Two entrepreneurial ventures, started in and incubated at Mindtree Ltd., are now not only catering to over 10 clients each and making revenues for the mid-sized software services exporter but also on the brink of being viable market-ready products.
Mindtree will, in the “coming three to six months”, consider opening up, spinning them as independent ventures and getting aboard external investors for the two promising projects that are currently in the field deployment stage.
The company has so far invested $4-5 million in the two ventures — one cloud management and security offering called VMUnify and a digital surveillance and video analytics product.
These projects have been incubated in the products and platforms vertical, under a programme called ‘5 by 50’.
“The idea is that the company supports any idea that we think can be a $50 million dollar business in five years,’’ according to Janakiraman S, CTO at Mindtree, who was speaking on the sidelines of the company’s annual tech event Osmosis.
The second phase of ‘5 by 50’ is now on, with Mindtree choosing three of 260-odd entries.
“The idea was to support those in our company who may want to be entrepreneurs and create business opportunity but want to minimise risk,” Mr. Janakiraman said.
Mr. Janakiraman believes that projects like these will help differentiate Mindtree, a company that is “nimble and agile enough to take risks”, and that this will pay off well in the long-term.
“Mindtree has been growing organically in a very linear way. That is the nature of services—here we are trying to break away from it and create non-linearity, which needs the company to take risks. We feel we have reached a level of maturity to be able to take such risks.”