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Google's new report on <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI) emphasizes responsible AI development and suggests recommendations for policymakers, companies, and civil society. The report titled "An AI Opportunity Agenda for India" outlines how artificial intelligence can drive <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>, social progress and global leadership for the nation. The report says India with its rapidly growing economy, outstanding tech talent, young demography and vibrant start-up ecosystem, is poised to reap the immense benefits of artificial intelligence. A comprehensive and responsible approach to AI can unlock significant economic growth and societal progress in India. "The potential economic impact of AI in India is substantial - reports estimate that at least INR 33.8 lakh crore of economic value from <keyword id="20037918" type="General" weightage="100" keywordseo="AI-adoption" source="keywords">AI adoption</keyword> can be achieved in India in 2030. While these achievements signify a promising beginning, unlocking the full potential of AI hinges on the strategic decisions we make today," says a Google's press release. The report suggests that to maximize the AI opportunity for India collaborative efforts are needed across government, industry, and civil society. They need to prioritise three key areas which include investments in infrastructure and innovation, building human capital and an AI-powered workforce and promoting wide adoption and universal accessibility. AI is already addressing some of the most pressing challenges like revolutionizing farming practices and improving <keyword id="20646060" type="General" weightage="20" keywordseo="healthcare-access" source="keywords">healthcare access</keyword>. The <keyword id="20214323" type="General" weightage="20" keywordseo="agriculture-sector" source="keywords">agriculture sector</keyword> is getting the benefits of AI through minimizing climate risks, optimizing productivity and sustainability, and providing access to real-time crop pricing information and early warning of potential crop threats. Many <keyword id="23569666" type="General" weightage="20" keywordseo="AI-powered-platforms" source="keywords">AI-powered platforms</keyword> are empowering farmers to boost crop yields and encourage sustainable practices. In the healthcare sector, AI is being used for better diagnosis, bigger access, and personalized care, especially for underserved communities. Google has partnered with <keyword id="23569667" type="General" weightage="20" keywordseo="ARMMAN" source="keywords" meta.keywordsubtype="org" meta.entityname="ARMMAN" meta.hostid="261" meta.entityid="ARMMAN">ARMMAN</keyword> to use AI to identify women at risk of dropping out of their health information program, allowing for personalized interventions to improve maternal health outcomes. ARMAAN seeks to address the pervasive systemic problems underlying maternal and child mortality and morbidity in India.

AI adoption can unleash Rs 33.8 lakh crore of economic benefit to India in 2030: Google Report

The Budget 2024-2025 announcement by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> saw productivity and resilience in <keyword id="19931887" type="General" weightage="20" keywordseo="agriculture" source="keywords">agriculture</keyword> being prioritised above all else. With a desire to turn focus on <keyword id="19934969" type="General" weightage="20" keywordseo="farmers" source="keywords">farmers</keyword>, or Annadatas, ₹1.52 lakh crore has been allocated for agriculture and its allied sectors. This is quite an increase from the Interim Budget announcement of ₹1.27 lakh crore in February 2024. It is being speculated that this substantial focus on the agricultural sector stems from the BJP's vote share dipping in semi-urban and rural areas during the recent Lok Sabha elections. In fact, when Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> returned for a third term in office, the first file he signed was for the release of the 17th instalment of the PM <keyword id="22000840" type="General" weightage="20" keywordseo="kisan-nidhi" source="keywords">Kisan Nidhi</keyword> scheme, ET reported. However, the government's commitment to transforming agriculture and potentially the lives of Indian farmers could lead to the agricultural sector growing at 3.7% in the current fiscal, compared to 1.4% last year, as per the CII. <h2>Key initiatives in agriculture</h2>Transforming Agriculture Research The government is set to conduct a comprehensive review of the agricultural research framework, with an emphasis on enhancing productivity and developing climate-resilient crop varieties. Funding will be allocated on a challenge basis, including to private sector initiatives. This research will be overseen by domain experts from both governmental and non-governmental organizations. Release of New Varieties A total of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be introduced for farmers to cultivate. Promoting Natural Farming In the next two years, the government plans to transition one crore farmers to natural farming practices, supported by certification and branding efforts. This initiative will be carried out through scientific institutions and willing <keyword id="20030597" type="General" weightage="20" keywordseo="gram-panchayats" source="keywords">gram panchayats</keyword>, with 10,000 bio-input resource centers to be established based on need. Missions for Pulses and Oilseeds To achieve