Lockheed Martin to fund Indian entrepreneurs

Lockheed Martin to fund Indian entrepreneurs
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First Published: Tue, Apr 24 2007. 08 03 PM IST
Updated: Tue, Apr 24 2007. 08 03 PM IST
New Delhi: US aeronautics giant Lockheed Martin Corporation has entered into an agreement with Indian industry body Ficci and IC2 Institute, University of Texas to sponsor a two-year programme to commercialize technologies developed by Indians.
“Our aim is to convert ideas from mind to market. Ideas worthy of commercialization do not see the light of the day in India for various reasons. Our attempt is to bring them out of the laboratories,” said Federation of Indian Chambers of Commerce and Industry (Ficci) Secretary General Amit Mitra at a press conference here on 24 April.
The programme will embrace all Indian researchers, inventors, entrepreneurs and companies with early-stage technologies that possess commercial potential. It covers 18 disciplines from aeronautics to agriculture, electronics to environment, biotech to nanotech.
“The India Innovation Growth Programme features a competitive selection process for any technology that can be nurtured for a global market. The programme is to accelerate the launch of Indian early-stage technologies into the global marketplace,” said R.K. Sharma, Director and National Deputy, Lockheed Martin Global Inc.
Technology Strategist Len Denton, who designs and heads technology commercialization programmes for the IC2 Institute, said the programme would identify new innovations, train entrepreneurs and accelerate new businesses.
Talking about some of the applications, that the Ficci received, Denton said: “Some of the ideas presented by some individuals and groups have great market potential in India if given proper direction.”
Twelve entrepreneurs would be selected and they would make an in-depth assessment of their technologies under the guidance of the University and FICCI to successfully enter the global market.
Denton was silent on the exact amount that would be pumped into the project, but hinted that might run into “several million dollars”. The institute would associate itself for two-years with project after that it would be sustained by Ficci.
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First Published: Tue, Apr 24 2007. 08 03 PM IST
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