Dutch electronic chip firm NXP expects contribution of startups to its Indian business to grow 10 times in the next three years under its new strategy to push innovation in the country.
“As per the Innovate India approach, we will have various things from our side from time to time. We cannot open multiple fronts at one go. From IoT (internet of things) and Wearable, for NXP as business it should go by 10 times in 3 years of what we get from startups,” Ashok Chandak, Senior Director, Global Sales and Marketing for NXP Semiconductors told PTI.
The company has launched two electronic platforms – WaRP7 and Hexiwear – which are like motherboard with some electronic chipsets like processor, sensors, chargers that startups can use for building prototype of their wearable or any other product that can be connected to internet.
“We want endless innovation to come out of it. Not only giving a platform. We are talking to some startups and lot of ideas have came out like testing of toxic in area, vehicle tracking, etc. Prototype and testing can be done using our platform and then decide on form factor. This will reduce time to go to market,” Chandak said.
He said WaRP7 and Hexiwear will be available on e-commerce platform.
Chandak said this initiative can bring down the cost of smart wearables in India where raw material cost is just 20-25 per cent and rest is the design and marketing cost.
The platforms launched by NXP can be linked with 200 more electronic circuits or boards to create differentiated products, he said.
“As part of marketing approach and distribution strategy, I am trying to work with some incubation centres in the country. As part of digital marketing campaign we have 8 distributors in the country. With this, we have 700-800 staff in the field to reach out to startups,” Chandak said.
NXP will also provide technical support to startups under the project and connect firms with venture capitalists and other investors if required, he said.