Telangana sets up RICH to link brains-venture capitalists
Hyderabad: The Telangana State government set up the Research and Innovation Circle of Hyderabad (RICH) on Monday, with an aim to bring research institutes, academia and industries in touch with venture capitalists, angel investors and incubation funds.
Reputed research and educational institutions from the city, including ICRISAT, CRIDA, CCMB, IICT, DRDL, NIPER, NIN, IIT, BITS, IIIT, ISB, UOH and OU, will be guided on how to harness the available talent; and the industrial sector will benefit from the influx of new ideas, innovations, technologies, products, and services, which will serve to make Telangana more competitive in the global market.
Minister for IT and Industries K.T. Rama Rao said, “Hyderabad is home to a number of reputed, international and national research and educational institutions. However, the government has recognised gaps between academia and industry. The gaps in entrepreneurship and innovation ecosystems have prevented the full utilisation of R&D work that takes place in these institutions. To bridge this gap, we have launched the RICH initiative, which will go a long way in encouraging academia-industry collaborations.”
He added that innovation and commercialisation of research would be promoted through this mechanism.To supplement RICH, the state government will create a Research to Market Fund, which will fuel entrepreneurial activity. It will match the contribution of private venture capitalists and angel investors, for an amount up to '100 crore. RICH will also link technical educational institutions and their students, to the industry. This will ensure that all technical graduates receive practical training, which will make them readily employable.
RICH has been established as a non-profit company under Section 8 of the Companies Act, 2013, with academic and research institutions, industry groups, corporate houses and eminent industry leaders as equity shareholders.
Former ISB dean Ajit Rangnekar, industries secretary Jayesh Ranjan and TSIIC MD E.V. Narasimha Reddy have been appointed directors of the company. The company will be headed by a director-general and support staff, all of whom will be appointed by the board of directors.
- The state government will create a Research to Market Fund (RMF), which will fuel entrepreneurial activity.
- It will match the contribution of private venture capitalists and angel investors, for an amount up to Rs 100 crore.
- RICH will also link technical educational institutions and their students, to the industry.