DTM E53. Jumping career S-curves, capitalizing on Generative AI, role of large corporations in startup ecosystem and accelerating growth of Deep Tech startups - Avnish, Accenture Ventures

From the Deep Tech Musings Podcast - Get actionable and tactical insights to take your Deep Tech startup from 0 to 1 [Idea to Traction]

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Avnish is an innovator, strategist, and technology evangelist with 30 years of extensive experience and track record around market making, growth hacking, corporate innovation, digital transformation, and leadership development for Top 500 Fortune clients in both mature and emerging markets. In his current role as MD of Accenture Ventures, he is responsible for leading open innovation programs, building a deal pipeline for investments and acquisitions, academia partnerships, and originating deals in selected segments and accounts. On the show we discuss,

• Accenture Ventures' motivation and role in the Indian startup ecosystem

• Building zero-to-one initiatives in corporations

• Accenture Ventures' role in startup growth

• Forming partnerships with large corporations: Strategies for deep tech founders

• Approaches to foster innovation in startups

• Accenture's Generative AI initiatives

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Links:

Avnish Sabharwal- avnishsabharwal (LinkedIn)

Accenture Ventures - Website

Pronojit Saha, DTM Podcast - pronojitsaha (LinkedIn), @pronojits (Twitter)

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Show Notes & Summary:

(0:56) Jumping Career S-Curves: From Armed Forces to Corporate World

1. Your success in your career is all about jumping from one S curve to the other. One needs the self-awareness of where you are on your current S curve and as you reach the top of it, it is generally the time to look for your next S curve.

2. I left the Indian Army after 8 years, pursued a full-time MBA in the UK, and joined IBM UK as a management consultant.

3. Thereafter, achieved recognition and awards at IBM UK, rose to automotive lead, and then moved to IBM India to set up a strategy consulting team.

4. I then transitioned to Accenture as head of Corporate Strategy adapted to a new culture, managed a successful global CEO visit, and shifted focus to innovation and ventures.

5. I am currently responsible for partnering, investing, and acquiring deep tech startups at Accenture, a role I've enjoyed for the past seven years.

(4:16) Accenture Ventures: Motivation and Role in the Indian Startup Ecosystem
1. I started Accenture Ventures eight years ago with one team member and we have successfully grown it from an idea to incubation and now to scale.
2. Accenture Ventures and Open Innovation Program is considered one of the most successful corporate innovation initiatives in India, focusing on creating value for our clients, startups, and Accenture.
3. Our goal is to stay ahead of disruptive trends in the deep tech and deep science sectors by working with startups and providing them with expertise, resources, and funding.
4. We have established partnerships with academia, corporate accelerators, incubators, government organizations, and industry bodies to source startups.
5. We prioritize working with startups in the deep tech and deep science sectors to ensure that we have access to the latest innovative solutions.


(5:50) Building a Zero-to-One Initiative: Not Just for Startups
1. Despite being part of a large organization, our team functions like a startup.
2. Accenture, with its massive workforce, including 300,000 employees in India, is our parent company.
3. Being disruptive and challenging the status quo is our primary objective.
4. We are focused on adopting an entrepreneurial mindset and approach.
5. Our goal is to break barriers and bring about innovative change within the company.


(6:35) Defining Deep Tech and Highlighting Portfolio Deep Tech Startups
1. Deep tech refers to advanced technologies rooted in scientific research and protected by patents.
2. It covers a wide range of technological areas including AI, machine learning, AR/VR, IoT, big data, robotics, blockchain, and more.
3. Deep tech has the potential to create new markets and disrupt existing industries.
4. It can be a valuable avenue for businesses looking for new revenue streams, cost savings, or process effectiveness.
5. Accenture Ventures in India has supported over 100 deep tech startups, including Yellow.AI, Flutura, Pixxel, Wysa, Updapt ESG, and Bigthinx.


(9:48) The Role of Accenture Ventures in the Growth of Startups
1. Accenture Ventures provides access to clients, which is important for deep tech startups.
2. They help startups validate the use cases for their products early on.
3. Accenture acts as a big client for deep tech startups, helping them scale and globalize.
4. They have a network of Global 2000 clients and help startups reach them through a joint go-to-market model.
5. Accenture Ventures provides mentoring from senior industry and technology leaders, as well as funding through its Spotlight program.


