India News | Rlys to Invest Rs 50 Cr in Startups Annually; Innovators to Retain Their IPR

New Delhi, Jun 13 (PTI) Indian Railways will invest more than Rs 50 crore annually to fund startups, Union Minister Ashwini Vaishnaw said Monday, adding that unlike other such collaborations, the intellectual property rights (IPR) for innovations will remain with the innovator.

Under the Indian Railway Innovation Policy, the railways will invest in startups to get a headstart in procuring innovations directly from them with a promise of up to Rs 1.5 crore of seed money for innovative technological solutions for the national transporter.

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"The policy is not just limited to the idea. Indian Railways will follow it through to the product after proof of concept and scaling it up, doubling the grant support and finally adoption of successfully developed product/technology for regular use and even support for two to three years.

"The annual budget for the policy will be around Rs 40-50 crore and an additional fund for the divisional railway managers so that they can find on-field solutions to on-field problems. Also, the IPR will remain with innovator," the railway minister told the media while launching the policy formally.

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The funding scheme has been fixed on a cost-sharing basis in equal proportions - 50:50 - by the Indian Railways and an innovator.

"Great innovative solutions may churn and many technological challenges can be resolved if startups collaborate with Indian Railways. We have launched an innovation programme under Startup India today and undertook 11 common problems to resolve," Vaishnaw said.

He said that throughout the entire developmental journey, railways' field officers, RDSO, zonal and railway board officers will continuously support and hand-hold the innovators.

The Indian Railway Innovation Policy will identify and enable Indian innovators to engage with the railways for developing cost-effective, implementable, scalable solutions and functional prototypes for the national transporter, he said.

Vaishnaw said that the selection through open, transparent and fair process which will entail innovators uploading their concepts with necessary proof on a dedicated portal, the Indian Railway Innovation Portal on web address www.innovation.indianrailways.gov.in.

In May, field units were asked to provide problem areas. In response to it, around 160 problem statements have been received till date. To start with, 11 problems statements have been identified to deal via the new innovation policy and uploaded on the website, the minister said.

These include broken rail detection system, rail stress monitoring system, track inspection technologies for accurate inspection, and superior elastometric pad for heavy haul freight wagons.

It also sought innovations for light weight wagons for carrying commodities like salt, track cleaning machine, app for post training revision and self-service refresher courses, use of remote sensing, geomatics, GIS or bridge inspection and development of analytical tools by using digital data for improving passenger services.

The eligible organisations or beneficiaries of the support will include any Indian company incorporated under the Companies Act 1956/2013, primarily micro, small and medium enterprises (MSME) as defined in the MSME Act, 2006, and individual innovators. The policy also encourages research and development institutions to apply for the grant.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)