Nasscom forms Product Council to strengthen software product ecosystem
National Association of Software and Services Companies (Nasscom) recently announced the formation of a product council to focus on product companies in India. This objective of this council is to work towards strengthening the country’s software product ecosystem, said Nasscom.
The product council was set up on the recommendations of the N R Narayana Murthy committee to address the challenges and needs of the industry. The organization believes that this initiative is part of ‘restructuring’ Nasscom to make it more relevant in a dynamic IT environment. The Nasscom Product Council will be headed by Ravi Guraj, Chairman, Frictionless Ventures.
“I firmly believe that product companies and start-ups are the next growth engines for the industry. We believe Ravi and his team are committed to do the right things. With their support and vision for the product industry, the ecosystem will expand significantly,” said Krishnakumar Natarajan, Chairman, Nasscom, in a statement.
In February this year, industry leaders like Bharat Goenka, co-founder of Tally Solutions, Sharad Sharma, former head of Yahoo India R&D and around 30 Indian software product companies joined hands to form Indian Software Product Industry Round Table (iSpirt), a separate body to exclusively focus on product companies. One of the biggest promises made by the newly created iSpirt was its flat organizational structure with no plans to build a large association having offices across the country.
The historic split led to a commotion in the industry and turned out to be a big challenge for Nasscom to create a niche in the product space. The association predicts the total market opportunity in the software products for Indian companies is estimated to be around $10 billion by 2020 comprising both exports and the domestic market.
The association will increase the focus on industry segments such as internet and mobile, software products, domestic market, business process management (BPM), engineering and research & development and global in-house centers. According to Nasscom officials, the Indian products companies have huge potential for growth in areas like education, e-commerce, healthcare, SMB solutions, gaming and entertainment, cloud infrastructure, big data and local content.
Meanwhile, iSpirt said it has welcomed the newly formed NASSCOM Product Council. The body hopes that the formation of this Product Council will provide the impetus for resolving the longpending policy issues that are deterring the growth of the Indian software product industry.
Bharat Goenka, member of the iSpirt Founders Circle said, “What the Indian software product community requires today is an effective policy framework from the government. India already has the talent and initiative to develop globally competitive products, and this has already been showcased by many companies.”
According to Nasscom, India currently has more than 2,400 software product firms across 46 product categories and in 2013, the total Indian software market was estimated to touch $2.2 billion. Experts believe that NASSCOM Product Council and iSPIRT can together help shape the policy environment to support a vibrant software product industry in the country.
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