Category Archives: India

Key takeaways from the World Government Summit, Dubai (#WGS2023)

I attended the World Government Summit 2023 (#WGS2023) in Dubai last week. This is the largest global conference on technology-led innovation in government systems/services (think #GovTech). Hosted by the Dubai Govt in collaboration with the WEF & UN, the attendees included heads of states, govt representatives, besides other #GovTech stakeholders from the private sector, tech & startup ecosystems. And they certainly pulled out all stops to make it a grand gathering- think “Davos for Government Sector“… in the middle of the desert!

I was a participant in the Govt Services Forum (#GXperience) – a series of five conversations on the future of government services given the rapid strides in technology driven digital public goods (DPGs). My session was centered on digital identity (other sessions were on Payments, Citizen Engagement, AI, Metaverse). Jotted down some observations and takeaways from the summit… sharing it below (also some event pics in the deck).

Platform to showcase DPGs: WGS is THE PLACE to showcase and learn about the cutting edge in digital public goods globally. Any significant digital transformation project that’s making an impact in some part of the world – it was at WGS! Kudos to the Dubai Govt for creating this global knowledge sharing forum targeted at world govts!

GX is the Holy Grail: GX (acronym for Government Experience) is the key catchword policy planners and implementation managers need to grok. Citizens the world over expect their governments to match (even surpass!) the experience provided by for-profit private sector companies. Governments have traditionally operated on a “just-in-time”, “it-barely-works” mode.. this has to give way to high quality citizen experiences to gain trust and credibility. Again I thought WGS/Dubai hit the nail on the head with its laser sharp focus on GX as a conference theme.

IndiaStack recognition: There is tremendous global respect & admiration for IndiaStack in catalyzing India’s digital transformation. Many countries are seeking cues from India on how to kickstart and navigate their own digital identity, data, payment programs. I read this TOI news article in the buildup to the event on how many countries are looking to sign MOUs with Indian Govt for IndiaStack, including 7 just for DigiLocker! (I personally wasn’t involved in this).

ChatGPT has shaken up Govts: Needless to say, ChatGPT was everywhere… from the @ElonMusk keynote to top UN/WEF speakers! Govts have suddenly been woken up to the power/risks of general purpose AI knocking at the doorsteps. It was actually fun to see almost all conf sessions get eventually highjacked by ChatGPT!

Every country is on a Zero-to-One digital journey: Most countries have some ongoing digitization programs involving digital identity, citizen data, payments (or their combination). You can sense a plethora of Zero-to-One journeys (think #PeterThiel)… eveyone is somewhere on the continuum, and most have building grounds up, figuring it out for themselves. Given what we know about the power of open sourced learning, there is a strong case for countries learning from one another to preclude reinventing everything from scratch (within the confines of national uniqueness, security etc).

Govts are caught in Project v/s Product battle: One of my key learnings (while working in the Govt) has been the dichotomy between projects and products. Governments as a system excel at projects, but digital transformations often require you to think products, not necessarily projects. Govts (by their DNA) are not designed to build & run products – this factor often shows up as a big hindrance. I spoke about this difference, and it resonated strongly with the audience – many people walked up to me later to understand this nuance better.

Standardization & Interoperability is mostly an afterthought: This is just an observation, not advocating it necessarily. Since most govt digital platforms are being built uniquely, grounds-up from zero base, (international) standardization and/or interoperability is either not on the agenda, or at best an afterthought. While I’d imagine this is a complex issue that needs deeper thinking, there could be cases where international citizen data interoperability really helps – e.g. Covid international vaccine certificates initially were a big challenge due to lack of common standards.

Global race for tech talent: Being at a multi-govt forum can put you amongst interesting conversations. One such conversation I found myself in was very insightful wrt global immigration strategies – how diff countries are bracing up for some kind of a global race to attract and retain the best technology talent, that can go on to become a national asset (think golden visas, startup visas, easy immigration policies etc). In India, we pbly dont think about this topic as much, but many countries are thinking strategically to future proof their national digital transformation journeys.

Divergence b/w global North & South: In many areas, one could make out a palpable diff on how the developed world and the emerging south differ in their thinking. The developing world sees digitization as a do-or-die project… it’s their passport to leapfrogging historical systemic inadequacies in a fast paced way, whereas the developed world is far more contemplative. Case in point – one of the speakers from the US (who’s worked in digital projects under the Obama Govt) shared the strong challenges they’re facing from their state govts (wrt digital identity) within the US federal system. I felt there is far less of this dynamics in the emerging markets.

Credits:
“https://twitter.com/shawaqiii/status/1383360530153230340

The Tracxn IPO is a playbook for a true global tech play from India!

Tracxn went public today… congrats to the founders, employees & investors!

It’s a small personal milestone also. First angel –>IPO for me (I angel invested in Tracxn in 2015-16)…. & chose not to sell in the pre-IPO window:) Besides, I’m a regular user of the platform & can vouch for its utility!

But what really makes Tracxn stand out? – It’s a true/rare global tech play from India – IPOed in India, HQ/OPs in India, but main market is US & Europe!

Most folks in the tech ecosystem know Tracxn, but to newcomers – Tracxn is building a “Bloomberg Terminal for Private Markets”. Public markets have all their data, analyses, trends, and reports out in the open, but that’s not the case with private markets (VC/PE/Angel). This report does a good job of explaining the position.

You can’t publicly find hard numbers or verifiable figures to base your decisions on… everyone is trying to guess and make judgments in the absence of data. That’s where companies like Tracxn come in – they collate data from a bunch of diff sources & create a dashboard that they sell.

The Tracxn IPO is significant for the Indian tech ecosystem –

1) Headquartered in India, but 70% of revenues from US & Europe – true global play!
2) It’s a software driven business (think MARGINAL COST = ZERO), hence lightweight & scalable without huge investments
3) Raised VC $$, but not crazy levels (think #Realistic #Valuation)
4) $8-10MN runrate & profitable (or knocking on those doors)
5) First-mover advantage (think #DataIsTheNewOil)

As @MohapatraHemant (from LightSpeed Ventures) points out in his tweet, this isn’t a case where a big chunk of the value discovery has already happened in the private markets (by VCs). It’s a relatively early IPO, where the company will grow & reward investors in the public space.

Indian stock markets have recently witnessed a string of grossly overvalued tech/ecommerce IPOs that make them question the very rationale of the Silicon Valley originated VC playbook/model. IPOs like Tracxn can help soothe such misgivings & help folks internalize how it really works!


Originally posted on Twitter https://twitter.com/amitranjan/status/1582996280443170816