Start-ups will drive innovation: Study

government initiatives and budgeting,as per the study conducted by Zinnov Management Consulting,a leading globalisation advisory firm.

According to the study,India today is at the cusp of becoming an epicentre for global innovation,which is driven by the timely amalgamation of multiple factors viz domestic market,global aspirations of Indian firms and the need for innovation to succeed.

While the private sector has always rooted for technology adoption,the government too seems to be making the strategic shift. The Indian Government has earmarked USD 9 billion for investment in IT initiatives over the next five years; 12 percent y-o-y rise in IT spending allocation to States.

8220;The next decade will play a crucial role in the evolution of India8217;s IT ecosystem,which will also have a significant bearing on the innovation growth story,8221; Pari Natarajan,Co-Founder amp; CEO,Zinnov Management Consulting,said.

Highlighting the synergies that have also spurred the MNC amp; Start-up ecosystem in India,the study says India has over 2,50,000 professionals working in Ramp;D related services across captive centers and service providers.

The study also takes note of the contribution of second generation entrepreneurs in India.

Successful IT company founders like Narayana Murthy and Azim Premji have started venture funds to encourage entrepreneurs resulting in the growth of the start-up ecosystem,the study states.