Winners of the India Innovation Growth Programme 2011 will receive medals, certificates, and cash awards here tomorrow by Department of Science and Technology and Lockheed Martin. They will be given under the DST-Lockheed Martin India Innovation Growth Programme, which supports the commercialization of selected innovative technologies. It has resulted in significant business development for Indian start-ups, entrepreneurs, and subject matter experts. Based on the feedback received to date from IIGP selected technology participants of 2007-09, they generated cumulative revenue of more than Rs. 350 crores during 2010. For 2011, the same entities are expecting revenues of more than Rs. 490 crore. The innovators were selected for their unique technology ideas that can be converted to commercial ventures in diverse fields such as environment, power, telecommunications, etc.
The programme was launched in 2007 and has been successfully running for the past four years. The programme, which helps entrepreneurs take their innovative ideas to market, received 1000 applications this year, showing a 10-fold increase from 100 applications that were received in 2007, when the programme was launched. To encourage the innovators, the programme partners have increased the number of awards this year. To attract high-caliber applicants, the programme conducted a series of road shows, workshops, and technology expositions in cities throughout India, reaching over 2000 innovators and entrepreneurs. Participants in the 2011 programme underscored their faith in the value of the programme by pledging to bring their valuations to $100 million over the next three years.
The applications for the programme represent a myriad of sectors, ranging from information and communication technologies and healthcare to agriculture and environmental technology. There was also a quantum jump in the quality of technologies participating in the programme.