Nasscom plans fund for IT innovation

Mumbai: In a bid to promote innovation in information technology, Nasscom, the representative body of IT services in India, is planning to set up a Rs 100 crore fund.

���The first-of-its-kind initiative by the apex body, the fund would be supported by the industry and would be for driving innovation by IT companies,��� Nasscom President Kiran Karnik said here in a statement.

���Innovation at various levels has been identified as the next imperative to sustain growth and maintain edge of Indian IT industry in global markets,��� he added.

Meanwhile, seven companies would be awarded for their innovation in IT by the PM Manmohan Singh on February 9.
The seven finalists, selected are Bharti Airtel & IBM India, Evalueserve.com, HP Labs India, Ittiam Systems Pvt Ltd, Kale Consultants, Strand Lifesciences Pvt Ltd and Monsoon Multimedia India Pvt Ltd.

Bharti Airtel and IBM India were selected for the business model under which the telecom major outsourced all of its IT operations to IBM, while Evaluserve.com was selected for its business intelligence services, customised reports and valueadded research catering to different industry verticals .HP Labs India got it for Gesture Keypad, pen-based input device.