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India's department of science and technology may join hands with The Indus Entrepreneurs (TiE) and the Indian School of Business (ISB) to launch a seed fund. The initial corpus for the fund is likely to be Rs 75 crore or $19 million, reports Business Standard. The report quotes AS Rao, adviser, Department of Scientific & Industrial Research (DSIR), as saying that the fund would focus on product innovation and intellectual property-based solutions. The framework may be finalised by March 2008. The idea has been inspired by the Israel government's Chief Scientist model, which encompasses incubator and R&D programmes, besides investment grants.
In July, Nasscom had announced a $25 million Indian Innovation Fund in public-private partnership to invest in tech startups. Does anyone have an update on that?