For example, the market for hemostats in defence and civil forces alone is 2 crore units. While some startups have got some funding to fuel their expansion plans, not all investors may be keen to back companies targeting the defence market.

“Since the cost of failure is really high in this industry, one needs to invest significant time and effort to ensure development of a world-class product,” says Bhaniramka of the GIS solutions vendor VizExperts.

“This results in higher gestation periods, which typical investors shy away from.” Instead, he and other entrepreneurs argue, longer term investors may be more suited to this field. “This is where the government’s role in supporting innovative technology companies can be a game changer.”

Read more