New Delhi: Mid-sized IT firm Cyient is incubating around 15 technology concepts ranging from radars to wearable medical devices as it looks to “nurture internal innovation”, its founder and Executive Chairman BVR Mohan Reddy said.
The company is incubating the technologies under its New Business Accelerator (NBA) programme.
“Technology innovation underpins the long-term success of any company. We launched the NBA initiative in FY18 to nurture internal innovation, something we believe is vital to the organisation’s future success,” Reddy said in the company’s annual report 2017-18.
He further stated that NBA — which is currently incubating around 15 technology concepts ranging from radar technology and wearable medical devices to Internet of Things (IoT) platforms and grid analytics — is also simultaneously cultivating design thinking and fostering entrepreneurship within the organisation.
The report pointed out that NBA is focussed on identifying and commercialising new solutions with an emphasis on emerging technology and innovation.
BA operates as an internal incubator and offers an intensive, startup-like environment to develop technology-led solutions. NBA invests in and collaborates with academia, enterprise, and expert networks to bring compelling, innovative ideas to life,” it said.
The company has roped in Jan Radtke as Vice President and Head of NBA to spearhead the new business unit.
“A percentage of our revenue has been budgeted for NBA and we are currently developing solutions as part of this initiative. While this involves significant investment in the short-term, we are confident that this will help us accelerate our revenues in the future,” Cyient Managing Director and CEO Krishna Bodanapu said.
Cyient had posted a revenue growth of 8.6 percent at Rs 3,917.5 crore during the fiscal. The company spent Rs 6.5 crore on R&D in 2017-18, as against Rs 2.4 crore in the previous fiscal.
The company is also making corporate venture investments to gain access to new sources of technology and innovation as it looks to provide further momentum to its services and support long-term revenue and financial goals.
“By proactively engaging with the start-up ecosystem, Cyient is identifying and investing in early-stage startups that can become potential partners, suppliers, or even future acquisitions,” Reddy said.