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NITI Aayog panel sets Rs 30 Cr reward for innovative startups

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NITI Aayog panel sets Rs 30 Cr reward for innovative startups

By PTI | 25 Oct, 2015, 11.28AM IST .

NEW DELHI: A cash prize of up to Rs 30 crore for innovative entrepreneurs and setting aside 1 per cent of corporate profits to encourage out-of-the-box thinking are some of the proposals suggested by a NITI Aayog panel to the government.

Constituted by NITI Aayog, the panel was led by noted academician Tarun Khanna to suggest ways to promote innovation and build an entrepreneur-friendly ecosystem to drive job growth.

“The panel is finalising its report and will soon submit the same containing detailed recommendations for promoting innovation and entrepreneurship and contours of Atal Innovation Mission (AIM) and Self-Employment & Talent Utilisation (SETU),” a source privy to the development said.

“The panel has also given its detailed suggestions on structure of AIM and SETU explaining about the scope of role those will play in future.”

The panel has said AIM will seek inputs from ministries concerned, including Science and Technology, to vet the decision to run specific Grand Challenges (Award).

According to the panel, each challenge (award) should carry a prize of Rs 10-30 cr for achieving a specific target in a time-bound manner.

It also suggested that AIM should mark a portion of the prize money to place orders for products and services of the winners as it would help create a market for those products, bringing the innovations to life.

The panel is high on research and development, which it says can be financed by harnessing corporate funds.

Making out a case for linkages between large corporates and research bodies in universities to promote innovation, the committee suggested that one per cent of co ..
Read more at: EconomicTimes

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