FORMCEPT Emerges as a Winner in the Economic Times Power of Ideas 2012
Posted Nov 20 2012 11:16am
(1888PressRelease) FORMCEPT, one of India's pioneering organizations in the Big Data analysis space, has emerged as the Winner at the Economic Times' Power of Ideas Contest 2012. FORMCEPT's idea of a scalable, cutting edge Big Data analysis platform has been pivotal in winning them the accolade at this prestigious competition.
Bangalore - Bangalore-based start-up FORMCEPT, a provider of innovative solutions in the Big Data space, is amongst the top 20 selected winners in the Economic Times' Power of Ideas Contest 2012. This competition conducted in association with the Department of Science and Technology (DST) and IIM-Ahmedabad's Centre for Innovation, Incubation and Entrepreneurship (CIIE) is India's biggest springboard for entrepreneurs with pioneering business solutions that are scalable and adaptable to the international markets. The Indian business ecosystem is witnessing significant innovation from the entrepreneurs and such competitions help them get the recognition and guidance from the industry.
FORMCEPT was selected after a rigorous selection process that involved an eminent panel shortlist the top ideas from over 14,000+ applications received from across India. As a winner, FORMCEPT received a grant as well as a letter of intent for seed funding. Talking about the recognition received, Mr. Suresh Srinivasan, co-founder of FORMCEPT said "Emerging as a finalist in such a prestigious competition is a great achievement. It is also a vindication that our business idea of providing cutting-edge big data analysis platform in the retail and recruitment space is a very scalable one."
FORMCEPT is one of India's first home grown technology platforms in the Big Data market that leverages most popular open source technologies and supports Streaming, Interactive Analysis and Batch Processing. The Big Data market in India is projected to grow from $200 million to $1 billion by 2015 according to a recent study released by NASSCOM and CRISIL. The global market is estimated to grow from the current $8 billion to $25 billion by 2015. Explaining the opportunity Mr. Srinivasan added, "As organizations realize that data is an invaluable asset, they will progressively start leveraging Big Data analysis to succeed in highly competitive business environment".
About FORMCEPT: FORMCEPT is one of India's leading Big Data analysis organizations. Their endeavour is to offer actionable insights to everyone - an enterprise, an individual or a device. They have designed high-tech solutions that are available both as installable products and as Software as a Service (SaaS).