Government guarantees Rs5 crore funding for innovative business ideas
21 Jun 2010
The Department of Science & Technology (DST) of the Government of India will offer guaranteed funds of Rs5 crore under the 'Power of Ideas' - a unique public-private-academia initiative.
The `Power of Ideas' initiative, being launched on 22 June said to be India's largest entrepreneurial platform that encourages, nurtures and grooms business ideas by connecting them with relevant mentors, incubators and investors.
The Power of Ideas was first launched by The Economic Times in 2009, in the middle of a global economic slowdown, to boost sentiment and encourage India Inc to approach the slowdown differently.
Of the over 12,500 business ideas received, 1,000 were shortlisted and participants were taken through group mentoring sessions and elevator pitches. A final list of 254 were arrived at and put through a phase of one-on-one mentoring prior to presenting their ideas to investors.
Till date, nearly 20 ideas have received funding and several more are in advanced stages of talks with investors, a government release said.
The objective is to formalise the initiative and transform it into an entrepreneurial ecosystem that will drive the economy forward, the release added.