TCS launches next version of innovation initiative
Business Standard — June 6, 2006

Tata Consultancy Services (TCS) announced that it has added innovation partner network and corporate technology board models in its latest version of innovation initiative, Innovation 2.0, which was launched in the first week of April.

Addressing a press conference, K Anantha Krishnan, chief technology officer, TCS, said that in its earlier version, the company had set up innovation labs.

Under Innovation 2.0, the company recognises that innovation would evolve through a networked model, fostering close relationships with current market leaders and companies with disruptive technologies or business models.

"There was a shift in the mindset in this process. While we continue to invest in people and processes, we will also establish contacts with innovators in the world," he added.

The innovation initiative of the company will be owned by corporate technology office (CTO), which will enable, govern and invest in sustaining innovation as well as disruptive innovation (this results in potentially radical changes and creates an entirely new value proposition).

CTO, which will comprise 12 technology experts from TCS, will govern ongoing investment in internal research and development, collaboration with TCS Partner Ecosystem including emerging technology companies from Silicon Valley and other 'hotspots' that include Israel, Boston in US, London, Bangalore-Chennai-Hyderabad region and China, as well as joint investments in academic research.

The board, which will oversee the executive arm of CTO, will meet every quarter. TCS partners from the innovation ecosystem and young people in TCS would also be invited to the meeting of the Board to make presentations on their new ideas.

As part of its strategy to update its existing initiatives, the company plans to set up five more innovation labs for engineering and automotive technology in US, financial services technology in US, banking technology in Bangalore, retail technology in Chennai and airline technology in Chennai.

It has set up three labs — telecom, convergence and media labs during this year, taking the total number of labs to 11.

It has also tied up with a number of companies for various innovation activities. Last year, the company spent about Rs 40 crore on research and development worldwide.

TCS established Tata Research, Design and Development Center in 1981, the first research institution in the IT services industry in India, to sustain the innovation wave in the country.