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Innovation - key to Indian IT-ITES sector tapping additional revenue potential of US$ 50 Billion

Mr. James Abraham, Partner and Director, BCG commented, "Support from ecosystem is very important in making innovation at firm and country level successful. Relative to several international examples, Indian ecosystem is weak and requires significant bolstering. The study identifies specific initiatives which need to be undertaken by different stakeholders.

Recommendations for developing the Indian Innovation Ecosystem

1. NASSCOM should scale its existing innovation initiatives

2. NASSCOM should an ‘Indi Innovation Framework’

a. Indi Innovation Certification Program

b. India Innovation Fund

c. Thematic Innovation Platforms

3. Government should synergize its innovation related initiatives to drive a national innovation agenda through one or several mechanisms - create a National Innovation Policy; launch mission mode projects in key tech areas; and/or establish a National Innovation Commission

4. Establish Innovation clusters of research institutes, academia and industry

5. Government should implement bold changes in policies related to innovation such as patents, business environment, venture capital and commercialization of domestic technology

6. Collaborate with international educational institutes to increase quality of local research

The report also outlines several challenges faced by the Indian innovation ecosystem such as:

a. Insufficient mentoring and networking support for start-ups and entrepreneurs

b. Lack of entrepreneurs focused on IP development in emerging technologies

c. Lack of knowledge sharing between IT-ITES firms and key user industries

d. Severe lack of funding at the seed / start-up stage

e. No platforms for all stakeholders to interact with each other

f. No market-place for innovation trading in India

g. Tenuous partnership between industry and academia

h. Lack of meaningful collaborations between industry and research institutes




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