India Starts Rs 55 Crore Incubation Fund For Companies
Giving a boost to the young researchers and start ups, the government of India today announced setting up of first Incubation Fund. The fund is to be managed by the Science & Technology Park in Pune. Prithviraj Chavan, Minister of Science & Technology and Earth Sciences made this announced at the inauguration of the three day Conference of “4th ISBA (Indian Science and Technology Entrepreneurs’ Parks and Business Incubators Association) in New Delhi today, according to a press release by Press Information Bureau of India.
Shri Chavan said, « Under a newly introduced scheme called INSPIRE (Innovation in Science Pursuit for Inspired Research), the Government have a plan to select at least one best talented student for scientific studies from every school in the country who pass out 10th and 12th Standard. Government aims to increase the budget allocation for R&D from existing one per cent to 2 per cent of GDP » A tripartite Memorandum of Understanding (MoU) was signed for Rs. 55 crore fund for financial year 2011-12 to be allocated to ISBA member incubatee companies. According to PTI report, Chavan said, « There are over 5,000 incubators in the world. Of them, nearly 1,400 are in North America. Over 1,000 are there in China. Their number is only 40 in India, »
Shri Chavan gave national award to VIT Vellore for outstanding TBI 2008 (Technology Business Incubators) and ISBA 2010 Awards to nine Outstanding Incubatee Companies under different categories.
The exhibition gives a unique opportunity to the people to witness some of the novel technologies/products in areas ranging from crime detection, hazard mitigation, herbal pesticides, value added products from forest wastes, bio-diagnostics etc. During the Conference/exhibition around 200 national and international delegates besides a large number of visitors from academia organizations, investors etc are expected to participate in the exhibition.
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