Wed, Oct 26, 2016 | updated 06:58 PM IST

45 business agreements announced under 'DST-Lockheed Martin India Innovation Programme'

Updated: Oct 15, 2016 11:46 IST

New Delhi [India], Oct 15 (ANI-BusinessWireIndia): More than 20 winners of the India Innovation Growth Programme showcased their technologies at the Bengaluru Technology Expo.

These included technologies from Bengaluru like SpeedLink, a portable Wi-Fi router that combines up to eight different cellular networks (2G, 3G, 4G) from any vendor and provides the sum of all the bandwidth capacities as one super-fast Internet connection and a portable, intelligent, non-invasive, non-mydriatic, low cost Fundus camera (eye care device) that helps in pre-screening of five eye diseases namely cataract, diabetic retina, glaucoma, cornea issues as well as refractive index measurements.

The Bengaluru Technology Expo was inaugurated by Priyank Kharge, Minister of IT, BT and Science and Technology, Government of Karnataka. During his keynote address the Minister lauded IIGP has the longest private-public partnership and stressed the need for more such initiatives. Kharge also said that, "Bengaluru remains the number-one innovation eco-system in India." He added that development was not just about an idea, but making ideas and innovation happen.

IIGP enables Indian innovators and startups to get connected to industry partners not only in India but across the globe. 12 innovators were taken to Silicon Valley during September 25-30 this year to provide them an exposure to the global innovation ecosystem and get on an accelerated commercialization path.

Subsequently, Swati Tiwari of Arcturus Business solutions, a Noida based startup was connected to Texas based Austin Energy who recently tested the solution developed by Arcturus for inspecting power transmission lines from the air using drones and breakthrough imaging software.

Several awarded startups also participated in an Indian innovation led start-ups to Nairobi organized by FICCI earlier this year. As a consequence of the visit, one of the awarded companies under the IIGP viz.

Aakar Innovations which has developed low cost biodegradable sanitary napkins has signed MoUs for partnership with Banapads from Uganda; Zana Africa from Kenya and Dreamline Business Centre from Kenya.

45 international and domestic business agreements were announced at the event with leading industry partners under IIGP2016 including Saab Group, BAE System, TATA Housing and Austin Energy. The innovators also participated in an investors' meet to explore further opportunities for collaboration.

The IIGP has provided a platform for nurturing innovation in the country, as seen in the rapid rise of applications-receiving over 7000 applications since its inception. The IIGP focuses on a "Mind to Market" strategy by offering extensive training modules that are suitably structured to help participants gauge and streamline their existing capabilities, as well as formulate and implement appropriate business strategies.

With its emphasis on capacity building and technology commercialization, IIGP has helped several participants in their quest to find suitable business partners in India as well as internationally.

This has resulted in over 500 business engagement agreements being signed between innovators and industry partners/investors. The total revenue generated by the participating companies under the programme is USD 860 million.

Since the inception of IIGP, there are several innovators who are not only able to commercialize their technology but have also generated exports. In the period 2013 to 2015 the total export turn-over of the innovators was Rs. 181 crore (approx. USD 30million).

The India Innovation Growth Programme, launched in March 2007, was started with the objective of enhancing the growth and development of India's entrepreneurial economy. The aim of this programme is to accelerate innovative new Indian technologies into markets in the United States and around the world.

The India Innovation Growth Programme is the only programme of its kind because of its focus on teaching and using world-class commercialization strategies. Since its introduction in India, the programme has received an overwhelming response from innovators, inventors, scientists and researchers working across diverse sectors throughout India. (ANI-BusinessWireIndia)