self-sufficiency in pulses and oilseeds, the government will strengthen their production, storage, and marketing. As outlined in the interim budget, a strategy is being implemented to attain 'atmanirbharta' (self-reliance) for oilseeds like mustard, groundnut, sesame, soybean, and sunflower. <div type="Article" hostid="261" msid="111930255" title="Economic Survey calls for urgent agricultural reforms; cites growth hurdles" mstype="2" mssubtype="0"></div>Vegetable Production &amp; Supply Chains Large-scale clusters for vegetable production will be developed near major consumption centers. The government will support Farmer-Producer Organizations, cooperatives, and startups to streamline the vegetable supply chain, including collection, storage, and marketing. Digital Public Infrastructure for Agriculture Building on the success of a pilot project, the government, in partnership with states, will facilitate the implementation of Digital Public Infrastructure (DPI) for agriculture over the next three years. This year, a digital crop survey for Kharif crops will be conducted in 400 districts, integrating details of six crore farmers and their lands into registries. Additionally, Jan Samarth-based Kisan Credit Cards will be issued in five states. Shrimp Production &amp; Export Financial support will be provided to establish a network of Nucleus Breeding Centres for shrimp broodstocks. NABARD will facilitate financing for shrimp farming, processing, and export. National Cooperation Policy A new National Cooperation Policy will be introduced to promote systematic and comprehensive development of the cooperative sector. This policy aims to fast-track rural economic growth and create large-scale employment opportunities. <h2>Budget allocation highlights</h2><ul><li>PM-Kisan Samman Nidhi: Will be retaining its allocation of ₹60,000 crore to provide direct financial assistance to 11.8 crore small and marginal farmers.</li><li>Pradhan Mantri Fasal Bima Yojana: Allocated funds to provide crop insurance to four crore farmers, protecting them from adverse weather conditions.</li><li>e-NAM Expansion: Integration of 1,361 mandis into the e-NAM platform to enhance market efficiency and transparency, benefiting 1.8 crore farmers with an expected trading volume of ₹3 lakh crore.</li></ul><h2>Government committed to Polavaram irrigation project in Andhra Pradesh</h2>The Finance Minister said that the government is fully committed to financing and expeditiously completing the Polavaram irrigation project, which is considered a lifeline for Andhra Pradesh and its farmers. <h2>Future directions</h2>The government aims to increase public and private investment in post-harvest infrastructure and supply chains, promoting aggregation, modern storage, and efficient processing to reduce losses and improve food security. Additionally, the dairy and fisheries sectors will see significant development, with initiatives to boost productivity and exports, contributing to a sustainable and prosperous agricultural ecosystem. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div>

What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?

<ul class="summary-list"><li>Some expat Indians are moving back home to launch companies of their own.</li><li>India's booming market size, internet growth, and post-pandemic spending is driving their decision.</li></ul>Nithin Hassan, 41, has always been fascinated with building something of his own.As a child in India, he would get in trouble for dismantling electronics around the house just so he could peek inside.In college, in true <a target="_blank" class="" href="https://www.businessinsider.com/startups-to-bet-your-career-on-in-2024-2024-2">startup</a> fashion, he started working on a small business out of his parent's garage in Bengaluru, assembling computers for friends and family.It was the early 2000s and the internet was not the trove of knowledge it is today — Hassan was relying on books to learn. Finding mentorship and the right guidance was a challenge, too.Everyone around Hassan told him that going to the <a target="_blank" class="" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">US for a master's degree</a> was the next big opportunity. So he did.Over the next 16 years, he put his startup plans on hold and worked at some of the world's biggest companies, including Amazon, Microsoft, and Meta.<div type="image" title="Nithin Hassan" height="2450" width="3266" msid="113831978" hostid="261" sizebytes="215682"></div>But the pandemic felt like a turning point. And its aftermath made India look like a lab-designed business environment: It had just become the world's most populous country, the pandemic had created <a target="_blank" class="" href="https://economictimes.indiatimes.com/news/economy/indicators/private-consumption-continues-to-be-supported-by-pent-up-demand-finance-ministry/articleshow/99069973.cms?from=mdr">pent-up demand</a> for consumer products, and growing internet adoption made commerce more scalable, he said.So Hassan left behind about $500,000 in annual pay at Meta to move back to Bengaluru in December 2023 with his wife and two children. He has since launched two startups.Hassan is part of a group of <a target="_blank" class="" href="https://www.businessinsider.com/i-moved-back-to-india-after-living-abroad-for-decade-2024-9">expat Indians moving back</a> home to venture out on their own. As such, he's also part of a decades-long trend of reverse migration back to India.The trend began in the 1990s and picked up at the turn of the century, driven by the economic collapse