Mumbai Tech Week: Day 1 – Tech dialogues on regulations, cashless trends, AI, cybersecurity, and education impact

Mumbai Tech Week (MTW), a not-for-profit initiative curated and hosted by the Tech Entrepreneurs Association of Mumbai (TEAM), kicked off with Harsh Jain, co-founder and CEO of Dream11 and Dream Sports, Aakrit Vaish, co-founder and CEO, Haptik; and Ashish Hemrajani, co-founder and CEO of BookMyShow, setting the stage for day 1. Harsh and Aakrit shed light on the flourishing tech ecosystem in Mumbai, which is often overlooked amongst the hustle and bustle of the maximum city. They underscored the remarkable fact that Mumbai is now home to over 50 unicorns and startups, a number they predict will only continue to grow, showcasing Mumbai’s growing influence in the tech landscape. The day was adorned by a distinguished gathering of tech luminaries, leading entrepreneurs, business stalwarts, innovators, and policymakers testifying their commitment to elevate the thriving tech ecosystem in Mumbai.

The event commenced with a powerful opening address by Amitabh Kant, G20 Sherpa, Government of India, and Renuka Ramnath, Managing Director & CEO of Multiples. Amitabh Kant delved into the complexities of regulation in the rapidly evolving tech landscape. He highlighted the challenge innovators face with existing regulatory frameworks and the necessity for a balanced approach to foster innovation while ensuring consumer protection. He stated, “We have several regulators in India such as RBI, SEBI, and IRDA. However, due to continuous disruption, innovators often outpace regulators. Regulatory challenges can be addressed through a dual approach. The first, akin to the U.S., allows innovators to establish self-regulation. The second, as seen in the EU, tend to over-regulate. This led to a significant drop in GDP from 30% to 15%. This approach stifles technologies like AI overnight, hindering free innovation. In India, while regulations for these innovative technologies are pending, our unique approach involves collaboratively creating regulations with innovators and stakeholders. This approach aligns well with the vision of our honorable Prime Minister to accelerate development through technology.”

During their engaging session, Jay Kotak, Co-head of Kotak811, Dilip Asbe, MD & CEO of NPCI, and Srinivasu MN, Co-founder & Director of Billdesk, discussed the critical infrastructure driving the shift towards a cashless society. Dilip Ashe elaborated on how NPCI has meticulously crafted the technological infrastructure essential for transitioning to a cashless society, thereby addressing not only the challenges faced by a billion people within India but also pioneering solutions on a global scale. Given Mumbai’s stature as the financial epicenter, it emerges as the prime setting for fintech innovation.

In an insightful session, the transformative power of AI across various industries was put into the spotlight, heralding it as a pivotal force of change. Sanjay Gupta, Country Head & VP of Google India, engaging in a conversation with Harsh Jain, Co-founder & CEO of Dream11 & Dream Sports, underscored the significant role AI plays in revolutionizing the nation’s landscape. Sanjay Gupta stated, “Google is an AI-first company and is deeply committed to partnering with India in this ambitious journey of taking the next leap.”

In a pivotal session, Vivek Phansalkar, Mumbai Police Commissioner, shed light on the technological integrations being implemented to augment safety in Mumbai, India’s most affluent and densely populated metropolis. He elaborated on the Mumbai Police’s adoption of a state-of-the-art cyber lab and cutting-edge technologies such as 3D mapping, facial recognition, and GPS tracking, all aimed at safeguarding the well-being of its citizens. Mumbai’s status as one of the safest cities in India is further enhanced by these technological innovations.

A session titled ‘Ed Talks’, led by Smriti Irani, Minister of Women & Child Development and Minority Affairs, Government of India, alongside Ashwin Damera, Co-founder & CEO of Eruditus highlighted the transformative shift in the education sector driven by technological innovations. Emphasizing the pivotal impact of technology, Smriti Irani highlighted its instrumental role in catalyzing growth across diverse regional landscapes.

‘Tech is the New Hero in Filmy Duniya’ a session featuring Ashish Hemrajani, Co-founder & CEO of BookMyShow, Neeraj Roy, Founder & CEO of Hungama, and Anupama Chopra, Founder & Editor of Film Companion delved into the transformative impact of technology within the entertainment sector. It went on to highlight the pivotal role of tech innovations in reshaping the cinematic world.