Innovation key factor in driving growth of technology sector: NASSCOM

Innovation is a key factor for faster growth of Indian technology sector, and open innovation programmes are increasingly being included in agendas to drive business growth, according to industry body Nasscom's report.

The report suggests developing a strong open innovation ecosystem in the country.

The suggestions include the creation of a single platform for all innovation programmes, a national repository of startups, the establishment of more ecosystem enablers, the creation of open innovation marketplace, dedicated incubation/acceleration programmes, joint open innovation programmes with other nations and incentivising key programmes for startups and corporates.

Indian enterprises and startups are increasingly leveraging external knowledge and ecosystem for their innovation management strategies said the new report by the National Association of Software and Services Companies (NASSCOM) in partnership with Avanteum Advisors.

"Innovation is one of the key factors defining the growth trajectory for India's technology sector and open innovation models are rapidly emerging as a source of innovation and rapid solutioning," the report said .

A growing roster of stakeholders includes open innovation programmes in their agenda, and various open innovation models are fueling this need for cross-industry collaboration both for business growth and to maintain a competitive edge.

The report highlighted that a vibrant collaboration model built by corporates, academia, investors and associations is gradually shaping the open innovation ecosystem in India.

At the same time, investors and government agencies are actively setting up incubators, accelerators and partner programmes to drive open innovation in the country.

Over 55 such programmes have been set up by individual investors or a group of investors, the Nasscom report said.

Nasscom President Debjani Ghosh noted that open innovation brings in a plethora of opportunities for stakeholders, helping them tap multiple market opportunities.

"India can take the cue from economies like France, Germany, Switzerland and Israel, where a developed ecosystem is enabling greater collaboration between its stakeholders," Ghosh added.

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