in 2008, said Binod Khadria, the president of Global Research Forum on Diaspora and Transnationalism. Many of those who returned to India for work were largely working for multinational companies.Today, the impetus for the move often looks a bit different: It's driven by factors like unstable visa policies and economic recessions, which lead to uncertainty when it comes to jobs and duration of stay in these destinations.Many returnees find work in tech, but the finance, retail, and climate sectors also absorb a large number of expat Indians, Khadia said. And some of the returnees are heading back to India to start companies of their own.India is undergoing a startup explosion. The country reported over<a target="_blank" href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043805"> 140,800 recognized startups</a> at the end of June — nearly 50,000 more than last year — and credited them with creating 1.6 million direct jobs.To be sure, not all of these companies will make it big — and some do still stumble, like <a target="_blank" class="" href="https://inc42.com/features/what-are-the-current-problems-being-faced-by-oyo/">Oyo </a>and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-hsbc-funds-byjus-startup-valuation-zero-edtech-india-raveendran-2024-6">Byju's</a>. But the chaos, where even established startups are trying and failing, makes India a fair playing field for new entrants, Hassan said.Business Insider spoke to six <a target="_blank" class="" href="https://www.businessinsider.com/india-vc-wants-see-5-traits-new-founders-fundraising-antler-2024-8">first-time founders </a>about why they have recently returned to India after spending several years, or even an adult life, abroad.<h2 id="0e4a3c47-ba19-4690-8b52-c6bfece1c81d">Fastest-growing economy</h2>The health of the economy and interest from investors are fueling the entrepreneurship boom.<a target="_blank" class="" href="https://www.businessinsider.com/india-billionaire-karan-adani-plans-challenge-china-dominance-seaports-2024-8">India's economic growth</a> in 2023 — 8.2% — was the fastest of all large economies worldwide. That's led to greater purchasing power, which lets companies, including startups, sell more.India's inflation rate of about 3.5% is well below its annual wage growth of 9.6%. This makes inflation less of a challenge than it is for slower-growing peers, where consumer-focused businesses have been <a target="_blank" class="" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">hurt by high prices</a>.Investors are getting in on the action.From 2015 to 2021, the number of <a target="_blank" class="" href="https://www.businessinsider.com/sequoia-capital-vc-firm-split-china-india-2023-6">unique investors in India</a> nearly quadrupled, though the number is tracking much lower this year, per PitchBook."Other than a slight downturn in 2022 and 2023 due to global macroeconomic factors, VC funding has been consistently growing in India," said Ben Mathias, a managing partner at Vertex Ventures Southeast Asia &amp; India.Besides funding, domestic developments have encouraged founders and VCs too, Mathias said.The Indian government's Universal Payment Interface system has spurred consumers and businesses to pay online, and <a target="_blank" class="" href="https://www.bcg.com/press/2june2022-digital-payments-in-india-projected-to-reach-10-trillion-by-2026">40% of all digital payments</a> globally happen in India today, the partner said.Programs like Startup India, which provides founders benefits like tax exemption, easier compliance, and funding support, have made creating a company smoother.Devyani Parameshwar worked in the microfinance and fintech space in India in the 2010s before heading to the UK and Africa. She returned to India in 2022 to launch a financial management venture."It's changed dramatically. I remember standing in line at various ministries in Delhi trying to get meetings and then trying to get answers and it wasn't easy in the past," she said of her memories of India.Now, she can use an online platform to ask the country's central bank and banking regulator questions.It's easier than ever for foreign companies to invest in India, which means startups have a clearer exit path through acquisition — something VCs think hard about before entering new markets or writing checks.<h2 id="e5dd7b6f-a09f-4ff2-84c1-5907de96dc5e">Market ripe for the taking</h2>For Rohan Bhide, who spent most of his college and professional life <a target="_blank" class="" href="https://www.businessinsider.com/worked-in-big-tech-before-launching-my-own-startup-engineer-2024-9">preparing to launch something of his own</a>, a trip home in 2017 while he was studying in the US was a turning point.Indian telecom giant Reliance had recently launched a cheap unlimited data plan, which spiked Indian internet adoption. India was charting among the countries with the highest online transactions."That really, really drew my attention," said Bhide, who worked at Meta after graduation. "It was my dream come true — a huge market, a huge user base, and at the same time, the ability to adopt technology was incredible."Bhide returned to India in January, leaving behind about $580,000 in total compensation at ticketing platform StubHub. He and a cofounder are working on launching a consumer tech product later this year.