Start-Ups for Railways’ Policy: Important Points
The Indian Railways has launched a policy on 14th June 2022 with the aim of encouraging start-ups across the country.
What will be done under this policy?
Under this policy, the railways will be providing funds for various innovations and will be spending Rs 1.5 crore as venture capital for various kinds of technological solutions that will be innovative in nature. The railways will be investing in various start-ups across the nation with the aim of acquiring innovative technologies directly from these invested start-ups. This policy has been launched under the StartUp India Scheme.
What will be the funding mechanism under this policy?
Under this policy, the fund will be provided on the basis of cost-sharing. The sharing of costs will be in a 50:50 ratio, between the innovator and the Indian Railways.
What will be the selection process?
The start-ups will be selected via a transparent and open process. The innovators will be required to upload their innovation concepts along with all the proper proof on the Indian Railway Innovation Portal. The total process from the project’s proposal to the development of the prototype will be online. The trials of the prototypes will be done by the Indian Railways. After the prototypes are successfully tested, extra funding will be given so that the innovation can be scaled up.
Who will be holding the Intellectual property rights?
The Intellectual property rights of the developed technologies will remain with the inventers.