iSPIRT envisions India as a Product Nation

  • Hon’ble Union Minister for Communications and Information Technology, Mr. Ravi Shankar Prasad absorbs the vibrancy of the software product industry during his maiden visit to Bangalore, after assuming the portfolio

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    iSPIRT envisions India as a Product Nation

    Hon’ble Union Minister for Communications and Information Technology, Mr. Ravi Shankar Prasad absorbs the vibrancy of the software product industry during his maiden visit to Bangalore, after assuming the portfolio

    INDIA, Bangalore, July 1, 2014 – The Founders of the Indian Software Products Industry Roundtable (iSPIRT) and software product industry stalwarts today presented a blueprint to develop India into a software product nation to Union Minister for Communications and Information Technology Mr. Ravi Shankar Prasad.

    Speaking informally to journalists on the occasion, Mr. Prasad expressed his delight at the vibrancy of the software products industry and encouraged entrepreneurs to build products that would support the nation building efforts of the Government.

    Making a strong pitch as to why branded software products can transform the face of India, Mr. Sharad Sharma, Member of the Founders Circle of iSPIRT said: “The software product industry is an enabler for many other industries like Defense, Electronics and Communications. Naturally, a healthy software product industry brings endless possibilities to the country. The creation of 100,000 Software Product Companies in India can potentially lead to direct and indirect employment of 3.5 million people and the creation of $500+ billion in market value in a decade.” We should aim to create the next Facebook, Google or Whatsapp out of India, he added. Software products have a clear role in shaping various core sectors of the economy including agriculture, education and healthcare and bring efficiencies and cost benefits to the masses.

    Earlier, Mr. Mohandas Pai, Chairman of the Manipal Group of Education, introduced 100 disrupters and showcased 10 disruptions that made passionate presentations on how software product companies solve India’s hardest problems. Mr. Naveen Tewari, Founder and CEO of InMobi and Mr. Bharat Goenka, Founder and CEO of Tally Solutions led a roundtable discussion on policy initiatives that could transform the industry and lift the performance of 30 million small enterprises plus create a thriving start-up environment, generate employment and build a multi-billion dollar market.

    Arguably, the software product industry has already made a global impact with companies like Zoho, InMobi, Tally and QuickHeal creating an enviable market leadership in their own respective segments. Virtually every year, a billion dollar company by valuation is created. In recent times, hundreds of well-qualified and innovative professionals are leaving IT Services and joining the software product start-up ecosystem. Add to this about 15-20% of new engineering graduates from marquee colleges are now electing to be part of Software Product companies. With the much needed policy changes brought in by the Government, there is little doubt as to why India cannot emerge as a global Software Product industry leader in times to come.

    About iSPIRT

    iSPIRT Foundation connects and guides software product entrepreneurs and catalyzes business growth. It’s an enabler of a stronger ecosystem. We encourage buyers to improve performance by leveraging software products effectively. We advise policy makers on interventions that can set the industry on a higher growth trajectory. We are a not-for-profit industry think-tank founded by key participants and proponents of the Indian software product industry. For more information, visit www.ispirt.in

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