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Our Bureau

Bangalore July 25 Innovation could help the Indian IT and ITES industry tap additional revenue streams of $50 billion by 2012, according to the Nasscom-BCG Innovation Report 2007, released on Wednesday.

The report called for a six step approach to build an innovation ecosystem including setting up of an ‘Indi Innovation Framework’. Recommending that Nasscom should scale its existing initiatives, the report suggested that the apex industry body promote an `Indi Innovation Framework’ involving certification programme and funding initiatives.

“Focusing on innovation besides differentiating Indian IT-ITeS industry will allow it to tap additional revenue streams worth $50 billion,” the Nasscom President, Mr Kiran Karnik said. Innovation could be referred to changes to products, services, processes or even business models.

The Nasscom Chairman, Mr Lakshmi Narayana, said innovation aimed towards improving operational performance and productivity would help the Indian IT industry to sustain the growth challenges. The next level of innovation would expand and create newer market for the industry, he added.

The Nasscom-BCG report addresses three aspects of the innovation agenda — the factors that form a powerful imperative for innovation; the approach for firms to spur innovation; and specific recommendations to expand the innovation ecosystem in India.

Mr James Abraham, partner and director, BCG said support from ecosystem is very important in making innovation at firm and country level.

Nasscom is promoting an India Innovation Fund through a public-private partnership to make available seed/angel stage funding for start-ups.

“In the first tranche, we expect to have around Rs 100 crore,” said Mr Karnik. “We may raise Rs 150-200 crore in later stages” he added.

ICICI has already evinced interest in this fund, in which the IT and biotech industry and the government were likely to contribute, he said.

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