Public Policy Office for Technology Businesses
The last decade has seen the meteoric rise of startups & technology companies which have been one of the biggest drivers of growth. From the tech capital Bangalore and executive centres of BKC to the business hubs of Gurgaon, entrepreneurial ecosystems have blossomed and matured like anything. Almost every business has leveraged the tremendous potential of technology in disrupting and delivering the last mile services to the remotest corners in India. In a way, technology has upended the methods of doing business by bringing in platform intelligence, search and recommendation engines and profiling every customer through their buying and browsing behaviours. We are literally living in an era of techopoly.
The Industry of Ecommerce, Mobility, Financial Services, Insurance and Medical Consultation underwent vast transformations in aggregation and delivery. Technology became vital to all the aspects of interaction between platform, consumer and last mile service delivery. This has contributed immensely to the growth of platform companies through innovation and helped them achieve skyrocketing dollar valuations. As of today, there are more than 100 unicorns in India according to the recent report of Credit Suisse.
However no business in the world; technological or otherwise can escape the scrutiny of extant regulations of the local jurisdictions and existing laws. Understanding the government policies and navigating the regulatory side of the business are altogether different ballgame. Not only the regulations are strife with complexity, the broader approach towards regulatory bodies should entail understanding of the larger operating framework. Many entrepreneurs have come to realise that often siloed and uncoordinated conversations in the regulatory landscape is akin to treading endlessly in uncharted waters.
Historically, the greatest technological leaps and market disruptions were the results of specific policy interventions. In this context, Regulation and Innovation are not always the zero sum game. For example., whether it was creation of railways, building airports, laying gas pipelines, establishing nuclear power plants, modernization of roads, space explorations, setting technical standards for mobile communications & Internet, creation of Adhaar (UID) and Unified Payments Interface (UPI), the government and regulators have played visionary and critical role in creating an enabling environment for businesses to innovate and public services to reach the masses. NPCI is a wonderful example of a regulatory body pushing the boundaries of innovation in the payment space.
We at Policy Access have been a ringside observer of the evolution of the startup ecosystem and new age business models amidst rapidly changing regulatory environments. Our policy experts command an excellent understanding of a range of sectors where technology and regulation intersect, moreover owing to significant past experience in India's top think tank NITI Aayog and union ministries.