IT lobby sets up NASSCOM Launchpad in New Jersey to promote cross-border trade

The National Association of Software and Services Companies (NASSCOM) has virtually launched a platform in New Jersey to facilitate cross-border partnership.

Set up in collaboration with Newark-based coworking space VentureLink@NJIT and non-profit organisation Choose New Jersey, NASSCOM Launchpad is expected to promote technology-based foreign direct investment (FDI) and improve global competitiveness in both geographies, a statement said.

NASSCOM Launchpad will provide a platform for member companies to use it as a home base to explore business opportunities in New Jersey and the greater New York area, the statement said. Firms will also get an understanding of market opportunities in the New Jersey technology ecosystem, and assistance with site selection, government regulations, incentives and tax planning to establish permanent operations in the region while operating from their home location in India, it added.

This is yet another milestone programme for NASSCOM that will act as a prominent catalyst for the global expansion of Indian IT companies, Shivendra Singh, vice president of the lobby body, said. 

“In the wake of the current pandemic, it is challenging to engage potential partners. While things normalise, it is imperative that business interactions continue in the new normal. Through this virtual platform, NASSCOM is enabling member companies to develop partnerships with US-based companies. I am confident that this programme will boost opportunities available for Indian companies,” he said.

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The IT industry lobby expects about 20 companies to utilise the platform in the course of a year.

“Companies gain access to expert guidance and mentoring, unique networking opportunities and the vast resources of a top polytechnic university. And we, in turn, are introduced to some of India’s leading software and services companies,” Simon Nynens, CEO of New Jersey Innovation Institute (NJII), which oversees VentureLink@NJIT, said.

Separately, NASSCOM released a report last month, which showed that nearly 6,000 internet of things (IoT) patents were filed in India between 2009 and 19, of which over 5,000 were filed in the past five years. 

More than 70% of the total patents filed in India were from research and development centres of global companies, while Indian companies and startups accounted for only 7% of patents, it said. Over 40% of the total IoT patents filed in India were granted, with global companies accounting for 90% of them, it added.