Innovation is the next phase of evolution for Indian IT/ITES industry states the ‘Innovation Report 2007’, released by Nasscom and Boston Consulting Group (BCG) here on Wednesday.
The report addresses three aspects of the agenda — factors that are important for innovation; the approach for firms to spur innovation and recommendations to expand the innovation ecosystem in India.
“Innovation is important for us to maintain our competitive edge and fuel further growth,” said Lakshmi Narayanan, Chairman, Nasscom.
Recommendations
The report calls for a six step approach to build India’s innovation ecosystem; Nasscom to should scale its innovation initiatives, setting up of 'Indi Innovation Framework', Government should synergise its innovation-related initiatives, establish innovation clusters of research institutes, academia and industry, Government must implement bold changes in policies related to innovation and collaboration with international education institutes to increase quality of local research.
“India Innovation Fund, a part of the ‘Indi Innovation Framework’, which is focused on seed/angel stage funding will provide investments at a risky stage of business by low cost domestic capital. To start of with we have Rs 100 crore as of now,” said Nasscom President  Mr Karnik.