To encourage new ventures, Indian Railways on Monday launched ‘Startups for Railways’ to raise 1.5 crore seed funds for innovative technological solutions. The innovation funding will go directly to Indian Railway Innovation Policy initiatives. Intellectual Property Rights (IPR) will remain with the innovator.
The funding apparatus will be based on a 50:50 equal cost-sharing basis for innovators and Indian Railways. The government plans to keep the annual budget of the scheme around 40-50 crore which could increase depending on the innovation.
Railway Minister Ashwini Vaishnaw said, “India Railways will follow the ideas to the product once the concept is proven… The annual budget of the policy is about 40-50 crore and there will be additional funding for the department railway managers to find field solutions to the problems. Also, the intellectual property rights will remain with the innovator.” reported TIE.
The railway minister also requested startups to take advantage of this opportunity and provided them with all the support in the form of a 50 percent capital grant, guaranteed market, scale, and ecosystem by Indian Railways.