DST-Lockheed Martin India Innovation Growth Programme: Celebrating 10 years of Innovation led Entrepreneurship

Top Quote DST - Lockheed Martin India Innovation Growth Programme 2016 Awards Ceremony - June 3rd, 2016, Over 400 innovation led start-upssupported and scaled in global markets. End Quote
  • (1888PressRelease) June 05, 2016 - With the current government's commitment towards building a young start-up nation, India is rightly poised to drive the next entrepreneurship wave.To ensure success, a conducive ecosystem is needed that not only nurtures creativity and innovation but also provides market opportunities to the new genre of entrepreneurs. The DST-Lockheed Martin India Innovation Growth Programme (IIGP) is one such unique initiative that provides the much needed handholding and business development support to upcoming start-ups.

    Resonating with Prime Minister Narendra Modi's "start-up India"call, the program has been a pioneering initiative that has supported more than 400 innovators, start-ups with in-depth technology commercialization training and handholding support to commercialize and scale their ventures in India and across the world, particularly in the United States.The programme has facilitated access to capital, industry partnerships and resources sought by the entrepreneurs. An impact assessment by Ernst and Young highlighted that the participating companies have generated economic wealth of over US$ 800 Million and haveprovided employment across different areas such as finance, strategy, operations and marketing.

    Through a wide outreach campaign spreading over 100 cities across India, the Programme has received and evaluated over 7000 ideas so far. In addition to building entrepreneurs, more than 50 incubation managers from India have been trained in the US on global best practices on incubation and commercialization.

    A unique public private partnership initiated in 2007 between Government of India's Department of Science and Technology; Lockheed Martin Corporation; Indo-US S&T Forum; FICCI; Stanford Graduate School of Business; IC2 Institute, University of Texas at Austin and TiE Silicon Valley. Each partner brings a distinctive value to the programme with a common objective of fostering innovation driven entrepreneurship in the country.

    Thirtyinnovation led start-ups were recognizedtoday under the 10th year of the programme. A coffee table book was also released depicting key milestones of the programme along with technologies developed by awarded companies over the last 10 years.

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