NEWS

8 deals inked as part of India Innovation Growth programme
Outlook Business, August 5, 2008

Mumbai, Aug 5: As part of the second phase of the India Innovation Growth Programme, initiated by US-based aircraft major Lockheed Martin Corp, eight business deals were signed today by participants for the commercialisation of their business ideas.

The programme launched in association with apex trade body Federation of Indian Chambers of Commerce and Industry (FICCI) and University of Texas in March 2007 , aims at providing support individuals or organisations with innovative business ideas.

"The integrity and creativity of the programme participants is truly remarkable as their innovations hold tremendous potential to improve the quality of life for Indian citizens as well as the global community," Lockheed Martin Chief Technology Officer, Ray Johnson, said at the signing-in ceremony.

During the first phase, 13 commercial deals were signed and they helped the innovators commercialise their innovation.

"We were in the business, but did not know how best to sell our product. But once we were covered under the programme, we learnt several business-promotion strategies, and today our company has a turnover of Rs 1,500-crore," Sustainable Technologies & Environment Projects (STEPS) Director Raghvendra Rao T said.

His company was one among the 13 companies selected in the first phase.

"Innovation is the catalyst for economic growth and commercialising innovations gives a competitive edge in today's dynamic world," Maharashtra Industrial Development Corporation (MIDC), Chief Executive Officer, Rajiv Jalota, said. PTI

He invited international commercial organisations to set up their product development centres in Maharashtra and make the best use of the industrial climate in the state. The companies which signed deals included Raman Centre for Applied and Interdisciplineray Sciences, Chakradhar Chemicals, AG Specialities and Godrej Agrovet.

The Indian Innovation Growth Programme aims at enhancing the growth and development of India's enterpreneurial economy. It also focuses on accelarating new technologies into US and other global markets.

"We hope that the initiative will create a multiplier effect and in the years to come, we will see many more innovations being commercially recognised," Advisor to FICCI's Secretary General, V K Topa, said. PTI