In a bid to convert research innovations into practical application, the Indian Institute of Science Education and Research (IISER) here is set to start an incubation centre that will allow researchers to translate science into marketable products.
RISE (Research Innovation and Scientific Entrepreneurship) Foundation at IISER, will be a no-profit no-loss company, the institute said in a statement.
The initial funding of Rs 13 crore has been sanctioned by the government's Department of Science & Technology via the National Initiative for Developing and Harnessing Innovations - Technology Business Incubator (NIDHI-TBI) scheme.
RISE Foundation will be primarily engaged in the translation of fundamental science research in the institute into direct applications and products," it said.
The start-up, which will serve as an incubation centre, will initially strive to enhance entrepreneurship in the eastern and north-eastern part of India which will create new job opportunities and strengthen the economy of the region, it added.
"Start-ups using high science are essential in the translation of science for the benefit of society. Through IISER Kolkata incubation we want to encourage and promote science start-ups," Sourav Pal, Director of IISER Kolkata, said.
The scope of operation would gradually expand over time, so that in due course, the RISE Foundation would seal its place as a reliable and efficient technology incubator that would cater to fundamental science-based translational research carried out all over India, and even in neighbouring countries in South-East Asia, the statement said.
"Top universities in the world such as MIT, Harvard and Cambridge etc have start-ups. In fact due to start-ups people will be encouraged to take up basic research further," Pal added.
The centre, which is expected to start functioning soon, will be governed by a pool of experienced faculty members, along with a technical advisory board representing a mix of academia and industry expertise.
In addition to providing seed funding to translate science into marketable products, the RISE Foundation will also provide management training, business consulting, assistance in business plan creation, and networking opportunities for the researchers.
"A scientist finally is a social being, and like everyone, is bound to return to society at least a part of what society invested in him or her," said Ayan Banerjee, Associate Professor, at the Department of Physical Sciences at IISER Kolkata.
"The most obvious way of fulfilling that obligation is to translate one's science into products that a significant cross-section of society can directly use. One also derives deep satisfaction when one is able to generate real applications of one's research, since the ability to positively affect the lives of fellow humans is probably something we all strive for," Banerjee said.
Despite doing well in cutting-edge science, India severely lacks products developed through indigenous technology, said Banerjee.
"It is thus imperative that scientists come up with effective translation of their research in the form of start-ups, since that is the only way we will achieve long term and real growth. An economy cannot grow without developing its own technology," he said.