NASSCOM and ICICI Knowledge Park have promoted the NASSCOM ICICI Innovation Fund (NIIF) to stimulate technology innovation in India through providing seed capital funding for opportunities in emerging technologies. The fund corpus will be Rs. 100 crores in the initial round, with an expansion of another Rs.100 – 150 crores in additional rounds.
The primary objectives of NIIF include:
· Promote innovation in emerging or frontier technologies through patient investment
· Encourage entrepreneurship through providing market access and mentoring
· Enable innovative start-up companies to reach a stage where they can attract follow-on venture capital funding
NIIF will focus on Intellectual Property (IP) asset creation in emerging or frontier technologies. A key criterion for identifying investment areas is the presence or expected emergence of sophisticated demand within India for either the core technology or applications based on the core technology.
Some of the technology areas presently identified for NIIF investments are listed below.
· Automotive infotronics
· Medical devices
· Intelligent Transport Systems
· Energy conservation fuels and devices
Arun Natarajan is the Founder & CEO of Venture Intelligence, the leading provider of information and networking services to the private equity and venture capital ecosystem in India. View free samples of Venture Intelligence newsletters and reports.