In Kolkata, warship maker Garden Reach Shipbuilders and Engineers (GRSE) plans to enter into profit-sharing agreements with startups it incubates at the commercialization stage during the product development stage.
The Kolkata-based public sector undertaking, which is part of the Ministry of Defence, has allocated a specific fund from its research and development budget to foster startups focused on the shipbuilding sector.
"We have allocated a considerable part of our R&D budget to encourage and support startups in developing products and services for captive use, which can then be commercialized," said GRSE Chairman and CEO Commodore P R Hari , Indian Navy (retd).
Regarding the business relationship with startups, Hari explained that GRSE will enter into profit-sharing agreements with these early-stage companies once the final product is developed and shows potential for commercial success.
While the terms are flexible, GRSE anticipates benefiting commercially from the intellectual property created through these collaborations.
In the inaugural edition of the GRSE Accelerated Innovation Promotion Program (GAINS) in 2023, two companies were winners and are currently in incubation.
"One is an MSME focused on AI-based material code generation and management systems, while the other is developing robots for ship exterior painting," Hari mentioned. GRSE has provided full financial support to these startups to develop viable prototypes.
Development of the first product is planned to be completed in December 2024, with the second expected in mid-2025. Encouraged by the initial response of 51 applications, GRSE launched GAINS-2024, focusing on topics such as artificial intelligence (AI). , renewable/green energy and energy efficiency, and overall efficiency improvement.
This initiative aligns with India's 'Atmanirbhar Bharat' (Self-Reliant India) policy, underlining the role of startups in contributing to national development. GRSE reported 33 per cent growth in revenue to Rs 3,400 crore in fiscal 2023-24.
The Kolkata-based public sector undertaking, which is part of the Ministry of Defence, has allocated a specific fund from its research and development budget to foster startups focused on the shipbuilding sector.
"We have allocated a considerable part of our R&D budget to encourage and support startups in developing products and services for captive use, which can then be commercialized," said GRSE Chairman and CEO Commodore P R Hari , Indian Navy (retd).
Regarding the business relationship with startups, Hari explained that GRSE will enter into profit-sharing agreements with these early-stage companies once the final product is developed and shows potential for commercial success.
While the terms are flexible, GRSE anticipates benefiting commercially from the intellectual property created through these collaborations.
In the inaugural edition of the GRSE Accelerated Innovation Promotion Program (GAINS) in 2023, two companies were winners and are currently in incubation.
"One is an MSME focused on AI-based material code generation and management systems, while the other is developing robots for ship exterior painting," Hari mentioned. GRSE has provided full financial support to these startups to develop viable prototypes.
Development of the first product is planned to be completed in December 2024, with the second expected in mid-2025. Encouraged by the initial response of 51 applications, GRSE launched GAINS-2024, focusing on topics such as artificial intelligence (AI). , renewable/green energy and energy efficiency, and overall efficiency improvement.
This initiative aligns with India's 'Atmanirbhar Bharat' (Self-Reliant India) policy, underlining the role of startups in contributing to national development. GRSE reported 33 per cent growth in revenue to Rs 3,400 crore in fiscal 2023-24.
