India has been always seen as a destination for outsourcing software development and maintenance. The IT industry in India is worth $160 billion and it has an image of a low cost destination to fuel their back-office software projects. Thanks to the startup revolution in the country, we have really started to Startup and thus Stand up in the world.
This revolution has brought to the fore front the amazing ideas and implementations for the Indian brains and the world has acknowledged it. Later in this week, top executives of some of the world’s biggest technology buyers including Toyota Motor Corp, Colgate-Palmolive and telecom giant Bharti Airtel will visit Bengaluru and attend rapid-fire pitching sessions from domestic software product startups such as Aujas, Canvazify and FarEye.
We are standing in the times where these technology biggies are starting to leverage India for a more refined purpose – to meet and invest in some of the country’s most innovative startups.
Piyush Singh, former CIO of Great American Insurance Co and co-chair of the In-Tech50 event states-
“India is no longer seen as just a services economy,…..A lot of these large Fortune 500 companies have moved beyond leveraging India for IT sourcing and moved on to leveraging top technology talent from countries like India.”
India is increasingly becoming an important hunting ground for top technology talent as now the traditional companies that were undisputed champions at some point are facing disruption from the emergence of new-age, tech-savvy competitors such as Amazon. A lot of these who have started facing the heat are increasingly launching accelerator programmes to harness the power of startups with disruptive new-age ideas and products that may help them gain an edge over newer rivals.
The event will be spread over two days and CIOs will listen to pitches from more than a dozen entrepreneurs and may choose to invest in or sign partnerships with these startups. The CIO’s will also be joined by Niti Aayog head Amitabh Kant and Infosys co-founder Nandan Nilekani. Piyush adds –
“The top three startups — in terms of the relevance of their products to the US market — will get funded by Plug and Play. After that these startups will get exposure to 30-40 potential funders in the US — so as you can see, these startups will get huge exposure to take their ideas to the next level,…Ecommerce has sucked away a lot of funding that otherwise could have gone to these promising products startups — which is a little unfortunate. That being said, what we also see is the fact that Indian products startups are starting to to get traction from new kinds of angel investors, which is a good sign,”