· The General Manager (In-Charge) held meeting with CEO, T-HUB for encouraging emerging entrepreneurs to participate in Indian Railways “StartUp for Railways Initiative”
Today, i.e., on 22nd June 2022, Shr. Arun Kumar Jain, General Manager (In-Charge), SCR met Shri. M Srinivas Rao, CEO, T-HUB and his team with regard to Indian Railways “StartUp for Railways” initiative. Indian Railways has introduced this novel concept to promote participation of emerging entrepreneurs in solving some of the critical areas of Indian Railways.
India has been witnessing rapid transformation, particularly in the technology sector, with a host of Indian Entrepreneurs coming up with innovative solutions to a myriad of critical areas. With the objective of harnessing these growing technological advancements in the Start-up ecosystem and to promote participation of emerging entrepreneurs to address quality, reliability and maintainability-related issues of the Indian Railways, the Ministry of Railways have launched a unique initiative namely, “StartUps for Railways”.
As part of the initiative, as a first-step Railways have identified 11 critical areas wherein solutions from the StartUps are being invited. This number will be progressively increased over a period of time. The activities under this initiative can be accessed at https://innovation.indianrailways.gov.in/. To earnestly support the StartUps showing capability, intent and promise to produce functional prototypes, based on new innovative concepts for potential use on Indian Railways, a seed fund support upto Rs. 1.5 crs will be given by the Railway Board. Funding scheme will be on a cost sharing basis in equal proportion (50:50), between Indian Railways and Startup/MSME/Innovator/Entrepreneur. Under the policy, the Startup/MSME/Innovator /Entrepreneur will have exclusive ownership of Intellectual Property Rights (IPR) created in the project. A structured timeline framework has also been laid down so as to ensure speedy implementation of the projects showing potential.
Accordingly, today GM (In-Charge) along with his team met the CEO, T-HUB to create awareness of this unique initiative and encourage the Startup/MSME/Innovator/Entrepreneur and encourage them to join this initiative and be part of making the Indian Railways stronger and help them in realizing their dream of starting a successful venture.