Non-resident companies in India contributed to 79.1% of the total number of patents in 2012, according to World Intellectual Property Rights Organization (WIPO).
Speaking at an event here, Sandeep Kejriwal, Chair of NASSCOM Bangalore GIC Chapter and CFO, EMC Corporation, India Center of
Excellence said that this was a resultant of significant change in expectations of their parent companies. “In the case of Globalise, Innovate, Collaborate’ (GIC) Impact on Business Outcomes” ranked 2 after “Cost and productivity”, he said quoting a 2012 McKinsey survey.
He added that these insights ascertain continued and increased dependence of parent companies on GICs for customer experience and additional revenues. He said that though India ranks 7 with filing around 42,000 patents in 2011, it accounted for a little over 2% of the total patent filings worldwide.
He added that a small country like Israel had 7,000 patent filings which had made them a lucrative destination for Venture Capitalists.