Grassroot innovations help fetch Rs 10 cr

The grassroot-level innovations unearthed by Ahmedabad-based National Innovation Foundation (NIF) has managed to attract entrepreneurs to market their innovations commercially and fetch Rs 10 crore.

"We have about 50,000 innovations and traditional knowledge at NIF," Anil Gupta executive vice president of NIF told Business Standard.

About 30 small companies and individual entrepreneurs have shown interest to market these innovations, he added.

He was speaking at the previewing of 'Beyond Tomorrow' a series of Discovery channel that will showcase the innovations.

Other speakers included eminent scientist Yash Pal, IIMA director Bakul Dholakia and brand director marketing of Discovery India Raja Balasubramanium.

Gupta said 24 technologies have been transferred to entrepreneurs of which, 15 are from Gujarat.

NIF expects that it will generate about Rs 10 crore from royalties and stake in companies in the next five years.

NIF has got three patents in US and India, each and will try to make Ahmedabad the innovation capital, he said.

Raja Balasubramanium said Discovery has identified 15 innovations and will showcase the brightest brain and innovations that will be shown in the programme.

Paramal Farmatics will be using the technology of 10 HP mini-tractor, an innovation of Bhanji Mathukia, a grassroot innovator.

"We will be manufacturing about 350 vehicles and market them in Gujarat and MP. The response has been good so far. We are making few modifications and it will hit the market by April end with a price tag of Rs 1.9 lakh," J H Trivedi, director of Paramal Farmatics said.

Other innovations that were showcased in the event include natural water cooling machine that will be marketed by Unicool "" an Ahmedabad-based company, a variable gear system cycle rickshaw, wind mill operated power generator, non-electric fridge made from clay and scooter for the physically challenged.