Urgent need to design financial instrument to boost innovation: MoS Telecom

The funding for innovation-based start-ups is small in number in the country and structuring of financial instruments is needed urgently to give a boost to such new-age ventures, a Union minister said Wednesday.

Minister of State for Telecom Sanjay Shamrao Dhotre said innovative entities, higher education and the industry need to be closely networked for the maximum benefit of the society.

"The current level of financing of innovation-based start-ups is small in number but steadily growing. We urgently need to design and structure financial instruments in the country so as to provide a fillip to our innovation movement," Dhotre said at an Assocham-Ericsson ICT Awards.

"Any innovation happening either at the grassroots level or in the higher educational institutions must be linked to the industry for commercialisation of the innovation,"Dhotre said.

Ericsson India Managing Director Nitin Bansal, innovation is the bedrock of success for any economy, and it is encouraging to see the culture of entrepreneurship flourish in the country.

"India boasts of a rich tradition of innovation and a scientific temperament that puts us at the forefront of technology," Bansal said.