The Department of Science and Technology has launched the India-Russia Joint Technology Assessment and Accelerated Commercialization Programme in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI) and Foundation for Assistance to Small Innovative Enterprises (FASIE) of the Russian Federation.
Joint Technology Assessment and Accelerated Commercialization Program
The programme will connect Indian, and Russian Science & Technology (S&T) led SMEs and Start-ups for joint R&D for technology development and for cross-country technology adaptation. India and Russia have a long-standing bilateral scientific cooperation. The launch of the Programme is another step towards strengthening the Science, Technology and Innovation ties between the two countries. This initiative is very timely, wherein joint intellectual and financial resources can be leveraged to develop technologies that would provide the solutions for tomorrow.
The key programme objectives are:
- Promote joint research and development (R&D) between India and Russia
- Promote validated technology transfer between India and Russia
- Promote innovation and entrepreneurship development through financial, capacity building, mentorship and business development support to create successful joint enterprises
- Development of a robust S&T and R&D ecosystem to scale mutually-beneficial innovations of both the countries
India has one of the largest startup ecosystems in the world, the number of unicorns is testament to the tremendous talent the country possesses. S&T-led innovation and entrepreneurship are priorities of both countries and will be a key point on the agenda as President Putin visits India later this year.
The programme will run through two annual cycles with up to five projects to be funded under each cycle. Projects are being sought on leading S&T focus areas, including but not limited to, IT & ICT (including AI, AR, VR), Medicine & Pharmaceuticals, Renewable Energy, Aerospace, Alternative Technologies, Environment, New Materials, Biotechnologies, Robotics and Drones. On behalf of DST, FICCI will implement the program in India.
Over a period of two years, the Department of Science and Technology will fund up to INR 15 Crores to ten Indian SMEs/Start-ups and FASIE will provide similar funding to the Russian projects. The programme will provide access to partial public funding for jointly selected projects with the participation of at least one start-up/ SME from India and one SME from Russia. The selected projects will be required to bear partial funding as well, either through own funds or alternate sources of funding. In addition to the financial support, the teams will also be supported through capacity building, mentorship and business development.