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Nasscom Kicks Off Annual Product Summit

There is no denying the fact that the services and business process outsourcing industry is the bread and butter of the IT industry.

But creating intellectual property (IP) and a product ecosystem to support it, is what will take India up in the “intellectual chain” and sustain the booming industry in the long term.

Emphasising upon its focus to give the required push to this industry, Nasscom kicked off its second annual product summit here, today.

Overshadowed by the success of the services industry, the product industry of India is now coming of age with - “money is chasing ideas, rather than ideas chasing money” and more importantly the potential of the country is even attracting the “bagodas” - people who left the country looking for fortune, back to the country to set up their own IP-led firms.

Previously faced with roadblocks such as insufficient funding, unawareness of IP laws, high costs of filing for patent and insufficient sales and marketing expertise, the software product industry is now seeing a focused approach by the apex body for its development.

Kiran Karnik, president, Nasscom said, “We are working on different fronts to see how we can arrange this industry.”

For instance, funding is no longer a problem for this industry, but professional angel/ seed funding still is. “We plan to overcome this challenge by introducing incentives to professionals providing seed/angel funding,” said Karnik.

The industry body is also in talks with different government bodies like the ministry of Commerce and the CSIR to see how some of the existing schemes like those available for the automobile, pharma and biotech industry getting a five year write-off for R&D could be adopted to the software product industry.

Besides, it is also talking to the government on creating a global patent fund with a Rs 5-10 crore corpus, as each patent costs Rs 5-10 lakh and startups don’t have that kind of funding.

It is also promoting the idea of the government (the biggest buyer of software) giving preference to buying Indian IP by providing incentives to encourage it.

Karnik however did not go into the details on the various initiatives, as they were still in discussion stage and only said, “We hope to get some of these initiatives cleared in the next Budget and if possible even before that.”

The product summit also saw industry leaders, Deepak Ghaisas, CEO, India operations and CFO, i-flex Solutions, Ganesh Natarajan, vice-chairman and MD, Zensar Technologies, Bharat Goenka, CEO, Tally Solutions, venture capitalists, Sridhar Iyengar, president, TiE Global, Kumar Shiralgi, director, Intel Capital Asia and noted academicians such as Deepak Phatak, Chair Professor, School of IT, IIT Bombay, among others address the audience.

Source : http://www.business-standard.com/

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