Chennai: There was no dearth of talent in India but the future of Information Technology was in innovation, NASSCOM President Kiran Karnik said today.

In his keynote address at the annual HR summit here, he said there was a need to change the process itself. While companies could sustain in the short term by making available cheaper and better products, it was imperative for adopting innovative methods in their practices for companies to sustain in the long run.

Mr Karnik said since innovation had to come from young people, it had to be bred at the university level by providing the right atmosphere and making available the right input.

Marketing and monetising of such innovation must be possible, he said and called for greater interaction and mutual cooperation between the industry and the academia.

”Incubate and foster innovations, which is valuable in terms of economics and how to bring to bear the industry’s expertise on innovation gains importance.” Confirming an enthusiastic response from the academia, Mr Karnik said NASSCOM had signed MoUs with AICTE and UGC, giving momentum to its ”IT Workforce Development Initiative.” From the industry’s point of view, he said the need was to work with academia for its own interest.

On the government’s role, he said while funding was welcome, the government as a facilitator, could also provide the cushion of rules and regulations periodically for enabling the forging of private and public partnerships.

Anna University Chancellor D Viswanath, in his address, highlighted that the fundamental resource was in having a knowledge pool. Like a harbour providing a base for flow of goods, there was a need for a knowledge harbour.

He said focus areas would be communication, perfect management and resource management and train adequacy to excellence through these qualities.

Universities like Anna Varsity could contribute through activities like internships, post-doc programmes and data sharing to cater to global increasing demand by providing adequate supply of young talent.