Technology Commercialization

The Federation of Indian Chambers of Commerce and Industry (FICCI) has constituted a power-packed Innovation and Technology Board to mentor the programs and activities of the FICCI Center for Innovation Science and Technology Commercialization (C-Tech). This advisory board would be chaired by veteran from the start-up ecosystem, Mr. Saurabh Srivastava and co-chaired by Mr. Ajit Rangnekar, DG – Research & Innovation Circle & Former Dean ISB and Mr. Anand Sudarshan, Founder & Director, Sylvant Advisors.

Established in 2007, FICCI C-Tech runs on the three pillars of Innovation- Entrepreneurship-Impact, providing a platform and institutional framework to Indian innovators and entrepreneurs, helping them convert their ideas into businesses. The Centre currently runs several national level multi-stakeholder programs to support Indian start-ups and innovators, including the India Innovation Growth Programme (IIGP), Millennium Alliance (MA), XLr8 Andhra Pradesh, C.V. Raman International Fellowship Program for African Researchers, Google-FICCI Digital Unlocked Certification, TimeIs, SERB-FICCI Initiative to Promote Industry Relevant R&D with Academia and India-Rwanda Innovation Growth Programme (IRIGP). The Center has also recently signed a MoU with the Indian Council of Medical Research (ICMR) under a new program Health Technology Accelerated Commercialization (H:TAC) to commercialize technologies developed by ICMR labs for the benefit of communities at large.

Over the last decade, FICCI C-Tech has received and evaluated more than 15,000 proposals and supported close to 1000 innovative enterprises. Innovators supported through the multiple programs have positively impacted the socio-economic development of not only India but also other developing nations in South Asia and Africa. The India-Rwanda Innovation Growth Programme (IRIGP), a recent addition, is one such programme focused on using the ingenuity of Indian innovations for wider global impact. These Programmes have created over 12000 jobs and enabled portfolio companies to earn consolidated revenues of over a billion dollars. 

The social enterprises supported have touched the lives of 6.80 million people from the underserved communities. FIA Technologies led by a young woman, Seema Prem, who studied at MIT but came back to start her venture in the financial inclusion space has been supported by FICCI over the past five years. Today, FIA has a presence in 19 states across 450 districts providing financial literacy in 32000 villages, access to financial products and services to 6 million customers and has created 8000 rural entrepreneurs. FIA does an average transaction of INR 12 crore/day (equivalent to US$ 1.8 Million/Day) and is currently operational in 27 states.

To foster south-south cooperation, several Indian companies have been handholded to scale their innovations to other developing countries such as Rwanda, Ethiopia, Kenya, Afghanistan, Bangladesh, and Nepal among others. One such technology being replicated by a Gujarati entrepreneur in Bangladesh is “Bhungroo”, a water management system that injects and stores excess rainfall/run-off water underground and lifts it out for use in dry spells where it is expected to increase farmer incomes by 35%. This unique technology also won the UNFCC “Momentum of Change” award for not only curtailing desertification but also help build resilience to climate change and to rejuvenate local biodiversity. 

Venus Remedies and Tejas Networks, two companies supported by FICCI’s Centre for Innovation, Science and Technology commercialization have gone to IPO.

With the aim to strengthen its commitment to innovation, technology and entrepreneurship, the FICCI Innovation and Technology Board would review, evaluate and advice C-Tech’s programs and activities. With a strong board, the Center looks to grow and expand its portfolio through programs focused on a wider range of sectors within the Indian and global startup ecosystem.