This is one of three predictions Prakash made at the opening of the 2002 Bengaluru Tech Summit about the top three trends that will dominate the narrative in the startup and venture capital industry over the next five years.
“From fewer than 1,000 startups funded by angels and venture capitalists a decade ago, we now have 15,000 startups that have raised over $150 billion and expect this to double in the next five years to 30,000 startups funded that have raised over $300 billion.” He said.
Exits help stimulate the entire ecosystem, completing the cycle and as soon as investors see money coming back, they want to double put more money. Our venture and the polyethylene industry have returned more than $80 million to global investors in the past five years, said Prakash, who is also a founding partner at venture fund, Accel.
Looking ahead, he said, the 100-plus unicorns with lion share from Karnataka will provide a huge supply chain for IPO.
His second prediction was that technology products built by Indian Startups will participate more strongly in the global economy of SaaS and B2B markets.
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Prakash’s latest prediction was that the emerging technology of the next generation would have a new purpose. “Startups through their innovation and scale have a responsibility to deliver on the promise of sustainable, equitable, and inclusive growth for our health, education, and livelihood sectors. AI in agritech, deeptech, and climatetech will collectively provide the same kind of seismic shift that we have in e-commerce and mobile-based digital payments.” “.
He said the most dramatic shift will be in our rural ecosystems where startups will help the majority of the 150 million digitally-enabled farmers double their incomes to fulfill Prime Minister Narendra Modi’s vision. “Karnataka as the epicenter and engine of growth for these sectors can make this noble mission a reality.”