OI is rapidly gaining traction in India’s technology sector and is recognized as a crucial driver of innovation and growth. The report “Open Innovation: The Catalyst for Transforming India’s Technology Ecosystem,” jointly published by nasscom and Avasant, delves into the Indian OI landscape and its potential to shape the nation’s innovation landscape.
OI is proving to be a game-changer for Indian technology startups, investors, and corporates. A survey of over 130 stakeholders revealed that more than 80% of corporations have experienced positive impacts, including revenue growth, efficiency improvements, and cost optimization, within three years of implementing OI programs. Similarly, over 80% of startups reported revenue and valuation growth within the same timeframe.
Corporates are reaping significant benefits from OI by tapping into a diverse pool of external ideas and problem-solving capabilities, leading to a broader range of innovative solutions. Companies that embrace OI are 1.25 times more likely to introduce breakthrough products or services. OI is also accelerating the time to market for startups by up to 70% through early-stage external collaborations. Collaborative programs involving startups, academia, and corporates are driving revenue growth, expanding customer bases, enhancing operational efficiency, and optimizing costs.
Academia is also benefiting from OI collaborations with corporates and startups, gaining opportunities to apply research findings to real-world problems. Technology and research consortia further enhance academia’s ability to collaborate with other institutions and industry players in joint research initiatives. The survey findings indicate that academia provides a significant advantage in terms of resources for innovation, encompassing knowledge, networks, and skills. Startups that form partnerships with academia experience a 50% faster scaling rate, while corporates engaging in collaborations with academia can expedite product development by 20%.
OI is emerging as a transformative force in India’s technology ecosystem, fuelling innovation, growth, and collaboration among various stakeholders. By embracing OI, Indian technology companies are well-positioned to achieve global leadership and drive technological advancement across the country.