Jharkhand Information Technology Secretary Sunil Kumar Barnwal and IIM Ahmedabad's Sailesh Gandhi inked the MoU, an official release said.
The Chief Minister said this would generate job opportunities, local resources would be utilised and economic activity would increase.
Barnwal said there would be a work station in the lab, it would be WiFi and it would be functional in eight months, the release said.
Gandhi said the main centre of the innovation lab would in Ranchi and sub-centres would be opened at training centres.