Knowledge drive economy has become the main stay of many nations. Knowledge driven economy requires enabling environment and constant removal of road blocks. To catalyze such economy, the Cabinet has taken the first step to permit researchers to become part of the knowledge enterprises while continuing with their research pursuits.

The Union Cabinet today approved a proposal from Department of Scientific and Industrial Research (DSIR) on “Encouraging development and commercialization of inventions and innovations; a new impetus” comprising a package of measures viz.

a) Permitting the researchers to have an equity stake in scientific enterprises / spin offs while in professional employment with their research and academic organizations;

b) Permitting the Scientific Establishment to invest knowledgebase as equity in the enterprises;

c) Encouraging the Scientific Establishment to set up incubation centres; and

d) Facilitating mobility of researchers between industry and scientific establishment.

With these measures, India joins a league of select few countries in the world who are implementing such mechanisms. This move would help to unleash the entrepreneur skills of scientists, technologists and academicians working in publicly funded organizations to move innovations to commercializable products and processes and thus help enhance the economy of nation as well as generate employment. Further, it would enable to commercialize the IP generated in the country in various publicly funded institutions. Also the scheme would boost the efforts of researchers to create practical solutions for development of the nation.

The Government has thus facilitated science & engineering based enterprises and entrepreneurship, a challenge before Indian R&D Institutions and Universities to create and sustain a globally competitive industry in times to come.

Source : Press Information Bureau
Date : February 23, 2009