Tata Communications to spend $17.5 million to fund market changing ideas1 min read . Updated: 16 Nov 2014, 04:58 PM IST
Ideas have the potential to turn into multi-million businesses, says Tata Communications
New Delhi: Threatened by start-ups and new-age companies, Tata Communications plans to spend as much as $17.5 million (about 108 crore) over the next two years on funding 10 ideas that have the potential to turn into multi-million businesses.
The firm, part of the over $100 billion Tata Group, already runs a programme -- Moonwalks—to concentrate on exploring new industries and subjects. “We are constantly being threatened by new ways of communication from start-ups and new generation companies. We believe the process of innovation begins with curiosity and a desire to learn," Tata Communications MD and CEO Vinod Kumar said in an interview in the Tata Group’s in-house magazine.
The idea is to get people comfortable with something they know nothing about, he added. “We invite our people to submit ideas that have the potential to become a $200 million business within 10 years and touch billions of people," Kumar said. The best ideas are selected and then coached to implement these ideas, he added.
“My goal is to have 10 different incubations going on within two years. We have $10 million of capex and $7.5 million earmarked for the programme," he said.
Started early this year, Moonwalk is experimenting with ideas like artificial intelligence and machine learning, 3D printing and manufacturing, intelligent networks, alternative energy sources and healthcare.
Tata Communications’ portfolio includes transmission, IP, converged voice, mobility, managed network connectivity, hosted data centre, communications solutions and business transformation services.