(13:18) Forming Effective Partnerships with Large Corporations: How can Deep Tech Startups Collaborate with Corporations?
1. Deep tech startups can benefit from partnering with large corporations like Accenture to gain access to industry & technology expertise and validate problem statements.
2. Find corporations that align with your goals, values, and expertise, and have a genuine interest in your technology.
3. Build personal connections with decision-makers in the corporation, focusing on business unit leads who are looking to solve real business problems.
4. Showcase the value proposition of your deep tech solution, highlighting specific business problems it solves and its potential benefits for the corporation.
5. Address concerns and manage risks upfront, proactively showcasing your track record, technology readiness, and robust security measures. Foster open communication and collaboration for long-term mutually beneficial partnerships.


(17:54) Accelerating Startup Growth: Strategies for Deep Tech Startups
1. Validate the market demand for your deep tech solution through thorough market research and gathering feedback from potential customers.
2. Build a strong and diverse team to complement your deep tech knowledge and focus on talent in areas such as sales, marketing, and customer success.
3. Seek strategic partnerships to scale your startup and consider carefully choosing partners that can help you grow rapidly.
4. Explore various funding options, including venture capitalists, government grants, and angel investments, while being mindful of spending frugally.
5. Develop a scalable business model by identifying revenue streams, pricing strategies, and customer acquisition channels, and stay agile by embracing market feedback and technological advancements. Additionally, invest in intellectual property protection to enhance your competitive advantage. Stay connected to the ecosystem through industry conferences and communities for valuable insights, connections, and collaboration opportunities.

6. Building a sales organization and a customer-focused organization are skills that need to be added. The skills that got the startup to its current point may not be sufficient for reaching the next milestone.


(25:25) Key Criteria for Evaluating Startups for Partnerships or Investments: 2-inch wide and 20-inch deep
1. We look for deep tech startups that have the ability to disrupt and reshape an industry, as Accenture is a technology organization and we are interested in startups that have a significant impact.
2. The ability to scale is also crucial, as our clients are large global companies. Startups must be able to expand their deep tech products across different geographies and business functions.
3. Delivery excellence is important to us, as Accenture prides itself on high performance. Deep tech startups should not only have innovative products but also a strong delivery DNA to match our quality standards.
4. We consider the quality of founders and the team when evaluating startups. Sometimes, we may invest in the entrepreneur themselves rather than solely the product.


(27:44) Approaches to Foster a Culture of Innovation in Startups
1. Foster a culture of innovation within deep tech startups to drive continuous growth and stay ahead in a rapidly evolving landscape.
2. Encourage curiosity, exploration of new ideas, and experimentation through learning opportunities and knowledge sharing.
3. Emphasize the importance of asking questions, challenging the status quo, and promoting collaboration and cross-functional teams.
4. Provide autonomy and ownership to team members, empowering them to make decisions, explore innovative solutions, and learn from failures.
5. Encourage diverse perspectives and inclusivity, recognizing and rewarding innovators, and lead by example as a deep tech founder to maintain the innovation streak.


(31:23) The Importance of Learning from Failures in Startups
1. Startups are often faced with the decision to either pivot or persevere.
2. Pivoting to a new idea or product can be necessary if the current one is not working.
3. However, it is also important to have the resilience to persevere, as success may be just one step away.
4. Multiple pivots and failures can make startups stronger and more resilient.
5. Getting investment may require persistence and multiple pitches, as success may come after many attempts.


(33:05) Accenture Venture's Perspective on Generative AI
1. Accenture sees generative AI as a significant opportunity for business transformation.
2. Accenture has invested $3 billion in AI and established a center of excellence for generative AI and large language models.
3. Accenture has a team of 1600 professionals dedicated to generative AI and leverages the expertise of over 40,000 AI and data professionals.
4. Accenture has partnered with Microsoft Azure, AWS, and Google Cloud to develop GenAI capabilities.
5. Accenture has made significant acquisitions, including three AI-related businesses from India out of a total of 11 worldwide.

(34:49) Initiatives by Accenture in Generative AI

1. Completed the Accenture Ventures Challenge, an annual deep tech challenge in India focused on identifying disruptive startups.

2. This year's challenge focused on science tech, space tech, advanced computing, GenAI, Web3, and Metaverse.

3. Around 40 Gen AI startups applied and several were onboarded as Accenture's open innovation partners.

4. Winning startup Aible created "Chataible," a disruptive product addressing hallucination in GenAI.

 

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