Compassites - Switching Ideas into Commercial Reality Date:   Friday , September 03, 2010 One of the biggest venture capital associations in the U.S., National Venture Capital Association (NVCA) was searching ways to get more viewership for their research reports. When they realized the need of using charts to embed the information effectively, they came across iCharts, which has a solution to visualize data by creating interactive charts. Now, with iCharts’ interactive charts, NVCA is getting more viewers for their data - such kind of opportunities became common for iCharts and they even won global recognition. The appreciation that iCharts was winning in U.S. was because of the minds that are working far away from U.S. - in the labs of Pune and Bangalore. It was Bangalore based ideation firm Compassites, who helped the team behind the California based iCharts on the process of setting up their dream enterprise. By taking their idea to a business reality, Compassites helped iCharts to launch their initial product offering. In the OPD (Outsourced Product Development) realm, Compassites has a compelling story to communicate. When other players in this domain focus on developing products for other companies, Compassites moves one step ahead by not only developing the product but also nourishing some more ideas. Naveen Lakkur, Co-Founder and CEO, Compassites says, “We are lending a hand to the budding entrepreneurs to realize their dreams by taking their ideas from concept to reality.” They incubate even a simple idea throughout the development life cycle into a commercial reality, but not ready to take up all the ideas that come to it. The idea should make some business sense too. “We evaluate whether an idea has a business potential and look at the key areas where the clients can grow,” explains Lakkur. Many people nourish the dream of becoming an entrepreneur, but in turning their business idea into a reality, many of them face challenges in translating action to business reality. Even if they have a good business idea, they may fail to make it to a commercial reality. Here, the OPD players can play well by taking the idea to a product. Realizing the opportunities that are untapped in the OPD market, Compassites started its journey in 2005 with an aim to encourage entrepreneurship and build new ventures through outsourced product development. Compassites acts as the real promoter for budding entrepreneurs. In order to assist in their entrepreneurial venture, Compassites’s eco-system of business guidance, technology consulting and implementation, usability & user experience, Quality Assurance, patenting, funding and incorporation of companies can be successfully leveraged in translating business idea to reality – in bootstrapping companies. The key point of Compassites’s success is that they do not disassociate the customers after developing the intellectual property, rather continue to be a part and parcel by taking up equity in the budding companies. Thereby, truly sharing the risk and imparting their passion to make the new endeavor successful. For the last four and half years of Compassites life, it has materialized 14 ideas into reality for entrepreneurs and enterprises. Compassites also play a very significant role in the implementation of the business model. “Business model innovation is where Compassites participate. That is a part of consulting side of the game,” explains Lakkur. Today they have some successful names like iCharts, Odondo, Jiffle, Authentix, i-mint, Suggestica and Rawsugar as their key clients – with Compassites donning the role of technology partner. For any organization, employees are its core competence. As part of ingraining and inculcating entrepreneurship to its employees, Compassites promotes programs like COACH (Compassites On A Cause for Help) - a social program run by the employees organized every quarter. With only 60 + employees on their board, Compassites tells a different story in the OPD space i.e., Ideating your business dreams into reality.