That’s RICH! 10 New Uni­corns may Fly Out of Te­lan­gana Soon

RICH will con­nect aca­demic & re­search in­sti­tu­tions with en­trepreneurs 10%

The Economic Times - - Disruption: Startups & Tech - Var­sha.Bansal @times­group.com

Hy­der­abad: The Te­lan­gana gov­ern­ment will launch an ini­tia­tive this week which aims to cre­ate about 10 uni­corns in the next five years to a decade. The uni­corns would cre­ate so­cial im­pact and wealth.

Re­search and In­no­va­tion Cir­cle of Hy­der­abad (RICH), headed by for­mer In­dian School of Busi­ness dean Ajit Rangnekar, is a plat­form de­signed to con­nect aca­demic and re­search in­sti­tu­tions in Hy­der­abad with en­trepreneurs.

The idea is to al­low star­tups and es­tab­lished com­pa­nies to col­lab­o­rate with re­search and aca­demic in­sti­tu­tions in devel­op­ment and com­mer­cial­i­sa­tion of in­no­va­tive prod­ucts from the fields of health­care and phar­ma­ceu­ti­cals, agri­cul­ture and aero­space. Af­ter the plat­form suc­ceeds in Te­lan­gana, the plan is to ex­pand it across In­dia and pos­si­bly over­seas to Africa, said Rangnekar.

He said that the team plans to reach out to at least100 star­tups and es­tab­lished com­pa­nies from all three sec­tors within the first six months.

The ob­jec­tive is to cre­ate a ve­hi­cle to take re­search into the mar­ket since some of the prod­ucts by re­search in­sti­tutes could get used on a mas­sive scale.

“To me, a uni­corn will not just be some­body who makes bil­lions, but some­body who im­pacts mil­lions of lives,” said Rangnekar, di­rec­tor gen­eral, RICH. “I ex­pect at least10 so­cial uni­corns to come out of this ini­tia­tive in the next three years and 10 fi­nan­cial uni­corns in five to 10 years.” The Te­lan­gana gov­ern­ment will in­vest about ₹ 5 crore per year in the plat­form to sup­port ad­min­is­tra­tive and other ex­penses.

“Our over­all vi­sion is to make from in­sti­tu­tional in­vestors and VC

Re­main­ing

There are 12 mil­lion blind peo­ple in In­dia, of which 80% are un­nec­es­sar­ily blind. LV Prasad Eye In­sti­tute has an in­no­va­tion to catch th­ese prob­lems early on. Through RICH, we should be able to take th­ese in­no­va­tions to mar­ket AJIT RANGNEKAR,

Di­rec­tor Gen­eral, RICH Te­lan­gana state a glob­ally at­trac­tive des­ti­na­tion through re­search to in­no­va­tion, in­no­va­tion to in­dus­try and in­dus­try to pros­per­ity,” said the state IT min­is­ter KT Rama Rao. “The state is cre­at­ing col­lab­o­ra­tive mech­a­nisms like RICH be­tween en­trepreneurs, busi­nesses, in­vestors, ed­u­ca­tional and re­search in­sti­tutes to achieve this vi­sion.”

Some of the aca­demic and re­search in­sti­tu­tions that are part of RICH in­clude In­dian In­sti­tute of Tech­nol­ogy Hy­der­abad, In­dian School of Busi­ness, Nal­sar Univer­sity of Law, Cen­tre for Cel­lu­lar and Molec­u­lar Bi­ol­ogy, In­ter­na­tional Crops Re­search In­sti­tute for the Semi-Arid Trop­ics, and LV Prasad Eye In­sti­tute.

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