In a move to encourage young entrepreneurs commercialise their technologies, the United States – India Science and Technology Endowment Fund (USISTEF) recently invited proposals for promoting joint activities through partnerships between US and Indian researchers and entrepreneurs. Through this initiative, the government hopes to create environment
that would lead to innovation and technopreneurship through the application of science and technology.
Many strongly feel that such opportunity will not only develop their skills but also to ensure international exposure which will not only lead to their personal development but also provide a push to their project as well, triggering positive growth for healthcare system of the county. In the healthcare sector, the fund calls proposal for the programmes that focuses on supporting the development of affordable biomedical devices, for diagnostic, preventive, curative measures, or food and nutrition products to improve health.
USISTEF which is a joint initiative between the US and India, aims to to support and foster joint applied research and development (R&D) activities that will help in delivering societal impact through commercialisation of technology achieved through sustained partnerships. Healthcare experts strongly feel that young entrepreneurs who are aiming to make a mark in the helathcare sector should make use of this opportunity.
Rajendra Pratap Gupta who is the president of the Disease Management Association of India (DMAI) said, “This is a great initiative taken by the government and shows the level of commitment the government has in supporting innovation and entrepreneurship in the country. In the months to come, there is sure going to be a big overhaul in the whole health care system of the country, with key focus on innovation. Thus, initiative like this can act as a great catalyst for entrepreneurs looking to explore their expertise and talents for the greater good of the society.”
Further Gupta who was in-charge of preparing the BJP Election Manifesto along with committees chairman Murli Manohar Joshi, said, that USISTEF will be providing a grant of up to Rs.2.50 crore, equivalent to approximately US$400,000. The objectives of the fund is to select and support financially promising joint Indo-US entrepreneurial initiatives originating from government, academic, non-governmental or commercial entities, and any combination thereof provided they focus on applied R&D, incorporate a business plan and proof of commercial concept, and have significant sustainable commercial potential.
It is understood that the proposals should include a bi-national team, i.e. it must include a minimum of one partner from each country, incorporated companies including start-up, non-incorporated entities, individuals or consortia from academia, government laboratories, non-government R&D institutions who will work together to commercialise technologies for societal impact. Most importantly the proposed technology must have potential towards commercialisation within 2 to 3 years.