IFIA and A.P Innovation Society Sign MOU
Bangalore, 10 September 2016 – The international training center (ICT) for innovators is going to be established by the Government of Andhra Pradesh relying on the cooperation of International Federation of Inventors’ Associations (IFIA) and Indian Innovators Association (IIA) which is stated within the format of a Memorandum of Understanding. The MOU was signed between IFIA President, Alireza Rastegar and CEO of A.P Innovation Society, Nikhil Agarwal alongside IFIA Executive Committee meeting. ICT is financed by AP state and a land of 10 acres is dedicated to establish the center.
To compete in today’s economy, governments, universities, and businesses must manage innovation effectively—whether the goal is to transform policy, implement new initiatives, increase ROI from research, or launch a new product.
The principal objective of this center is to
- train national and international innovators and enable them to reap benefits of their creative work
- train incubation managers, ED Cell managers on mentoring and fund raising
- train technology transfer personnel of higher educational institutes and universities on protecting and leveraging intellectual property
ICT contributes to taking an idea from basic concept to commercially available product which is a very long, complex and difficult journey termed travel through Valley of Death. Initially the valley tends to appear at the point where a conceptual idea needs to be turned into a working prototype in order to demonstrate that it works, assess production costs, and to outline the equipment needed for manufacturing. Next comes the challenge in identifying relevant market segment.
Before full launch of the innovative products, it is prudent to test prototype within a limited scope to determine whether customers like the innovation, accept it and are willing to pay. Last mile is commercialization. The final step involves taking tested innovations and developing them into full-scale operations. This requires access to production facilities, routes to market, and logistics which are all provided in the international training center.