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Monday, January 07, 2013

NIC to launch Rs 5,000 cr VC fund for innovation: Pitroda

Source: Business Standard

National Innovation Council ( NIC) Chairman Sam Pitroda today said the council will launch its Rs 5,000-crore venture fund aimed at supporting small enterprises by March.

"We are creating a Rs 5,000-crore venture fund which will be operational by the end of March. We have already spent a year-and-a-half structuring, working on it and getting government approvals," Pitroda, who is the advisor to the PM on public information infrastructure and innovation, told a CII conference on design through a video link.

The fund, which has got a seed money commitment from the government, will work on a commercial basis like any other fund but support enterprises which drive change at the bottom of the economic pyramid, he said.

"Best brains in the world are busy solving problems of the rich who really don't have problems to solve. As a result the problems of the poor don't get the right kind of talent," Pitroda, he said.

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