This article appeared on Silicon India. It was written by Jaya Smitha Menon on August 1, 2007
Compassites tells a different story in the Outsourced Product Development (OPD) space. When the other players in the OPD realm focus on developing products for other product companies, Compassites targets ideas. The company focuses on transforming ideas into web based business applications using next generation technologies. Naveen Lakkur, the CEO of Compassites bets on ideas and quotes Napoleon Hill, “Ideas are the beginning point of all fortunes.”
With a passion to foster entrepreneurship and create a company with a robust foundation of values, Compassites was founded a year and a half back by Lakkur and a three member team. Within 18 months of inception, Compassites has already been instrumental in shaping up three companies in the Web 2.0 space, and six startups. They are powered by innovations backed by cutting edge technologies like Web 2.2, Ruby on Rails, and PHP among others.
The edge in new age technologies has helped Compassites identify a crucial market in the OPD space. It decided to follow a different route, which is developing products with new age technology for established bigger corporates. This is done by engaging the corporate strategic initiatives by taking an idea and making it into a reality. The credibility in churning out successful companies and expertise in the new age technology have been their biggest strengths in attracting clients in the OPD market. “There is a huge market for new age technology in OPD, and studies reveal it to be a whopping $20 billion industry globally,” says Lakkur.
Yet another area in the OPD space which appeals to Compassites is enterprise solutions. It is becoming very important for ERP solutions worldwide to have a web interface and Compassites is focusing on cashing in on this potential. “Even the main players in the OPD space are slowly moving to the web space now. All product companies need to adopt the web interface and have methods and ways to leverage on this,” says Lakkur. Compassites aims to take up such products and use its expertise in the next generation cutting edge technologies that are high differentiators in the industry.
Talking about fostering entrepreneurship and ideas Lakkur says, “We are an ideation company.” “Ideation to us is alchemizing an idea into a business reality,” he adds. In Compassites even a simple one liner idea (after getting validation from the expert team) is incubated and nurtured throughout the development lifecycle into a web based business application. It’s amazing to see how an idea spins off into a company. “We realize that we are not just developing a product but nourishing a dream; dream of someone being an entrepreneur,” explains Lakkur.