Tata Trusts, Lockheed Martin and Department of Science and Technology (DST) have earmarked USD 2 million for this year's edition of the India Innovation Growth Programme (IIGP) 2.0 which focuses on providing support to startups in the country.
The partners intend to invest the amount for the seed money and to provide support to entrepreneurs to develop technology-based solutions in various fields like agriculture, healthcare, water, energy and life sciences.
The programme offers an opportunity for innovators across India to bring breakthrough ideas to market.
"We are looking at funding of around USD 2 million this year as well. All of us are going to contribute in equal measure towards this," DST Programme Head of Innovation, Entrepreneurship and Tech Commercialisation, Harkesh Mittal told reporters here.
Established by the Department of Science and Technology, Lockheed Martin Corporation and Tata Trusts, the IIGP 2.0 was launched in 2017. The first edition of the programme that began in 2007 and ran for a decade provided support to a total of around 500 startups.
Last year IIGP 2.0 awarded nine University Challenge teams and 10 individuals under Open Innovation Challenge a total support of USD 5 lakh for innovations in the areas of medicine, healthcare, water, agriculture and aeronautics, among others.
Five of the winners from last year have already begun to market their products in India and overseas, while two others have conducted field trials.
Speaking at the event, Tata Trusts Head Entrepreneurship and Innovations Manoj Kumar exhorted the need to have more participants in the programme.
"For a country like India, 1500 applications are not enough. There is lot of potential in smaller towns in the country and there is need to bring them on board," he said.
Lockheed Martin started the programme in 2007 and DST joined it in 2009. IIGP 2.0 would run for three years between 2017 and 2019 which could even be expanded later.
Other partners of the programme includes Massachusetts institute of technology (MIT), IIM Ahmedabad, and IIT Bombay.
The IIGP has two separate tracks, a University Challenge, which is aimed at students, and an Open Innovation Challenge aimed at innovators and entrepreneurs across the country.
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