 The last 18 months have been definitive for the global economy. The economic downturn in many ways led to structural changes and changed our world forever. As we see signs of recovery there is renewed hope, but it is clear that we would need increasingly new approaches and new business models to serve society.
It is believed that necessity drives change and innovation and this has been evident during this period. While the industry’s resilience was tested, it responded by working on one hand on optimizing cost and efficiencies, but on the other hand, this was also the time to relook and re-evaluate traditional approaches. Innovation became the mantra of companies to not only create more value for customers by creating new solutions, but also for themselves through creating non-linear revenue models. Even the clients faced new challenges and sought greater value from their partnerships, allowing the flexibility and space for the IT-BPO Industry to innovate. With the evolving Indian domestic market and the need for Government-to-Consumer services finding new ways to leverage ICT for inclusive growth, the last also saw emergence of several small and new innovative companies. The proliferation of connectivity and penetration of mobile phones has also provided a new platform for innovation. Despite of the downturn, angel, venture capital and private equity funding continued to be available to fuel innovation. In 2009 we had larger participation in the innovation activities. This booklet covers many of those who showed freshness in approaches and creation of Intellectual property besides a new breed of startups. We are sure there are many more innovative companies who missed our attention.  | 
