An excellent article in MIT's Technology Review details the current status of the IIT Bombay backed KReSIT's IT incubation centre. The centre's aim is to promote R&D in India, and opens up avenues for the students to establish their own entrepreneurial ventures that concentrate on innovation and creativity. A related story can be found here.
Three years ago, in an effort to slow this exodus, IIT Bombay (it retains the name Bombay even though the city is now called Mumbai) set up an information technology incubator at the Kanwal Rekhi School of Information Technology, or KReSIT. The incubator is slowly building a culture of entrepreneurship by encouraging IIT's best and brightest to stay in India. The IIT connection ensures that these startups concentrate on high-value areas such as building intellectual property and products. This stands in contrast to the many Indian companies that focus on software services and business process outsourcing—the activities that are causing a U.S. backlash against India.
Swadeshi? Swaraj? Anyone?
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