Need to spur product innovation in India: Expert

Bangalore, March 27 (IANS) Product innovation is lagging behind in India in software and hardware space as the ecosystem for driving it is still in the development stage, an industry expert said Tuesday at a technology conference here.

"A lot of innovation has been happening in the services domain in India but not in the product space as the ecosystem has to be developed to harness the existing and emerging technologies at multiple levels," CyberMedia publisher Pradeep Gupta said at the inaugural session of the fourth Emerging Technologies (Emtech India 2012) conference.

Calling for nurturing the ecosystem of innovation in product space, Gupta said Indian companies and entrepreneurs should take advantage of the developments in computing, cloud, communications, bio-technology, healthcare, nano-technology and energy sectors to create applications and solutions that will find markets worldwide.

"We hope to see more and more innovation happening in cities like Bangalore, which is considered as the innovation hub. There is a need to infuse the spirit of innovation to hasten development cycles and roll out time-to-market products," Gupta told about 500 delegates participating in the two-day event.

Noting that companies that innovate and focus on technology would emerge as change agents and leaders, especially in the current economic scenario, Technology Review India editor E. Abraham Mathew said no matter the problem, technology would be a part of the solution.

"As technology is applicable worldwide, innovative products and solutions should be developed for global markets to stay ahead of the competition and sustain business growth," Mathew said.

The conference focuses on emerging technologies and innovations that could impact businesses globally.

About 20 Indian innovators under 35 years will showcase their products and technologies during the event.