India to back innovative business ideas

New Delhi, June 21 (IANS) The Indian government will Tuesday launch an initiative to support innovative business ideas from people by helping them to connect with mentors and investors.

The Department of Science and Technology (DST) will offer guaranteed funds of Rs.5 crore for the ‘Power of Ideas’ initiative, a public-private partnership, said an official statement.

The Centre for Innovation, Incubation and Entrepreneurship (CIIE) and the Indian Institute of Management (IIM), Ahmedabad, will evaluate every business summary that comes to The Power of Ideas 2010.

To ensure that more dreamers get to meet investors, CIIE has worked out a unique 10-day incubation programme at its campus for all candidates who make it to the final cut-off list of The Power of Ideas.