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💡 “Should we make ice cream or chips?” asks Mr. Goyal. But here’s the untold story of why we’re forced to make ice cream.

  • Writer: Layak Singh
    Layak Singh
  • Apr 5
  • 3 min read


At a recent investment event in Delhi, Mr. Piyush Goyal made a powerful statement:

“Should we make ice cream (delivery apps) or make chips (semiconductors)?”“Dukaandari hi karna hai?”“Are you proud we are creating delivery boys and girls?”

It’s a bold and necessary wake-up call.But for many founders like me, who’ve been in the trenches — the reality is far more complex.

We Tried to Build the ‘Chips’

When we were building Artivatic.ai, we weren’t chasing quick revenue or valuations.We were building a full-scale AI Operating System for businesses — using vision intelligence, speech tech, decision AI — something that could fundamentally change how insurance, healthcare, and finance worked in India and globally.

We put our hearts and every penny into it.We mortgaged our house.We worked nights, weekends, and holidays.We survived without salaries for months — because we believed in the vision.

It took us 2+ years just to build the core product.We weren’t delivering ice cream. We were building the kitchen, the recipe, and the machinery from scratch.

And Then, We Went to Raise Funds

We knocked on every door — investors, government bodies, banks.

But here’s what we heard:

  • “Where is the revenue in year 1?”

  • “Are you profitable?”

  • “Show us PAT in your P&L.”

  • “Can you give personal collateral?”

Institutions like SIDBI, Startup India, and other grant programs were full of processes and paperwork.They offered ₹5–10 lakh grants — which is nothing when you're building IP-heavy deep-tech platforms.

No government-backed working capital.No low-interest debt.No real safety net.

And that’s when the harshest truth hit us:

In India, bold innovation is celebrated on stage — but unsupported in the system.

So, We Pivoted

We had to shift to revenue-first models.We moved into productized services, started building platforms with faster go-to-market — not because we gave up, but because we had salaries to pay.People who work with us have families, children, EMIs, and dreams of their own.

Building deep tech is a luxury in India — unless you’re lucky or have runway support.

Talk is Cheap, Survival is Not

Starting a company in India is not like starting one in Silicon Valley:

  • It takes months to get approvals

  • You face a license maze across sectors

  • There’s no tax buffer for early-stage risk-takers

  • Collaterals are demanded even for innovation grants

So, no — we don’t want to make ice cream.

We’re forced to, because the kitchen for making chips doesn’t exist yet.

The Real Questions We Must Ask Ourselves

  • If India has the largest number of STEM graduates, why aren’t we building the next NVIDIA or OpenAI?

  • Why are we measuring innovation with short-term revenue metrics?

  • Why don’t we fund patience and experimentation, the way countries like China, Israel, and the US do?

  • Why are entrepreneurs penalized for taking risks, and celebrated only after they become profitable?

To Build Chips, We Must Build the Ecosystem

It’s time we stop pretending inspiration is enough.We need policies, debt, grants, equity capital, and government procurement programs that back early-stage deep tech.We need to fund missions, not just metrics.We need a system that gives builders oxygen in their most difficult phase — not demand results before they’ve had a chance to breathe.

Conclusion:

India won’t become a deep-tech superpower by telling founders to “think big” — it will happen when we help them survive long enough to build big.

To all fellow founders out there struggling in silence:You’re not alone. You’re not wrong. The system just isn’t built for you yet. But maybe, together, we can change it. Read more: https://medium.com/@lsvimal/should-we-make-ice-cream-or-chips-a-harsh-truth-about-building-deep-tech-in-india-9a32c903bbb6

 
 
 

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© 2024-25 by Layak Singh. 

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