Mahindra Satyam launches $50M seed fund for own staff

Indian IT services giant hopes fund will spur innovation and unearth the next Bill Gates, and also help to attract and retain talent.

India's IT services giant Mahindra Satyam has introduced a US$50 million seed fund for its own staff, which it hopes will drive company innovation and help attract and retain talent.

"We want to challenge our associates, as we call our staff , to start the next Facebook or Skype," said Ram Ramachandran, vice president and head of sales for Asean at Mahindra Satyam , in a report Thursday by Digital News Asia.

The company hopes the fund will also accelerate its goal of applying innovative and creative thinking to its verticals, noted the report. Besides the help with capital, mentoring will also be provided.

"We want future Bill Gateses to present their ideas to us," said Ram.

Mahindra Satyam has partnered Japan's Softbank , whom it has an existing business relationship.

The idea for for the seed fund came about when both CEOs were bouncing ideas off each other over talent management and retention, according to the executive.