CREATING INDIA’S INDIGENOUS ICONIC IT PRODUCTS & IPR
So far India has been known for outsourcing and client oriented IT work. iSPIRT, the Indian Software Products Industry Roundtable – a software product industry think tank – set out to change this by catalyzing the growth of indigenously produced software products and Indian IPR!
iSPIRT has produced a study “The first Product Industry Monitor report” analyzing India’s software products sector. It concludes:
- “India has the potential to build a USD 100 Billion software product industry by 2025, contributing significantly to the nation’s current account.
- Resolute and purposeful action by the two keystakeholders: industry and government” is required.
- “The entire ecosystem – product entrepreneurs, angels, VCs, government be aligned” to realise this goal.
- Lot of senior talent from MNCs is starting software product companies–close to 40% of founders come from an MNC.
The press release is quoted in full below as every point deserves to be widely publicised:
“Unlike many other sunrise sectors which are predicted to fuel the growth of tomorrow’s Indian economy, the software product industry has all the fundamental requirements in place to succeed.
Some of the factors that can propel software product industry’s growth in India is the rich skill leadership that the country already has in the IT sector, aspiration for entrepreneurship that exists among India’s youth particularly in the IT (software) space, established vibrant software eco‐system, existence of ‘soft infrastructure’, mobile proliferation, commoditization of computing hardware and the advent of cloud computing have made connectivity and computing capability nearly ubiquitous across India.
Further, emergent trends in the global technology space are working in India’s favor.
India is currently going through a period of ‘Combinatorial Innovation’. Combinatorial innovation makes it possible for small entrepreneurial teams to develop complex business applications quickly. India has proved its combinatorial innovation at work in the UID project besides a host of SaaS success stories by Indian origin companies.
The new SaaS markets that are being created are very large and amount to a USD 600 billion global opportunity (out of the total USD 1.2 trillion dollar opportunity for software products). For the first time, Indian SaaS product companies are part of this emerging market opportunity from the beginning and some early winners are starting to emerge.
iSPIRT believes that fast growing domestic market requirements will also aid the growth of India’s Software product industry in the days to come.
The domestic market for software products is expected to grow at 14%, almost three times the global growth rate.
A good part of this increased demand for software products will come from the SME sector and India’s growth engine and socially significant sectors such as healthcare and education that are struggling to scale up to meet the needs of a growing nation.
…To build momentum we need a string of positive outcomes – substantial VC investments, M&As and IPOs – that will give the industry much needed validation and a boost of confidence.
At this crucial juncture in this journey, it’s very important for the entire ecosystem – product entrepreneurs, angels, VCs, government – to be aligned.”
End quotation in full from Press Release.