XLRI, NIF sign MoU for assessing innovations

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Monday , January 28, 2008 at 2324 hrs Premier B-School XLRI has signed a memorandum of understanding (MoU) with National Innovation Foundation (NIF) for creation of a research advisory council (RAC).

This council would assess different innovations that NIF would be scouting from eastern states of Jharkhand, Bihar, some areas of West Bengal, Orissa, Chhattisgarh and eastern UP. According to the MoU signed here on Sunday by NIF national coordinator (business development & micro venture) L Chinzah and XLRI director father E Abraham, the research advisory council (RAC) would comprise of professors of the B-school, industry experts and NIF members.

The innovations to be assessed would be sourced from NIF's 'national register' for grassroots innovations and those selected would be offered support by way of a nomination to the biennial national innovation award as well as by way of offering to bring refinement in the product, protection of intellectual property rights (IPR) associated with the product and by way of offering risk capital investment for setting up enterprises.

The risk capital investment for setting up an enterprise would be offered to the innovator by NIF's micro venture fund.

Also XLRI's student body social initiative group for managerial assistance (Sigma) would be involved in mentoring and monitoring the innovations/projects thus chosen for incubation.

The students' body would also assist in market benchmarking the innovation and in developing business plans. Innovative ideas needing wider social diffusion among the local populace would be handled accordingly.

Also, XLRI's recently founded Father Arupe Centre for Excellence

(FACE) would document the challenges faced and the strategies adopted

in the development of the chosen innovations for the B-School's future

educational purposes.

Established by the department of science & technology in February

2000, the National Innovation Foundation (NIF) aims at providing

institutional support in scouting, spawning, sustaining and scaling up

grassroots innovations and help them grow into self-supporting

ventures.

Its "Honey Bee" database of around 10,000 innovations collected and

documented by SRISTI is part of the National Register of innovation

managed and supported by NIF.

According to the NIF national coordinator (business development &

micro venture), NIF was looking forward to support from XLRI's Sigma

and FACE for "adding value to" the innovations it has come across in

the eastern region in the past two-and-a half years of scouting work

that it has done.

"As NIF cannot do much on its own, following the networking