<div type="image" title="Rohan Bhide" height="2304" width="3072" msid="113831979" hostid="261" sizebytes="218468"></div>Most Indians grew up wanting to work at a multinational company — but that's changing, Bhide said.Freelancing, running your own business, or working for a startup is much more socially acceptable now, because people see the success of other Indian startups. The country has the third-largest number of "unicorns" — companies worth $1 billion or more — with 64, per PitchBook.<h2 id="7f423804-745b-4e04-a250-839e01663f09">Boom in entrepreneurship culture</h2>A lot has changed since Hassan first wanted to launch his hardware startup in the early 2000s.Tech hot spots like Bengaluru and Gurugram have seen a boom in entrepreneurship culture in the last few years, with meet-ups, networking mixers, and even morning walks with like-minded builders.<div type="image" title="man standing in front of mountains in USA" height="2268" width="3024" msid="113831980" hostid="261" sizebytes="141132"></div>Dhruv Anand, who left Google in the US to move back to India in 2021 to launch an <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-most-promising-2024-9">AI startup</a>, said that there were lots of other founders and mentors to help guide him."If you want to figure out who's the right chartered accountant to talk to, who's the right lawyer to help you draft agreements, all of that stuff is very easy," Anand said."It's been a really, really supportive community," Bhide said. There are people "telling you about their entire lives just because they want to help you and they're hoping that you pass the favor onto the next person who moves to India and wants to start their own company."<h2 id="3c8bff36-e855-4530-9b44-bcc7f36b0825">Not everything is perfect</h2>Although these founders made the decision to return to India, that doesn't mean they no longer see the benefits of operating in the US.Ruchit Garg founded an agriculture startup in Silicon Valley in 2016, with a focus on supporting farmers around the globe. In 2019, he returned to India, where his late grandfather worked as a farmer.Garg has been building in India ever since, but he says its startup ecosystem cannot yet compete with the Valley's decades of experience."The overall ecosystem was more mature back in Silicon Valley. It's still one of the best places for entrepreneurs. India isn't there yet, although it's growing pretty drastically," he said.Despite efforts to digitalize key processes, many bureaucratic challenges persist.For most founders, after living in US cities where populations are a fraction of those in Mumbai and Bangalore, congested roads and poorer air quality are also everyday annoyances.But India provides some big perks, including affordable domestic help and the appeal of building solutions for problems they witness firsthand."It's a different joy to be able to build for problems that you feel for very personally," Parameshwar, the fintech founder, said. When she worked in Africa, she needed translators. Now, she can speak with her users herself.Bhide said the general sentiment among local founders is shifting from "Build from India" to "Build for India."For some founders, being surrounded by family and the culture they grew up in was another selling point.Niranjan Vemulkar moved back to India in 2015 and later founded a digital legacy planning platform.He said that he never fully felt at home in the US, where he lived for over a decade."For us, it was the fact that we wanted to raise a family in an environment where the children would have access to the grandparents and Indian culture," Vemulkar said. "The fact that you could come back to India, start something of your own and figure things out in an ecosystem which was potentially booming for startups, was just a cherry on the cake."Are you in India and have a story to share about the tech and entrepreneurship landscape? Please reach out at shubhangigoel@insider.com

Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

<ul><li>The government of India has decided to set up a dedicated fund for agritech startups.</li><li>The finance minister also mentioned that the government intends to pay ₹2.7 lakh crore worth of MSP.</li><li>Like other sectors, the finance ministry has also proposed to further incorporate drones into the agriculture sector.</li></ul>The government of India has decided to set up a dedicated fund for agritech startups, Finance Minister Nirmala Sitharaman said while announcing the union budget for the year 2022-23. “A fund with blended capital, raised under the co-investment model, will be facilitated through NABARD. This is to finance startups for agriculture &amp; rural enterprise, relevant for farm produce value chain. The activities for these startups will include, inter alia, support for FPOs, machinery for farmers on rental basis at farm level, and technology including IT-based support,” Sitharaman said. The finance minister also mentioned that the government intends to pay ₹2.7 lakh crore worth of minimum support price (MSP) direct payments to wheat and paddy farmers. Besides this, the government is also looking to deploy drones for agriculture monitoring, crop assessment, digitisation of land records and spraying of insect pesticides. The share price of Zen Technologies — a publicly listed company that works on drone detection, classification and tracking — <a href="https://stocktwits.com/Dhwani1105/message/432213049">spiked </a>after the Sitharaman made this announcement. <div type="image" title="Dhwani Agri post" msid="89278267" hostid="261"></div> While the company doesn’t have agricultural operations, the spike of its shares was related to the wider scope of drones. “Startups will be promoted to facilitate Drone Shakti through varied applications and for a drone as a