Nasscom intends to build alliances with top US universities in order to push Indian tech entrepreneurs to work on creating cutting-edge research-based applications. The global software product ecosystem is valued at $540 billion, whereas India’s ecosystem is still valued at $8.9 billion which is a matter of concern. Nasscom noticed that Indian tech startups are unable to develop applications like Facebook or Google due to a lack of sustained research and innovation culture, and to address this issue, Nasscom decided to seek the assistance of prominent foreign universities to help develop the ability in tech enthusiasts to develop more innovative technologies.
University incubation programs in the United States help tech businesses establish strong roots rapidly. The University of Illinois, Johns Hopkins University, and the University of California are just a few of the big universities that help tech startups to build such roots among students. The IT trade association is currently focusing on the selection process of top US universities; it will be announced soon which universities are chosen, however, at present Nasscom hasn’t revealed the names of the universities they’ve approached yet.
According to Nasscom, achieving this goal required some time. Nasscom’s chairman told Money Control in a recent interview that “Silicon Valley did not develop overnight. It takes them 30 years to get to where they are now ” “This was made possible only by the excellent quality of academia-industry research collaborations in the United States. This is what we have to do in India as well.”