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FORMCEPT wins Economic Times Power of Ideas award

Bangalore-based start-up FORMCEPT,
which provides solutions in the Big Data space, has emerged as the winner of
Economic Times’ Power of Ideas Contest 2012. The company’s idea of a scalable,
cutting edge Big Data analysis platform has been pivotal in winning the award.

Bangalore-based start-up FORMCEPT,
which provides solutions in the Big Data space, has emerged as the winner of
Economic Times’ Power of Ideas Contest 2012. The company’s idea of a scalable,
cutting edge Big Data analysis platform has been pivotal in winning the award.

FORMCEPT emerged as among the top 20
selected winners in the forum. The competition was conducted in association
with the Department of Science and Technology (DST) and IIM-Ahmedabad’s Centre
for Innovation, Incubation and Entrepreneurship (CIIE).

On receiving the award, 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.”

Speaking about growth of Big Data,
Srinivasan further 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.”

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.

By ICR staff

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