Wipro, India’s third largest IT services exporter, has funded 15 new business ideas during FY17 which were incubated by the employees themselves. These internal ventures, which were incubated, focused on emerging technology areas such as artificial intelligence, digital and internet of things (IoT). According to the regulatory filings by the company, this initiative is part of Wipro’s Horizon programme which is focused on driving organic incubation in emerging areas covering products, platforms, solutions and capabilities.
The Horizon programme encourages the employees of Wipro to come out with business ideas in their respective verticals which, if found feasible will be funded with the focus on generating revenues over a period of time. The key areas where Wipro is incubating such ventures are AI, cloud computing, cybersecurity, digital experience, digital marketing, automation and IoT.
Wipro CEO Abidali Neemuchwala in an analyst call following its fourth quarter results of FY17 on the Horizon programme said, “We successfully delivered around 40 proof-of-concepts and pilots proactively to our existing customers to drive the innovation agenda for our key clients.”
Many of these internally incubated ventures are already generating revenues for Wipro.
This initiative by Wipro is part of its strategy to engage with the broader eco-system especially in the area of emerging technologies. The IT major has already created a $100 million corporate venture capital fund called Wipro Ventures which is aimed at investing in cutting edge start-ups in areas such as digital, IoT, big data, open source, cybersecurity, fintech and security, supplier collaboration platform and AI.