Silicon India : Compassites, Creating an ecosystem of innovation

This article appeared on SiliconIndia. It was written by Vimali Swamy Menon on 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.

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