 I will quickly run through, you have heard a lot about incubation and all that, now some ground realities I will, so when we, I will look at what happens in IIT in order to give me a quick clue. See technology transfer at IIT Bombay as has been told occurs through various processes, consultancy, sponsored projects, you know when we go and consult licensing this is one model one should consider because many faculty may not be ready to start their own venture, so licensing, so you need champions to each of these things you know within the campus. Then faculty going out on lean and summer assignments, these are the various ways in which we have been transferring. You can see that we have had several successes, one of our team in the metallurgy department receiving the presidential award for having developed a special process for a very special height and steam given to IIT and some of the different organizations. So, the entire mission I know because I was part of the fellow team who designed the machine, the entire machine was designed in IIT Bombay and delivered. To ISRO we delivered one and to another party two parties it was delivered and that is how the president, so Mr. Misra is shown receiving a presidential award from another example is super critical fluid technology this has been developed and it has been licensed to many companies. Here what they do is they extract essential oils from various things like your LHC and Cardamom and all these things. This is the other project that took place. Now I will talk much about sign enough has been said. After the licensing model this is the next model that we have been adopted on the campus this came up and this seems to be catching up fast. So, we have two models here are some of the enterprises that have been created through this sign as well as the license heat recovery. There is a lot of technology being developed within the institute but then you have to go people into pushing it out of the into the market. So, we have done what we have done is sign having come up this spirit of entrepreneurship has become infectious on the campus that is very important everybody should think that less let me also try there are several reasons even if you fail you learn a lot let me be very clear about that don't think that you know just because you have tried and failed you are a failure you learn a lot in the process at least you know how not to do things. Remember also that you become an employer rather than an employee you employ people we have provided 500 jobs through sign on the campus that's a big contribution whichever way you look at it it's a very big contribution and whether you look at it in the positive or negative sense there's a lot of attrition sign experience you talk to my sign company says they come spend six months use this experience and go and get another job outside that's another problem you will face that's the quality of experience they get they are picked up by others you see that's a very big advantage when you have an incubator you're training people providing them employment within and enhancing their quality so that they are employable outside also this is becoming well you have to grin and wear it you have no choice you have to factor this in when you set up your organization now we have seen this even in our project students come in one of my projects for the BRC the walking machine so attractive 40 engineers have walked through two months three months four months build something little little phone up some company they ask you what are you doing building the walking machine at IIT come over that's it I lost one man it's very difficult to keep the continuity it won't be so bad in incubator but nevertheless you are enhancing the skills of the skill pool is going to increase around your location so these are some of the advantages you have sources of funding already there has been enough talk about it but I will concentrate on one the techno entrepreneurship program which I think has been passed on to you one little pamphlet now this is perhaps a unique program in the whole world nowhere do they give you a grant to convert your idea into something tangible you I don't think anywhere in the world they give a grant maybe SBIR gives India at least the rest of the world I have not heard of this sort of you get up to 15 lakhs and you can send your idea over and most incubators in the country are the outreach centers for this program okay this program is independent of the incubator but the incubators are outreach centers for this program because you know people don't go don't have the time to go all over all the way to Delhi to discuss this their project or whatever it is so we have made outreach centers all over the country that are about 20 now including sign and this is one of them now what has happened is many young students who come in have only the idea if the idea is novel we encourage them to go the taproot convert it into a product or a prototype using the 15 lakhs provided by step this is a very important thing you have to exploit every avenue that is available to you legally you have to exploit every avenue that is available to you so many of our incubators have used this grant successfully so keep that and tell your incubators if you think he has got a good novel idea go ahead good now this grant is not for software development it's a very important thing it's mostly for now because what Delhi feels is software will take care of itself hardware there are very few people not only electronic any other form of hardware people are there take care and sometimes the ideas are phenomenal you know very good and they could come from any person any individual it's not necessary that you should belong to an organization to apply to tap any individual in the country can apply to tap for a grant what do we see just as it was pointed out we make sure he has done some work see some guy has got a great idea he's running around desperately he takes parts of some cycle parts of some bullock art parts of that parts of assuming machine size to put it together to see whether his idea works that means he has put in a struggle if that struggle is not there we are also bit reluctant to find because we are giving a grant mind you it's not a and we are giving the individual not to an institution an institution there is some accountability built in but when they are giving an individual there is no accountability anybody who has struggled will use every paisa we give properly anybody who has not is not going to so you have to carefully gauge whether the person deserves that money and whether the idea is novel and patientable maybe eventually but at the same time we also made sure that we don't fund ideas which are realizable always what is the big deal there are innovators who do not know there's a question mark a 50-50 chance the thing would fail we find that also we are generally convinced yes there seem to be some merit in this give it the man is passionate he has already spent his money and believe me there are lots of people who do that and mostly SMEs also requires that funding because they have some wild idea they would like to convert this idea to business in that chain idea the very early stages are very difficult to find you will find it extremely difficult to find funding nobody will give you your money if you tell him I have this great idea it's not so easy here is a government of India program which supports that it's a very strong program but we are trying to propagate it further we want to go to about 200 but roughly out of thousand applications 50 only get funding quite a strict screening is done now this was a thing which was utilized by many of my students in order to move forward of course this you know several government and private agencies provide funds private agencies you have to go they are very difficult Mr. Praveen Gandhi it's not easy to get a money out of him he