India to become world's most promising tech innovation hub
India is becoming one of the most promising destinations for technology innovation. A new survey by KPMG reveals that despite certain structural issues, India will outpace even the US, Israel and China in the next 2-3 years. The areas where the country is expected to lead several others include talent creation, customer-centricism and increased usage of disruptive technologies.
Leveraging the potential
There are several factors that are strengthening India’s potential as innovation hub. Development of disruptive technologies such as cloud computing and mobile are expected to further gain momentum as the most disruptive technologies over the next three years and many companies are already leveraging this potential. For example, many companies have heavily investing in mobile-led and social innovation. Arun Tanksali, CTO of Mahindra Comviva, a leading MVAS player says that the company uses BI and analytics to understand customer behavior and accordingly develops apps and innovative solutions that enhance customer experience and also support the goals of operators. “Last year, we launched Hola, a one-stop application to access social networking sites, where customers can get smartphone like experience even on their feature phones. “In the coming months, we are working in the areas of mobile data management and are developing a range of innovative mobile and web apps,” he says.
Nanotechnology is another disruptive tech where Indian firms see a lot of potential. Wipro Infotech that is working with nanotechnology on several healthcare projects. “Nanotechnology will make healthcare portable and intelligent. It will provide healthcare providers with enough information to deliver quality services at the right time,” says T K Padmanabha, CTO, Wipro Infotech, India & Middle East, Wipro Infotech. He explains the company’s latest AssureHealth platform in partnership with Microsoft that allows healthcare providers to deliver innovative solutions for Remote Fetal Monitoring and Cardiac Care that will ensure high quality treatment at reduced costs.
Other factors such as mentoring and access to innovation, partnership initiatives, supporting ecosystem and financial backup where VCs are willing to invest have also led to the country’s accelerating growth as an innovation hub. Shripati Acharya,Co-Founder and Managing Partner at Angel Prime says, companies in India are increasingly working on newer technologies built around social, mobile, cloud and big data or analytics and if the concept is innovative, And has the ability to drive customer growth, it instantly excites the VCs. “We identify companies that not only have a strong domestic focus but also potential to expand globally, and there are a number of them in India at present,” he mentions.
Areas that need a boost up
With several top-notch innovations coming from India, IP activities in the country is expected to accelerate. However, the KPMG survey shows that the US still retains its crown as the global capital technology innovation and India occupies the third place behind the U.S. and China.
According to Preeti Anand, Engagement Manager at Zinnov, although IP creation is growing steadily, investments in R&D and patent activities are still relatively slow in the country when compared to several other geographies such as China, Japan, USA and Israel. She believes in India the government processes take a longer time to get sanctioned. By the time it’s processed, the value for it would have diminished. Besides, while innovation is key, organizations also need to take more risks in order to sustain and protect these concepts.
However, Pradeep Udhas, head of technology and markets at KPMG India believes despite several concerns on data privacy and local technological infrastructure, the outlook for the sector is largely positive. “The government should provide greater assistance to the technology sector by enabling easier access to capital through investor-friendly policies and strengthening IP protection laws to keep up this accelerating growth momentum,” he says.
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