MIC: Enabling Deep-tech Start-ups to solve Manufacturing Challenges
Blog: NASSCOM Official Blog
The engines of economy have seen a new dimension of revolution with Industry 4.0, which is about, “connecting machines, work pieces (cyber physical system) with businesses and creating intelligent networks along the entire value chain controlled autonomously”.
As manufacturing industries struggle to make ends meet with workers health and safety, capital utilization, finding the right labourers, tech start-ups are bringing viable solutions to cut down costs, increase revenue and optimize workload. Continuous innovation in Internet of things, artificial intelligence, etc. are opening a lot of doorways to scale up operations rapidly and enhance productivity by offering automation at all touch points.
Deep-tech start-ups – with their scientific discoveries and engineering innovations – are creating an ecosystem that supports Industry 4.0, and have developed potential tools to solve complex issues of manufacturing sector like resource optimization and real-time solutions for dynamic problems. These start-ups today are highly competent and are working on a suite of digital solutions that are agile and scalable.
The digital transformation journey can be a little frenzied for the manufacturers, thus making it imperative for them to collaborate with tech start-ups, and explore synergies. In developing economies like India, eminent industry players should invest in deep techs, to emerge as industry bench-marking leaders with the adoption of digital technology as a key to outperform tech laggards.
The platform of Manufacturing Innovation Challenge (MIC) has given deep-tech start-ups the opportunity to connect with leading manufacturing firms. The 2nd edition of the MIC has launched by NASSCOM CoE in order to bring the best minds from industry, academia, start-ups and government to drive a culture of co-creation & research to find solutions for complex business problems. The start-ups are invited to participate in the challenge to propose solutions to the nominated use cases and the best solutions will get a chance to work with the respective partners.