Page 10 - MSME August 2016
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Special Article of Plant Varieties & Farmers' Rights Authority. Of to the new genre of entrepreneurs. these, five have successfully been registered. An official statement said The DST-Lockheed Micro Venture Innovation Fund (MVIF) at NIF, Martin India Innovation Growth Programme (IIGP) with support from Small Industries Development is one such unique initiative that provides the much Bank of India (SIDBI), has provided risk capital of needed handholding and business development more than Rs 3.84 crore to 193 projects, some of support to upcoming start-ups. Officials say in which are at different stages of incubation. Majority sync with Prime Minister Narendra Modi’s “start- of these have already been closed after receiving up India” call, the program has been a pioneering full repayment. initiative that has supported more than 400 innovators, start-ups with in-depth technology As of 31st March 2016, NIF has received commercialization training and handholding over 950 product inquiries from 108 countries support to commercialize and scale their ventures for various technologies. It has also succeeded in India and across the world, particularly in the in commercialising products across countries United States. in six continents, apart from being successful in materialising 89 cases of technology licensing, The programme has facilitated access to many with the support of Grassroots Innovation capital, industry partnerships and resources sought Augmentation Network (GIAN). by the entrepreneurs. NIF has proved that Indian innovators can An impact assessment by Ernst and Young match anyone in the world when it comes to highlighted that the participating companies have solving problems creatively. They perform better generated economic wealth of over US$ 800 than others in generating greater sustainable Million and have provided employment across alternatives by using local resources frugally. Those different areas such as finance, strategy, operations who see poor only as the consumers of cheap and marketing, official sources said. goods, miss the richness of knowledge at grassroots Through a wide outreach campaign spreading level and their potential as provider of ideas and over 100 cities across India, the Programme has innovations. The grassroots to global (G2G) model received and evaluated over 7000 ideas so far. In that NIF is propagating is all set to change the way addition to building entrepreneurs, more than 50 the world looks at creativity and innovations at/ incubation managers from India have been trained from grassroots, NIF officials say. in the US on global best practices on incubation In a related innovations boosting exercise,Thirty and commercialization. innovation-led start-ups were recognized and A unique public private partnership initiated in felicitated recently under the 10th year of the DST( 2007 between Government of India’s Department Department of Science and technology )-Lockheed of Science and Technology; Lockheed Martin Martin India Innovation Growth Programme. The Corporation; Indo-US S&T Forum; FICCI; Stanford innovation awards were given by Mr. Amitabh Graduate School of Business; IC2 Institute, Kant, Chief Executive Officer, NITI Aayog. University of Texas at Austin and TiE Silicon Valley. The Government’s narrative on its commitment Each partner brings a distinctive value to the towards building a young start-up nation, says India programme with a common objective of fostering is rightly poised to drive the next entrepreneurship innovation driven entrepreneurship in the country. wave and to ensure success, a conducive ecosystem is needed that not only nurtures creativity and Some award winning innovations , the official innovation but also provides market opportunities statement said,are listed below - 8 Laghu Udyog Samachar
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