Building India’s deep-tech enterprise pipeline: from IP to IPO

India needs to move beyond a narrow focus on patent counts. A patent may be legally valid yet commercially insignificant. For deeptech firms, the most valuable IP often extends beyond the patent itself—to proprietary algorithms, industrial designs, scientific datasets, differentiated know-how and trusted brands. With the rapid technology evolution now underway in the country, these are becoming the defining drivers of enterprise value. At IAN, we go further than backing finished products: we invest in companies that are building IP portfolios where commercialization may come much later. That is not easy. It means evaluating the IP, understanding its potential, being extremely patient, and carrying the risk of returns for far longer than a conventional fund is built to do so. And most importantly, invest time and dedicate focused mental energy.