service," Sitharaman added. “The budget has covered multiple avenues for the drone industry to rise, the focus on promoting Agricultural Drones and the NABARD fund to support startups will result in ensuring that the Drone Industry reaches a new milestone. The development of 100 new cargo terminals in the next 3 years will also add to the growth of Drones enabled for cargo deliveries within the terminals and terminals to delivery locations,” Swapnik Jakkampuddi, cofounder of Skye Air Mobility, said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/economic-survey-2022-highlights-that-delhi-not-bengaluru-is-the-startup-capital-of-india/articleshow/89249128.cms">Delhi, not Bengaluru, is the startup capital of India, says Economic Survey</a> <a href="https://www.businessinsider.in/budget/news/indias-defence-budget-allocation-as-per-experts/slidelist/89250030.cms" data-type="tilCustomLink">Allocation for India's defence may see a nominal increase</a> <a href="https://www.businessinsider.in/budget/news/the-government-is-expected-to-announce-1-3-lakh-crore-for-railways-under-the-national-infrastructure-pipeline/articleshow/89256692.cms" data-type="tilCustomLink">The government is expected to announce ₹1.3 lakh crore for railways under the national infrastructure pipeline</a>

A fund for agritech startup, inclusion of drones to boost Indian farming

<ul class="summary-list"><li>Olive oil prices are at record highs due to extreme environmental conditions.</li><li>But <a target="_blank" href="https://www.businessinsider.com/guides/kitchen/graza-olive-oil-review#:~:text=It%27s%20non%2DGMO%20certified%20and,has%20a%20spicier%2C%20stronger%20flavor.">olive oil startup Graza</a> says it only marginally raised its prices.</li></ul>This as-told-to essay is based on a conversation with Andrew Benin, the cofounder of olive oil startup Graza. The following has been edited for length and clarity.Putting out a high-quality olive oil is difficult for a young brand, but it's even harder now as <a target="_blank" href="https://www.businessinsider.com/olive-oil-prices-surge-mediterranean-drought-food-inflation-2023-9">prices hit record highs</a>.Before I launched Graza in early 2022, we purchased nearly 50,000 liters of olive oil from Italy for about $3.10 a kilo. Fast forward to this month — when we made our most recent purchase — prices had shot up to $9.30 a kilo.Olive oil prices have jumped over the past couple of years due to extreme environmental conditions in the world's top olive oil-producing regions — Spain, Italy, and Greece. Prolonged droughts and deficiencies in irrigated land have led to agricultural disruptions that have hampered production.During this time, though, we've only passed on costs to retailers to increase the on-shelf price of "Sizzle," our <a target="_blank" href="https://www.businessinsider.com/guides/kitchen/comparing-popular-olive-oil-brands">extra virgin olive oil</a> made for cooking, and "Drizzle," our finishing oil, by about $1 each.We're trying not to pass on more costs because when you're a fast-growing brand like Graza, the last thing you want to do is paralyze demand by pricing yourself out.<h2>We didn't want to call attention to the adultery in the industry — but we have to.</h2>There's a lot of competition among suppliers to keep costs down right now.Some suppliers have resorted to compromising on quality to maintain their margins. If you know a bit about <a target="_blank" href="https://www.youtube.com/watch?v=l4GrYUUcQG0">olive oil production,</a> you'll know that extra virgin olive oil is extremely inefficient to produce — that's one of the reasons it's more expensive.Lampante, raw olive oil not intended for human consumption, is about $8.2 per kilo. Virgin is $8.70 per kilo. And extra virgin is $9.30 per kilo. There are some big-time suppliers right now that are creating extra virgin products with oils that are not extra virgin because they're desperate to survive.The problem is that there's no biochemical marker for customers to know that the olive oil has been adulterated. And while Graza's platform wasn't intended to talk about the <a target="_blank" href="https://www.businessinsider.com/fake-olive-oil-2012-1">adultery in the industry</a>, now that we're seeing it with our own eyes, it's hard not to call attention to it. Law enforcement agencies have seized tens of thousands of gallons of olive oil and arrested suspects worldwide for fraud in the past several months.<h2>Keeping costs down right now is the biggest challenge we've ever faced</h2>We had to change our operations and make some tough decisions to continue delivering high-quality EVOO to our customers without increasing prices.We've implemented a hiring freeze. We're spending just 5% of our gross revenue on marketing, down from around 12.5%. We're keeping our budget tight, not taking risks, and thinking long-term. Still, to have enough inventory of Drizzle, our finishing oil, to sell all year round, we must buy 100% of the supplies outright. Then we may go for months without returns on that investment. So, not passing the cost on has been the biggest challenge we have ever faced at Graza. We're in 10,000 retail stores, <a target="_blank" href="https://www.businessinsider.com/walmart-and-target-are-looking-increasingly-similar-these-days-2023-12">including Walmart and Target</a>, so it's as easy as a snap of the finger to capitalize on our brand equity. But we're not — we're maintaining quality by putting our money where our mouth is.

Olive oil prices are skyrocketing. Here's how my startup is managing to keep costs low.

