According to its CEO and managing director SD Shibulal, India-based software major Infosys Ltd is planning an innovation fund to the tune of $100 million in order to focus on new ideas, products and platforms.
The new fund aims to promote new ideas not only within the company but also aims to fund innovations coming from outside the organisation.
“We have many employees having innovative ideas working for us, but these ideas cannot be expanded on the premise. So we have decided to pick these ideas, invest in them to develop them and spin them off,” Shibulal told reporters at a Press conference in Bangalore after announcing the quarterly results.
Infosys as not shared any formal plans as to how the investment will work and what is its structure. This is not the first time that Infosys is announcing such funds. In fact, Infosys already had a few successful spin-outs such as the VAS firm OnMobile and Boston-based Yantra Corp, a management solutions company which was acquired by SBC Communications for $170 million.