really goes through your business business plan believe me soft as the money that comes to you the more complex and you are if you fight it out in the market you are going to be better off in the future you know if you start accepting all these government soft loans and all you will remain where you are it won't so don't think that the government is coming in at places where they feel that it is difficult for you to get money from a private agency but don't make it a habit only to go and depend on government money this is that's a very important lesson in fact in one of our incubators he came in when he got a investor investor told him go and don't touch that government when you go and give it back because you will become very comfortable and you won't run your business properly free money is not going to help any business that is the most important thing that message that should go to your incubators what is the impact of science employment seekers transform to employment providers change in outlook professionalism you see as a faculty member who runs a government of India project I take anybody or everybody who comes in you know because I need somebody to be taken up there's a provision in the budget and I say okay I have got one guy it is my business so you start getting that outlook what is my target team I require how should I plan this sort of change in the way you look at things you start weighing everything you know because it's money now previously when it's a project it was not money though there is a lot of money coming in it or not you know your whole has to change and it does change diligence something which we don't care today lives is the most important in my opinion the most important thing that comes in very diligent otherwise your business will collapse so the same trades you bring it into your R&D efforts also in this so no I see that if one does that he one also improves in his own R&D sets his goals properly sets the milestones you never set milestones in an R&D project it simply keep going but now with this or you set lose milestones now you know you can't you know it won't help that's some of the several trades a diligence communication ability you know for most many people can't talk but you go and talk to a venture capitalist or an angel investor that day you realize that you don't know how to talk but it's too late believe me I thought I knew how to talk until I went to sign then I realized I don't know how to talk because there is a way of communicating crispness you won't find these meetings going on for us all it is all very crisp you have to put forward the elevator pitch is what they say you know by time the elevator goes from the ground floor to the 10th floor you should have convinced the fellow who is standing in the elevator that he should invest in your company if you can do that so if you want to hone your communication skills so you're getting so many intangible benefits in and of course innovation see the world is changing very fast look at your mobile you get dozens of new types you know within two weeks you will find something else added on by the time that comes out into the market it has already become outmoded so innovation has been recently in one of our innovation what is that what is that pointy that we had we had gone to that innovation you know price 70 which is that company Marico industries they found that all the winners was those whose R&D was innovative the winners they went through the process of selection they didn't look for that after they had selected those prize winners when they went back and looked and tried to see what what was the main criteria which had led to their becoming it was innovation and R&D so the world has changed completely changed so innovation is going to become very important that's what we support here through the step program wait let me go to here is innovation at IIT Bombay soil by biotechnology process shanker where you get clean water just from sort of a garden and some secrets in the garden that's it you set up two or three plants in Mumbai itself is one of the photographs of one of the plants you know you change the quality of water solid waste recovery in our messes you know there's a lot of food wasted what do you do with it where do you throw it so we have created the soil biotechnology this where it is thrown and it is converted into something useful innovation we encourage innovation within the campus for a long time this was not but we have undergraduate students encouraged to design and construct innovative devices junior students technology festivals and also business festivals this has become a very big thing many if you have you must have heard some of our incubators they went to business festivals worldwide one say maybe one lakh dollars and funneled it into their company and secondly many a time at the business festivals top PCs are sitting and you will know whether your business plan is worth it or not so encourage your incubators to go and take part in business also technology festivals but through this we have encouraged senior students as part of curriculum R&D and all at the masters level PhD level and all then business festival I've written many participate in international competition this is the exposure you get to innovation you when you they go abroad the students came back and told me sir they use a checklist to check whether their machine works just before they are asked to demonstrate it our students don't do it the checklist is here or in small bits of paper in there you know most of our entire economy runs on the bits of chips of paper you keep in your pocket that can't that won't help patented with assistance from IIT all these see here is what the young fellows have done kids 17 years old 18 years old first year students three climber battery operated okay you may say no great shapes but that there's no nothing about engineering they have built it and as there is a two-dimensional treadmill you want to treadmill conventionally is a flat surface so I told them that many people require a treadmill which will you know simulate a baby surface so the kids have come out and believe me they are patient I told them let us get it patented so they're patienting it and here is one what this can do this is Ankit Mehta if you see today's means have you given the means this yeah yeah you will find his name in the very beginning he used to build this and now he's building a human power charger is out with several ideas for human power vehicles the company is called idea force is what he built when he is in his first year on the left hand side what he is building now and selling he quit he joined a big company with a fat salary with that after 6-1 saying it is boring came back and now he's running this show here Ankit Mehta and he has a team which a wonderful team another is Gagan Goyal who started is taking part in an photo of his taking part in an ASME competition in the United States and that's what he is now selling educational technology products is what he is selling making and selling both of my students in more than one way they took part in all the nocturnal activities I organize I take a lot of interest perhaps that's the reason why Jeff called me over to chair their screening committee so here they have been doing all this I never realized that one day or other all this will lead to something quite significant around now I'm very proud of what my students have been able to do I'm very happy about that so I would like to say once imbibe the spirit will prevail it is infectious remember if one guy innovates in the class the rest will follow that seed is required and the champion is required you have to be passionate I mean business also you have to be passionate encouraging innovation also you have to be passionate so you must find champions locally who do that if you just think that you will set up a bureaucratic setup please forget it