AI Revolution at GITEX GLOBAL 2023 India’s dynamic AI landscape is currently experiencing an unprecedented boom, with startups at the helm of this transformative wave. The AI revolution was kickstarted by OpenAI with the launch of ChatGPT in November last year. Today, generative AI holds the potential to unlock a staggering $4.4 trillion in value across various sectors.
The ‘Expand North Star’ event, organized by the Dubai World Trade Centre (DWTC), along with GITEX GLOBAL recently took center stage, putting the spotlight on over 400 AI-infused startups. Notably, AI emerged as a recurring theme across all conference tracks.
The Next Frontier for Indian Enterprises
A panel discussion titled ‘Generative AI Market Map worth $98 Billion: VCs Hungry for Startups in AI & DeepTech: Overhyped or the Next Frontier?’ delved into how AI startup innovations are reshaping the Indian enterprise landscape. Moderated by Aly Madhav, Managing Partner at Blockchain Founders Fund, the session provided insights into the challenges faced by early-stage startups and the requisite due diligence as they scale.
Dhianu Das, Founder of Agility Ventures in India, Dan Bowyer, Partner at SuperSeed VC in the UK, and Chirag Gupta, Managing Partner at 8X Ventures in India, pointed out that a challenging macroeconomic environment and stricter budget constraints are compelling companies to seek cost-saving measures. Here, AI has proven indispensable in streamlining operations. Bowyer encapsulated this sentiment, saying, “Ultimately, every business will become an AI business. This underscores the transformative power of AI. To me, AI is the defining moment of this generation.”
The Executive Chairman of Startup Odisha, Dr. Omkar Rai attended the panel discussion titled “Indian Incubators Catalyze the Emergence of Future Unicorns” at the Expand North star Event. During the discussion, the focus was on showcasing the immense potential of Odisha’s rapidly expanding Startup ecosystem. The dialogue underscored the contributions of startups in revolutionizing both traditional and contemporary sectors.A delegation of 27 Odisha-based startups, representing a wide range of sectors including Healthtech, Legaltech, Edutech, RetailTech, Transportation, and Artificial Intelligence, participated in the Expand NorthStar Event.
Rohit Chennamaneni, Founder of Darwinbox; Abhiraj Singh Bhal, Co-Founder & CEO of Urban Company; Amit Zutshi, Founder and Managing Partner of Morphosis Venture Capital Limited; and Ramakant Sharma, Founder of LivSpace collectively discussed strategies for international expansion, recommending a minimum revenue threshold of $50 million. To achieve genuine product-market fit, the panel emphasized the importance of a strong presence for B2B companies, particularly in enterprise technology, and the need to navigate renewal cycles. The expert panelists stressed that a physical presence, coupled with localized expertise tailored to the region’s specific context, significantly enhances the competitive edge.
Expand North Star 2023 plays host to the most extensive congregation of Indian startups ever assembled outside of India. This event takes place as India and the UAE further solidify their already robust economic relations, piquing the curiosity of India’s technology magnates regarding the UAE’s burgeoning digital economy. A distinguished panel, composed of highly accomplished Indian entrepreneurs, engaged in insightful deliberations about the implications of the evolving India-UAE narrative for startups. These discussions encompassed the strategic course of action for subcontinental startups as they endeavor to establish their presence in the Arab world’s second-largest economy.
Expand North Star stands as the globe’s most extensive startup gathering, held on a yearly basis in the city of Dubai. It is an integral component of GITEX Global, renowned as one of the planet’s largest technology extravaganzas. This event serves as a platform for startups hailing from over 100 countries, facilitating their interactions with investors, corporations, and various stakeholders within the global tech ecosystem.