<ul class="summary-list"><li>William Li grew up in a village in rural China without electricity. </li><li>He's co-founded and invested in 40 companies, including premium EV startup Nio.</li></ul><a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">China is the world's leading electric vehicle market</a>, and <a target="_blank" href="https://www.businessinsider.com/ev-electric-vehicle-china-brands-byd-nio-wuling-zeekr-geely-2023-5">Nio is one of its key players</a>.The Shanghai-based premium EV company was co-founded in 2014 by its CEO, William Li.William Li, also known as Bin Li, has been dubbed the <a target="_blank" href="https://www.businessinsider.com/chinas-answer-elon-musk-explains-company-take-tesla-2018-5">"Elon Musk of China"</a> for his push to develop self-driving EVs and his loyal fan base. His company's annual "Nio Day" drew crowds of 10,000 Nio owners who came to see the latest vehicle, the ET9, unveiled.Here are eight things to know about the CEO of Nio:<h2>1. Li grew up on a dairy farm</h2><div type="image" title="William Li onstage in front of an image of the countryside" height="1737" width="2605" msid="108900733" hostid="261" sizebytes="120372"></div>Born in 1974, <a target="_blank" href="https://www.scmp.com/magazines/style/tech-design/article/3101572/chinas-elon-musk-billionaire-brains-behind-start-ups">Li grew up on a dairy farm</a> in China's agricultural Anhui province, where his village didn't have electricity until he was in high school.He gained entry to one of China's most prestigious universities, Peking University, to study sociology and law. He launched his first company at the age of 21.He's since gone on to cofound and invest in <a target="_blank" href="https://www.niocapital.com/en/team/4.html#:~:text=developed%20into%20Dangdang.-,Mr.,the%20internet%20and%20automotive%20industries.">40 companies</a> across the internet and automotive industries — three of these have gone public, per <a target="_blank" href="https://www.ft.com/content/6df9031b-4dca-405d-8165-6983de270e68">the FT</a>, including Bitauto in 2010 and Nio in 2017.It's unclear what Li's net worth is — though he's listed as a billionaire in some rankings, he's not currently included on Bloomberg's Billionaires Index.<h2>2. He co-founded his first major company in his mid-twenties</h2>Bitauto, a car comparison website, was co-founded by Li in 2000. It was his first major success in the market, and went public on the New York Stock Exchange in 2010.In 2020, it was taken private with a $1.1 billion buyout, and Li resigned as CEO to turn more of his attention to Nio.<h2>3. His company is pioneering battery-swapping charging technology</h2><div type="image" title="a Nio car in the Nio battery-swapping station" height="2784" width="4176" msid="108900735" hostid="261" sizebytes="516994"></div>Li is distinguishing his company from other EV players like Tesla and BYD with <a target="_blank" href="https://www.businessinsider.com/ev-battery-swapping-china-rescue-us-revolution-2024-2">battery-swapping technology</a>.Instead of users plugging in their cars and waiting to charge, they can swap out the dead battery for a fully charged one at a designated station. The process takes just under five minutes.To manage costs, customers can buy the car without a battery and then pay a monthly subscription to access the swapping stations. It has more than 2,000 stations around China and around 30 in Europe.There's still a while to go to build up the infrastructure of this service and it remains more expensive than regular charging.<h2>4. His latest Nio model can shake off snow like a puppy</h2><div type="image" title="Camouflaged Nio ET9 shaking off snow" height="809" width="1442" msid="108900737" hostid="261" sizebytes="47646"></div>Nio's new ultra-premium model, the ET9, can independently <a target="_blank" href="https://www.businessinsider.com/nio-et9-ev-china-skyride-intelligent-chassis-snow-video-2024-2">shake off chunks of snow, clearing the windshield and roof</a>.Li also demonstrated the vehicle's stability in a <a target="_blank" href="https://www.nio.com/videos/nio-day-2023-a-new-journey">video</a> that showed champagne glasses full of liquid balancing on the front of the car while it drove over bumps.<h2>5. Nio cars come with a hefty price tag</h2><div type="image" title="A Nio parked in front of the NYSE" height="3724" width="6503" msid="108900740" hostid="261" sizebytes="930502"></div>Nio's premium smart EVs can be more expensive than a Tesla, <a target="_blank" href="https://www.cnbc.com/2023/04/18/nio-says-it-wont-join-the-price-war-and-slash-prices-like-tesla.html">CNBC</a> reported.The ET9, which starts shipping in China in 2025, will cost customers $112,000, making it Nio's most expensive car.Its mid-size cars, such as the Nio ES7 SUV, are priced at <a target="_blank" href="https://www.businessinsider.com/ev-electric-vehicle-china-brands-byd-nio-wuling-zeekr-geely-2023-5#2-nio-a-premium-ev-brand-says-it-will-not-join-teslas-price-war-3">around $68,000</a>, a lot pricier than the Tesla's Model Y, which comes in the <a target="_blank" href="https://www.reuters.com/business/autos-transportation/tesla-raises-price-model-y-long-range-china-nov-21-2023-11-21/">$40,000 range in China</a>.