Nasscom Product Conclave, Hyderabad starts with a keynote session by Dr. B V R Mohan Reddy CEO and founder of Infotech Enterprises5 years ago Dhivya
StartupHyderabad is currently at the Nasscom Product Conclave 2014, Hyderabad at The Trident, Hitech City. The agenda for the day is packed with industry experts sharing their insights on the Product and Tech Industry of India.
Dr. B V R Mohan Reddy, the first keynote speaker for the event, is the CEO and founder of Infotech Enterprises, a global engineering services company. For complete bio, click here.
Infotech Enterprises provides leading-edge engineering solutions, including product development and life-cycle support, process, network design and optimization, and data management solutions to major organizations worldwide.
The session commenced with him discussing about “Need of Product Companies in India’s Growth”. DR BVR Mohan Reddy started by stating that amongst a whopping amount of $1.2 trillion industry of Global Software Products Industry, India contributes around $2.2 billion. India has a potential to build $100 billion software product industry by 2025. So, does India actually hold the potential and opportunities that is capable of such a huge rise?
Dr Reddy believes that India has now made a transition to an experienced economy from a novice stage. Since the demand for products have increased in the economy now, there is a lot of disruption in the innovation. He says that this disruption is capable of going either way but that’s a leap that every organization must be ready to do. Software market disruption consists of:
- Delivery Model
- Revenue Model
Disruptions have made a major impact and so has the rise of digital marketing. Dr Reddy seems to agree with Ravi Gururaj when he told that he wished he could start his career now with all the better opportunities. A nexus of converging digital forces (i.e) social media, mobility, cloud and analytics is creating a hot bed of opportunities.
Challenges that India could face:
Though India has been growing steadily, several challenges have constrained the growth. Some of the main challenges have been:
- Talent Starvation
- Initial Investment/cash flows
- Low presence in global packaged software markets
So what are the recommendations that will help India overcome these challenges?
The first step would be to leverage existing resources by using the rich leadership skills, capturing entrepreneurial aspirations and identifying research work. Dr Reddy has recommended that a diverse founding team of technical and business skills and an early funding support of atleast Rs.5 Lakhs by the Government will definitely help the challenges submerge.