Reportedly IIT Bombay is likely to sign a deal to commercialise some of its innovation products and make them market ready. Reportedly the institutes are increasingly focusing their research on commercialization of it’s innovation and doing cross-functional tieups for the same.
“Commercialising innovation products is a very important aspect for the institutes. Usually, funding agencies or companies want an idea to be market-ready to be willing to invest in it. The ideas and intellectual property that come out in India are not market-ready,” says Rangan Banerjee, dean, Research and Development at IIT-Bombay.
Reportedly the institute garnered an annual research revenue of Rs 194 Crore in FY 12 and is expecting it’s licensing revenues to grow to Rs 10 crore in FY13 compared to Rs 50 – 60 Lakh earlier.
“Commercialising innovation products is a very important aspect for the institutes. Usually, funding agencies or companies want an idea to be market-ready to be willing to invest in it. The ideas and intellectual property that come out in India are not market-ready,” says Rangan Banerjee, dean, Research and Development at IIT-Bombay.
Reportedly the institute garnered an annual research revenue of Rs 194 Crore in FY 12 and is expecting it’s licensing revenues to grow to Rs 10 crore in FY13 compared to Rs 50 – 60 Lakh earlier.
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