Investment in startups is a key component to getting a head start on acquiring new technologies directly from them, according to an official policy document. Up to Rs 1.5 crore in seed money is available for new technical solutions to the national transportation system. Additionally, the ministry will invest in the early phases of the selected firms, including proof of concept and seed financing.
According to a strategy document, the Indian Railways would invest in startups in order to obtain a head start in acquiring ideas straight from them, with a guarantee of up to Rs 1.5 crore of seed money for new technical solutions for the national transporter.
India’s new railway innovation strategy aims to find and empower indigenous innovators to work with railroads on generating practical solutions and working prototypes for the country’s national transporter that are affordable, implementable, and scalable.
This policy aims to provide seed fund support of up to Rs 1.5 crore (on a matching contribution basis) for startups that demonstrate the capability, intent, and promise to produce functional prototypes based on new innovative concepts for potential use by the Indian Railways, due to a major constraint of insufficient capital in the startup ecosystem.
A primary goal of the program would be to use new, creative technology produced by entrepreneurs and startups for the benefit of the railway system, authorities said.
Small and medium-sized firms (MSME) as defined by India’s MSME Act 2006, as well as individuals who have developed new products or services are all eligible to get financial assistance under this program. Grant applications are also encouraged by the policy, which encourages research and development institutes to do so.
An application gateway for innovators will be released later this month, and if they are selected, the grant money will be disbursed in accordance with certain milestones. Check our partners https://replicarolexexpert.io , the largest catalog of replica watches online!
The Indian Railways and the inventor have agreed on a 50/50 cost-sharing arrangement for the project’s finance. According to the authorities, the maximum award amount for each inventor would be Rs 1.5 crore, even if the entire project cost surpasses Rs 3 crore.
Intellectual property rights developed as part of the project will be owned solely by the inventor. However, the Railway Board must first give its approval before it can be expanded to include any partners as joint owners, according to the authorities.
In order to utilize the IP (intellectual property) for internal consumption or manufacturing purposes, the railroads will maintain government purpose rights (GPRS), which are exclusive, transferrable, and irreversible.
GPRS may be used by railroads to produce either directly or via subcontractors. If GPRs are used in intellectual property, technology, or a product, the government must pay a royalty charge.
Because of the increasing importance of technology in railway innovation, this strategy would result in the creation of new goods specifically for our benefit. They’ll be the finest of the best and the most up-to-date. For both the railroads and the inventors, this is a win-win scenario. They’ll have the railroads as a customer while we acquire the newest gadgets.
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