<h2>6. Li's fans can direct message him anytime they want</h2><div type="image" title="William Li at the launch of the NIO phone" height="2427" width="3640" msid="108900742" hostid="261" sizebytes="340364"></div>Li wants Nio customers to feel like they're <a target="_blank" href="https://www.ft.com/content/6df9031b-4dca-405d-8165-6983de270e68">members of a club.</a>Anyone who purchases a Nio car can access <a target="_blank" href="https://www.businessinsider.com/nio-tesla-of-china-has-swanky-clubhouse-for-car-owners-tour-photos-2018-10">"Nio Houses"</a> equipped with meeting rooms, lounges, baristas, and supervised kids' play areas.Last year, the company launched its own <a target="_blank" href="https://www.nio.com/news/NIO_IN_2023">Nio smartphone,</a> which connects to Nio EVs — customers can use the phone to unlock their car, adjust their seat preferences, and <a target="_blank" href="https://www.reuters.com/technology/chinese-ev-maker-nio-launches-first-mobile-phone-2023-09-21/">activate the car's self-parking feature.</a>Nio owners can also directly message Li in the car's app with feedback. This has meant that some senior execs from the company have faced calls from Li in the middle of the night to implement customer suggestions, per the <a target="_blank" href="https://www.ft.com/content/6df9031b-4dca-405d-8165-6983de270e68">FT.</a><h2>7. Nio developed a battery that can last for over 649 miles — and Li livestreamed himself trying it out for 14 hours</h2><div type="image" title="William Li" height="1667" width="2500" msid="108900744" hostid="261" sizebytes="196144"></div>In December, Li showcased the EV's groundbreaking battery lifespan with a <a target="_blank" href="https://www.businessinsider.com/nio-has-developed-ev-battery-with-a-1-000km-range-2023-12">livestream of his 14-hour car journey</a> from Shanghai to Xiamen — all done on a single battery charge.After covering the distance of 1,044 km (649 miles), the NIO ET7 was left with 3% charge.<h2>8. To Li's dismay, Nio cars are not yet available for sale in the US</h2><div type="image" title="Nio CEO, William Li with his hand on his head in front of the NIO logo" height="5760" width="8640" msid="108900746" hostid="261" sizebytes="1075200"></div>In an <a target="_blank" href="https://www.ft.com/content/8b903ae7-750f-460d-822b-adee7215c528">interview with the FT</a>, Li expressed dissatisfaction with the <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">25% tariffs levied against Chinese-made EVs</a> sold in the US.He said geopolitical tensions between the US and China shouldn't impact business. Nio already has ties to the US: it's listed on the New York Stock Exchange, and most of its investors come from outside China.But some US manufacturing advocacy groups have called for a block on Chinese EVs being imported from their outposts in Mexico as a threat to domestic industry, <a target="_blank" href="https://www.reuters.com/business/autos-transportation/us-should-block-low-cost-chinese-automaker-imports-mexico-says-manufacturers-2024-02-23/">Reuters reported</a>. Elon Musk said that <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-warns-chinese-ev-firms-could-demolish-rivals-2024-1">"Chinese EVs would pretty much demolish"</a> American automakers if allowed to be sold in the US.

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<ul class="summary-list"><li>The FDA found some "record keeping and quality controls" issues at a <a target="_blank" href="https://www.businessinsider.com/neuralink-elon-musk-microchips-brains-ai-2021-2">Neuralink</a> animal-testing site, Reuters reported.</li><li>The issues, reportedly discovered at a California facility, were not significant enough to prompt action.</li></ul><a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk's</a> Neuralink faced scrutiny from the US Food and Drug Administration shortly after the billionaire said the regulator had approved the startup for human trials of its brain chips, according to a recent report from <a target="_blank" href="https://www.reuters.com/business/healthcare-pharmaceuticals/fda-finds-problems-animal-lab-run-by-musks-brain-implant-company-2024-02-29/">Reuters</a>.The publication, citing FDA records, reported that the agency discovered issues with "record keeping and quality controls for animal experiments" at Neuralink's facility in California, including a lack of records regarding how some tools were properly "calibrated" and individuals involved in ensuring quality control had failed to provide some documentation. The issues were identified between June 12 and June 22, 2023, Reuters reported. Neuralink had said in May 2023 that it had been cleared by the FDA to <a target="_blank" href="https://www.businessinsider.com/elon-musk-neuralink-fda-approval-put-brain-implants-humans-2023-5">begin human trials</a> of its technology, which has since implanted its first brain chip in a person.The company's site in Texas did not have the same issues, Reuters reported, citing FDA records.Despite some of the issues the agency identified at the California site, which handles animal research, Reuters said the FDA has not designated the issues as significant enough to prompt action by the regulator. An FDA spokesperson told Reuters that Neuralink "provided sufficient information to support the approval" of its human testing, but the agency will "continue to