The DST-Lockheed Martin India Innovation Growth Programme achieved a major milestone today by crossing the 100-deal mark of commercialization agreements signed by the winners of this unique nation-wide initiative. The deals, the latest of which were signed at the Pune Technology Expo, included some with multinational companies, placing the winners on a global platform.
Many of the programme winners signing the commercialization deals had technologies that dealt with medical and environmental initiatives. These included Diabetic Neuropathy, a new method for detecting diabetic neuropathy and predicting foot ulcer development; Shockwave Impregnated Bamboo/Wood Preservative Treatment, a technology that relies on high-pressure to deliver chemical compounds into the wood, drastically increasing the amount of applied pressure, reducing time requirements by almost 80% without altering the end quality.
FICCI along with the Department of Science and Technology, Government of India; Lockheed Martin Corporation; Indo-US Science and Technology Forum and the IC2 Institute released an “Impact Analysis Report for the DST-Lockheed Martin India Innovation Growth Programme.”
The report, compiled by Datamonitor, examines the effect of DST-Lockheed Martin India Innovation Growth Programme (IIGP) to the businesses of programme winners. It provides an overview of the DST – Lockheed Martin IIGP and the current status of the business development of the technologies selected under the programme. The report further highlights the benefits that the participants have been able to reap through this initiative and how they have grown since their participation in the IIGP.
The participation has resulted in an impressive economic impact on the participant technologies, in terms of scaling their gross turnover, company valuation of deals and enhancing the degree of employment in the projects concerned in specific and economy in general. The participants in the DST Lockheed-Martin IIGP benefited in variety of ways. Not only have their revenues increased, but they also received tremendous motivation boost post-participation. This all together has culminated in the better brand promotion.
Based on the feedback received till date from IIGP selected technology participants of 2007–09, the cumulative revenue generated by them during 2007-10 amounted to more than INR 350 crores. During this period, the revenues of these entities have grown at a phenomenal CAGR of 45% driven by a large number of high value deals signed by the innovators both in the domestic and global markets. So far, training on Commercialization Strategies has been provided to 240 innovators. Further, advanced training in Technology Commercialization Strategies, Venture Formation, Venture Finance, Technology Marketing, Competitive Technical Strategies, and Presentation Skills has been provided to 120 innovators.