HYDERABAD: The state government has decided to start Research and Innovation Circle of Hyderabad (RICH), to be incorporated under Companies Act, for harnessing the talent available in premier educational institutions, in order to benefit the industrial sector and also students.
The industries and commerce department on Monday accorded permission to start the RICH. Hyderabad is home to a number of reputed educational and research institutions like ICRISAT, CRIDA, CCMB, IICT, DRDL, NIPER, IIT, BITS, IIIT, ISB, UOH, OU and others.
The government plans to harness the talent available in these institutions in order to benefit industrial sector by bringing in ideas, technologies, products and services to make industries in the state globally competitive. The state government recognised the present gaps in the innovation entrepreneurship that has prevented the complete utilisation of research and development work in these institutions.
So, the government has intended to create a platform called RICH, which will link the research institutes, academia and industry along with venture capitalists, angel investors and incubation funds.
Through this mechanism, innovation will be encouraged and commercialisation of research will be promoted.
RICH will focus on the core industrial sectors outlined in policy. To supplement RICH and encouraged innovation and incubation, the state government will create a Research to Market Fund for entrepreneurial activity, and provide a contribution up to Rs 100 crore to the fund for amounts contributed by private venture capitalists and angel investors.