monitor the safety of those enrolled in the study for Neuralink's implant device through required, regular reports." An FDA spokesperson did not immediately respond to a request for comment from Business Insider ahead of publication.A spokesperson for Neuralink did not respond to a request for comment from BI or Reuters. The startup was cofounded in 2016 by Elon Musk and aims to surgically implant chips in human skulls that could help people interact with computers using only their mind.Neuralink also envisions its chips as helping people with paralysis. Musk said the company <a target="_blank" href="https://www.businessinsider.com/elon-musk-claims-first-human-patient-received-neuralink-implant-2024-1">kicked off human trials</a> earlier this year and successfully implanted its first chip in a patient."Progress is good, and the patient seems to have made a full recovery, with neural effects that we are aware of," Musk said in a <a target="_blank" href="https://www.businessinsider.com/neuralink-elon-musk-first-human-patient-control-mouse-with-mind-2024-2">X Spaces</a> earlier this month. "Patient is able to move a mouse around the screen by just thinking."The startup has faced regulatory scrutiny in the past. In 2022, Reuters reported that the US Department of Agriculture was looking into reports of <a target="_blank" href="https://www.businessinsider.com/elon-musk-neuralink-brain-chip-animal-abuse-accusation-investigation-report-2022-12">mistreatment of the animals</a> used in testing the device. Last summer, the agency said it only found one violation and Neuralink had already reported the issue.Musk's other companies — driven by the billionaire's <a target="_blank" href="https://www.businessinsider.com/elon-musk-biographer-walter-isaacson-demon-mode-twitter-tesla-spacex-2023-6">"maniacal sense of urgency"</a> — have also caught the eye of US regulators in recent years. Earlier this week, Bloomberg reported that the Occupational Safety and Health Administration had looked into reports that some workers at The Boring Company had faced <a target="_blank" href="https://www.businessinsider.com/elon-musk-boring-company-workers-chemical-burns-injuries-safety-report-2024-2">chemical burns and accidents</a> amid the company's push to expand its tunnels in Las Vegas. Last year, a Reuters investigation reported that SpaceX workers were putting in over 80-hour workweeks and <a target="_blank" rel="" href="https://www.businessinsider.com/spacex-workers-took-adderall-slept-bathroom-iv-treatments-deadlines-report-2023-11">facing high injury rates.</a>Do you work for one of Musk's companies or have insight to share? Reach out to the reporter from a non-work email and device at gkay@businessinsider.com

The FDA reportedly identified quality-control issues at a Neuralink animal lab shortly after Elon Musk said the startup was cleared to start human tests

A Japanese <keyword id="41531" type="General" weightage="20" keywordseo="space" source="Orion">space</keyword> start-up has achieved a major breakthrough by testing a prototype <keyword id="9428" type="General" weightage="100" keywordseo="rocket" source="Orion">rocket</keyword> engine, powered entirely by fuel derived from <keyword id="603261" type="General" weightage="20" keywordseo="cow-dung" source="Orion">cow dung</keyword>. This experiment, conducted in the rural town of Taiki, involved a 10-second blast of a blue-and-orange flame. The "<keyword id="4238241" type="General" weightage="20" keywordseo="biomethane" source="Orion">biomethane</keyword>" used in the test was produced from cow manure collected from local dairy farms, highlighting the potential benefits for both space travel and agriculture. <keyword id="6667916" type="General" weightage="80" keywordseo="interstellar-technologies" source="Orion">Interstellar Technologies</keyword>, in collaboration with Air Water, developed this environmentally friendly and cost-effective fuel. CEO Takahiro Inagawa stressed its local production, cost efficiency, and high performance. The initiative involved partnering with farmers to process manure into biogas, with Air Water converting it into <keyword id="1008910" type="General" weightage="20" keywordseo="rocket-fuel" source="Orion">rocket fuel</keyword>. Eiji Mizushita, a participating farmer with 900 cows, utilised an automated system to convert manure into biogas, fertiliser, and bedding materials. While biogas sales generated minimal income for Mizushita, he found the project rewarding, underscoring the importance of proper manure disposal and advocating for government and societal support in renewable energy production. This innovative approach not only contributes to space exploration but also addresses the environmental impact of agriculture, responsible for 14% of global greenhouse gas emissions according to Greenpeace. Despite setbacks in <keyword id="6355311" type="General" weightage="20" keywordseo="japan" source="Orion">Japan</keyword>'s "<keyword id="18531580" type="General" weightage="20" keywordseo="moon-sniper" source="Orion">Moon Sniper</keyword>" mission, the successful test of the cow-dung-powered rocket engine presents a promising development for the country's space program and a potential solution to the global energy crisis.

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