AUGUSTASIA BUSINESS OUTLOOK9IMPACT OF DYNAMIC KNOWLEDGE CAPABILITIES IN MULTINATIONAL INNOVATION ECOSYSTEMSToday the global Information Technology industry offers immense opportunities for industry players owing to increased IT spending in sectors like healthcare, transportation, retail, etc. The global market for IT industry is expected to reach an estimated value of US $2,147 billion by the year 2022 with a Compound Annual Growth Rate of around five percent in a span of five years ranging from 2012 to 2017. Global Outsourcing countries like India, Vietnam, China and the Philippines are pivotal to the global industry as they provide skilful and relatively inexpensive manpower to the industry. The key competencies developed by Information Technology sector in India have placed it on the international canvas, there by transforming image of the country on the global platform and facilitate its emergence as the largest sourcing destination for IT industry worldwide. Information Technology sector has contributed remarkably to India's foreign reserves and presence in the global landscape in terms of qualified workforce and exports in the sector, thereby signifying the huge potential the industry holds in the global arena.The Concept of Innovation EcosystemsInnovation ecosystems foster an active flow of information and resources that allows ideas to become a reality. We are creating a process through which more innovators and entrepreneurs can develop and launch solutions to real-world problems faster. This process fosters expertise in new areas, aids in economic diversification, and enables businesses to meet their customers where they are. Furthermore, an innovation ecosystem allows for economic stability and resource sharing. Furthermore, an innovation ecosystem allows for economic stability and resource sharing and innovation ecosystem allows for economic stability and resource sharing. Driving Innovations, Leveraging Technology in Indian Business EcosystemDue to innovation ecosystems Indian startups are also generating employment and opportunities. However, we must not forget that they are also developing new technologies that are applicable across industries and audiences. They are communicating with everyone in the ecosystem, identifying key partners, and transforming in-kind and monetary investments into tangible products that will change the way we all live, work, and play. The value of an innovation ecosystem is found in the availability of resources for startups and the flow of information for ecosystem stakeholders. This information flow opens up more investment opportunities for the right institutions to connect with the right ideas for their businesses and portfolios at the right time and for the right reasons. The success of Indian startups is becoming increasingly dependent on skills & experience. Innovation ecosystems are subsystems of innovation meta-networks and knowledge meta-clusters that serve as building blocks for the knowledge IMPRESSIONSBy Avinash Barik, Asia Business Outlook Staff
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