Innovation scheme catches fancy of start-ups, inventors

The Indo-US programme focuses on helping Indian technologies go global

Launched in March 2007 with the aim of accelerating the entry of innovative Indian technologies in global markets and bridging the existing gap between “the mind and the market”, the India Innovation Growth Programme (IIGP) has caught the fancy of innovators, including researchers, inventors, scientists, start-ups and small and medium enterprises, working across diverse sectors throughout India. The programme has helped several participants find suitable business partners in India.

IIGP is a joint initiative of the Federation of Indian Chambers of Commerce and Industry (Ficci), the Department of Science and Technology (DST), Indo-US Science and Technology Forum, Lockheed Martin Corporation and the IC2 Institute at the University of Texas, Austin.

The programme has seen a rapid rise in the number of applicants — from 107 in 2007 to more than 800 in 2012, indicating the rising interest and commitment of innovators in turning their ideas into commercial products. The quality of innovations received has also improved tremendously, resulting in the number of award-winning technologies doubling from 15 to 30 between 2011 and 2012.

The programme has resulted in more than 250 business deals signed between 2007 and 2012. The programme has also helped participants and their companies generate revenues exceeding Rs 1,500 crores ($275 million) during 2010-2012.

IIGP focuses on teaching and using world-class commercialisation strategies. It focuses on a ‘mind to market’ strategy by providing training modules that are suitably structured to help participants gauge and streamline their existing capabilities, and formulate and implement appropriate business strategies.

In IIGP 2012, the selected applicants were provided with advanced training in technology commercialisation, strategies, venture formation and finance, technology marketing, competitive technical strategies and presentation skills by experienced faculty through a week-long entrepreneurship programme. Finally, 30 medal winners were announced, out of a total of 50 selected technologies.

Priyanka Sharma, an innovator who came up with an award-winning technology in IIGP 2012, told Business Standard, “We have validated the technology and are open for business engagement agreement.” She has been awarded for inventing a plastic biochip-based disposable electrochemical immunosensor. The technology is a biochip that can detect pesticides. Sharma is a senior research fellow at the Institute of Microbial Technology, Chandigarh.

Recently, the programme announced 97 commercialisation agreements signed by the winners of this nationwide initiative. The deals included some agreements with multinational companies, placing the winners on a global platform.