NASSCOM IT Awards announced

BANGALORE, INDIA: NASSCOM, National Association of Software and Service Companies, today announced the winners of the NASSCOM Innovation in IT Awards 2007.

Out of the 21 companies shortlisted, eight winners will be felicitated for their outstanding contribution to the Indian IT sector at the forthcoming NASSCOM 2008 India Leadership Forum, scheduled in Mumbai from February 13 to 15, 2008.

They are: Comat Technologies (P) Ltd, Financial Technologies India Ltd, Mango Technologies Pvt Ltd, MediaLab Asia, Mindtree Consulting, Mistral Solutions Pvt Ltd, MeritTrac Services Private Limited and Texas Instruments.

The NASSCOM Innovation in IT Awards aim to honor those companies which have instilled innovation into existing knowledge and have come up with new ideas, products, processes or technologies that enable the business to achieve greater and better margins.

According to the report, focusing on innovation will help the Indian IT sector tap additional revenue streams worth US$ 50 billion by 2012, and NASSCOM’s awards are a key component of towards realizing this opportunity.

Congratulating the winners, Som Mittal, President, NASSCOM, said, “Over the years, the Indian IT industry has made many rapid strides and has now established itself as a mature and credible player in the global IT industry. The next wave of growth for the Indian IT industry will be innovation-lead and hence possessing an innovation capability will be sine qua non for Indian IT firms, regardless of their size.”

He said that NASSCOM Awards are instituted towards achieving this objective.

"In this edition we have introduced a special focus on start-ups. To further provide impetus to talented innovators, NASSCOM recently announced the NASSCOM– ICICI Knowledge Park Innovation Fund (NIIF), a first of its kind initiative, to provide seed-stage investments in order to promote Intellectual Property-driven innovations in emerging technologies,” he added.

Innovation has been identified as the key imperative for the growth of the Indian IT-BPO industry that will enable India to sustain its lead in the world markets.

The NASSCOM-McKinsey Study 2005 makes a strong case for innovation, suggesting that the Indian IT-BPO sector can generate over US$ 10-15 billion of additional revenues by 2010—over and above its US$ 60 billion export target, provided it makes innovation its chief growth catalyst.