreneurship.

“The entrepreneurial potential in data sciences is immense, around 15% of graduates from IPL have gone on to found startups,” states Shah. He reiterates that only having the intent to create a venture, without sufficient skill-level backing, would not suffice if solutions to problems are to be developed.

Experts believe that the sectors which could reap maximum benefits from data-driven models include healthcare, agriculture, and also as diverse as smart cities creation.

“Data-driven models in healthcare would take aspects such as diagnostics to the next level,” states Pinkesh Shah to Entrepreneur India.

“Investors, while investing in healthcare-driven models tend to look at the depth in the technology. In such a scenario, strong academic collaborations are the need of the hour to ensure that the science is in the right direction,” adds Shah.

Ability of entrepreneurs to put together strong advisory boards, within their ventures, is the key as this would lead to proper validation of ventures by healthcare professionals.

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