8 new agreements signed under the India Innovation Growth Programme at Mumbai Tech Expo 2008

Indian innovators looking for ways to market their technologies and ideas got a boost today, when 8 business deals were signed in Mumbai under the auspices of the FICCI Lockheed Martin India Innovation Growth Programme 2008. The innovations ranged from low-cost cooling without using air-conditioners, production of bio-nutrient fertilizers and converting urban waste like plastic and polythene into engine oil. The agreements were signed in the presence of Mr. Rajiv Jalota, CEO, Maharashtra Industrial Development Corpn, (MIDC), Mr. Neeraj Sharma, Advisor, Department of Science & Technology, Government of India and Mr. Ray Johnson, Chief Technology Officer, Lockheed Martin.

Commenting upon the ideas developed by Indian innovators, Mr. Ray Johnson remarked “the ingenuity 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.”. Outlining the industrial map of Maharashtra, the MIDC CEO, Mr. Jalota said “innovation is the catalyst for economic growth and commercializing innovations gives a competitive edge in today’s dynamic world.” He called upon the international organizations to set up product development centres in Maharasthra, stressing that Pune has already emerged as the hotbed of industrial Research & Development activities.

Launched by the US Space major and maker of F-16 aircraft, Lockheed Martin in association with the IC2 Institute of the University of Texas, Austin and the Federation of Indian Chambers of Commerce and Industry (FICCI), the programme has been created to enhance the growth and development of India's entrepreneurial economy. Lockheed Martin provides the overall funding for the effort and the University of Texas provides the training and business development process. FICCI has a major role in helping to connect businesses with the innovators.

Applicants selected under the programme are given training in technology commercialization strategies and entrepreneurship by the experts in IC2 Institute. The commercial potential of their idea is analyzed by US and Indian experts.

Since its introduction in 2007, the programme is running in its second year after the successful culmination of the first year with the signing of 13 commercialization deals that helped the innovators commercialize their innovations.

Source: Press Inormation Bureau, Mumbai
Date: August 05, 2008