ICEA Launches Initiative to Boost Tech and AI Innovation in India's Manufacturing Sector
New Initiative for Tech and AI in Manufacturing
New Delhi, June 3: On Tuesday, the India Cellular and Electronics Association (ICEA) introduced a groundbreaking initiative aimed at enhancing technological and AI innovation within India's manufacturing industry.
This program is designed to link businesses with transformative advancements in various fields, including advanced manufacturing, AI, IoT, energy efficiency, and materials science.
The ICEA has unveiled Venture Access Labs, a technology innovation access initiative developed in partnership with the venture capital firm Caret Capital.
The goal of this initiative is to empower manufacturers of electronics and appliances in India by facilitating their access to cutting-edge technologies and innovations from around the globe.
"With Venture Access Labs, ICEA is excited to promote and harness global innovation to bolster India’s status as a leading hub for manufacturing and electronics, aiming to cultivate Indian Champions," stated Pankaj Mohindroo, Chairman of ICEA.
"By facilitating access to international technological advancements and establishing an innovation pipeline, we seek to enhance India's electronics manufacturing capabilities and global competitiveness, thereby increasing our share in the global market," he further explained.
The extensive program will encompass various functions, including procurement, planning, manufacturing, supply chain management, finance, human resources, legal, and ESG.
Participants in this program will gain insights into innovation trends, curated access to impactful startups and intellectual properties, strategic matchmaking, pilot opportunities, customized pathways for adopting new technologies, and support for investments in vetted high-potential startups.
Salil Kapoor, Co-founder and Chief Mentor of Venture Access Labs, remarked, "It is crucial for the Indian electronics and appliances manufacturing sector to transition towards a technology-first global leadership model."
He added that the initiative will serve as an innovation catalyst, identifying and curating the latest technologies and transformative startups worldwide for Indian manufacturers to collaborate with, at a significantly reduced cost compared to independent efforts.