Economy

Tata Trusts plans to support 1,000 innovations in tech sector

Updated : August 02, 2018 11:53 PM IST

Through its Foundation for Innovation and Social Entrepreneurship (FISE), Tata Trusts plans to support around 1,000 innovations in the tech sector which can solve social problems.

The winners were chosen from among 3,000 applicants who proposed innovations to create large scale social impact and bring industrial transformation in India.

Tata Trusts plans to support 1,000 innovations in tech sector

Tata Trusts, through its Foundation for Innovation and Social Entrepreneurship (FISE), plans to support around 1,000 innovations in the tech sector which can solve social problems, a company official said. Tata Trusts is working with some leading organisations to find and build a pipeline of such projects which need incubation support.

"Our plan is to support 1,000 innovations. Currently, we already have 30-odd innovations incubated and our plan is to increase the number 8 to 10 fold by 2020," Ganesh Neelam, Associate Director, Tata Trusts, told PTI.

Tata Trusts is trying to create an ecosystem for such projects.

It provides the support they need, which includes risk coverage by the startups, he added.

"The numbers which we are planning are fairly huge because we want to build an overall ecosystem for innovators to actually come and then work on technology which are really capable of solving social problems," he added.

"We are going ahead and talking with lots of partners and trying to see as how we can build all that pipeline," Neelam said.

The Department of Science and Technology, Lockheed Martin and Tata Trusts today announced the winners of India Innovation Growth Programme 2018.

The winners were chosen from among 3,000 applicants who proposed innovations to create large scale social impact and bring industrial transformation in India.

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more