The Council of Scientific and Industrial Research (CSIR) is in the process of setting up an innovation fund, worth Rs. 400-500 crore, to invest in early stage startups and prod innovation, a senior official told The Hindu. “The proposal has been cleared in-principle by the Prime Minister,” Girish Sahni, Director-General, CSIR, toldThe Hindu. “We will be using a portion of our own funds for this,” he added.
The 75-year-old organisation — India’s largest patentee and publisher of research papers — is also grappling with a crisis of trying to generate more revenues from its portfolio of inventions as well encourage its staff scientists to become entrepreneurs and start companies of their own.