Compassites, Creating an Ecosystem of Innovation Date:   Friday , July 31, 2009 “We are an ideation company – translating good ideas into business realities,” says Naveen Lakkur, Co-Founder and CEO, Compassites Software Solutions. The company, primarily engaged with entrepreneurs and enterprises in innovation and intellectual property development, tells a different story in the Outsourced Product Development (OPD) space. While other players in the OPD realm focus on developing products for other product companies, Compassites targets ideas and believes in walking the entire stretch of the journey from idea to reality. In Compassites even a simple one liner idea is incubated and nurtured throughout the development life cycle into a business reality. It’s amazing to see how an idea spins off into a company. However, Compassites is not ready to take up all ideas that come to it. Ideas should make business sense too. With its Ideation Framework, Compassites not only validates the potential of an idea but also helps transform it into a business reality. In a recent engagement with iCharts, a German startup that helps build interactive online charts, Compassites saw tremendous potential in the idea. It not only engaged with iCharts in terms of partnering for technology but also brought the company to the U.S. market where it was recognized as one of the 50 best startups by TechCrunch last year. “iCharts has been leveraging Compassites, which helped iCharts launch its initial product offering, as its key partner for R&D. Not only has Compassites proven to be a highly reliable and dedicated partner, but it also has been more than essential in helping iCharts deliver a robust and world-class product. Compassites’ partnering model has proven to be a very effective and intelligent way of helping startups like iCharts get off the ground,” says Seymour Duncker, CEO, iCharts Inc. “At the end of the day, all I want to do is build an ecosystem that nurtures innovation,” says Lakkur. It was with this passion to foster entrepreneurship and enterprise innovation that he co-founded Compassites three years ago in Bangalore. With a prime focus on the mobile and Web 2.0 space, Compassites has already been instrumental in shaping up three companies in the Web 2.0 space, and six startups. Compassites’ edge in new age technologies and specialization in innovation has helped it identify a crucial market with both young startups and established corporates. A large Indian Loyalty Management Services company has found a technology partner in Compassites. It developed a new age portal for the company, which is set to be launched in August 2009. “It has been a great experience to work with Compassites. Our new Web portal has come out very well and will go live soon. The Compassites team has been very responsive and used the right set of technologies to deliver the product,” says Suresh Kumar, CTO of the company. Today, its credibility in churning out successful companies and expertise in new age technologies are the biggest strengths that help the company in attracting new clients. “There is a huge market for new age technology in OPD, easily topping $20 billion globally. The last one year has been great for Compassites in terms of expanding its presence amongst several Indian players,” explains Lakkur. Compassites has a talent pool of new generation technology experts who constantly fine tune their knowledge antennae by ceaselessly updating themselves on technology trends. In their pursuit of excellence, they go beyond the code to help their customers by advising and guiding them on the market demand dynamics, and providing valuable thought leadership by the active and influential board members. At Compassites, fostering entrepreneurship and ideas holds true not only for its clients but also for its own people. The company strongly encourages ‘intrapreneurship’ among its 60 plus strong team and has even seen a startup branch out from within. “We realize that we are not just developing a product but nourishing a dream; the dream of someone being an entrepreneur,” explains Lakkur. For Lakkur, one of his dreams is to foster 100 successful ideas into business reality and with Compassites’s distinctive model he might just do that.