New Delhi: Ajay Kela, chairman and global CEO of non-profit technology organization Wadhwani Foundation, on Tuesday said academic research will get investors from home and abroad when they start delivering world-class products consistently.
“Even 10 years ago there were hardly any foreign VCs who were interested in investing in the Indian startup ecosystem, look where we are now,” he said.
"In terms of research, if you are able to produce something at a world-class level that is 10 times less than the cost, it will attract foreign direct investment (FDI) by default," Kela said on the sidelines of an event. " Agreements were signed between the Wadhwani Foundation, technical education body AICTE, as well as four IITs and other premier institutes to set up a network of innovation hubs across the country.
Citing an example of one such product, he said, “Ten years ago at IIT Bombay we funded a CAR-T solution for cancer therapy.It cost Rs 4 crore in the US, and through commercial academic research, we brought that cost down to Rs 30 lakh. That's the kind of impact we want to see."
There are about 40,000 academic institutions in India and less than 1 percent of them are involved in intensive research, Kela said, and "we are at the beginning of the journey to change this".
Wadhwani Foundation, as part of the Memorandum of Understanding (MoU) with AICTE (All India Council for Technical Education), IIT Bombay, IIT Delhi, IIT Kanpur, IIT Hyderabad, IISc Bangalore and C-CAMP, will set up the Wadhwani Innovation Network Centre.Excellence in Accelerating the Commercialization of Academic Innovations (WIN-CoE).
The WIN-CoE aims to accelerate domestic research and discoveries to create an ecosystem that provides inclusive and equitable solutions from emerging technologies, along with collaboration between industry, universities, research institutes and government, the foundation said in a statement. Promotes cooperation between.
“Emerging technologies such as advanced AI, synthetic biology and quantum computing hold immense potential for inclusive and equitable solutions.
“The establishment of the WIN CoE will enhance such solutions and catalyze their application in real-world scenarios, putting India on the path to scientific economic progress,” Kela said.
AICTE chairman T G Seetharam said research funding has increased steadily over the last 10 years, "and now it is also about making appropriate use of these funds".Seetharam said, “In the last 10 years, funding on research has increased 2.5 times… Funding certainly promotes research, but it is an ecosystem that we are trying to create through these initiatives.” Are."
BS Murthy, director of IIT Hyderabad, said, "The developed India that the Prime Minister is talking about is about developing a country where you see products from other countries. The aim of this agreement is to support innovation, especially Among young minds who need to be mentored about them." “Thinking outside the box.”
Wadhwani Foundation said, as part of the agreement, "each CoE will receive up to USD 1 million annually, with AICTE's 13 'Innovation Centres' providing a combined USD 10 million annually to support over 100 higher education institutions Will add investment."
“Even 10 years ago there were hardly any foreign VCs who were interested in investing in the Indian startup ecosystem, look where we are now,” he said.
"In terms of research, if you are able to produce something at a world-class level that is 10 times less than the cost, it will attract foreign direct investment (FDI) by default," Kela said on the sidelines of an event. " Agreements were signed between the Wadhwani Foundation, technical education body AICTE, as well as four IITs and other premier institutes to set up a network of innovation hubs across the country.
Citing an example of one such product, he said, “Ten years ago at IIT Bombay we funded a CAR-T solution for cancer therapy.It cost Rs 4 crore in the US, and through commercial academic research, we brought that cost down to Rs 30 lakh. That's the kind of impact we want to see."
There are about 40,000 academic institutions in India and less than 1 percent of them are involved in intensive research, Kela said, and "we are at the beginning of the journey to change this".
Wadhwani Foundation, as part of the Memorandum of Understanding (MoU) with AICTE (All India Council for Technical Education), IIT Bombay, IIT Delhi, IIT Kanpur, IIT Hyderabad, IISc Bangalore and C-CAMP, will set up the Wadhwani Innovation Network Centre.Excellence in Accelerating the Commercialization of Academic Innovations (WIN-CoE).
The WIN-CoE aims to accelerate domestic research and discoveries to create an ecosystem that provides inclusive and equitable solutions from emerging technologies, along with collaboration between industry, universities, research institutes and government, the foundation said in a statement. Promotes cooperation between.
“Emerging technologies such as advanced AI, synthetic biology and quantum computing hold immense potential for inclusive and equitable solutions.
“The establishment of the WIN CoE will enhance such solutions and catalyze their application in real-world scenarios, putting India on the path to scientific economic progress,” Kela said.
AICTE chairman T G Seetharam said research funding has increased steadily over the last 10 years, "and now it is also about making appropriate use of these funds".Seetharam said, “In the last 10 years, funding on research has increased 2.5 times… Funding certainly promotes research, but it is an ecosystem that we are trying to create through these initiatives.” Are."
BS Murthy, director of IIT Hyderabad, said, "The developed India that the Prime Minister is talking about is about developing a country where you see products from other countries. The aim of this agreement is to support innovation, especially Among young minds who need to be mentored about them." “Thinking outside the box.”
Wadhwani Foundation said, as part of the agreement, "each CoE will receive up to USD 1 million annually, with AICTE's 13 'Innovation Centres' providing a combined USD 10 million annually to support over 100 higher education institutions Will add investment."
