Speaking about the fund, Sam Pitroda, Chairman of the National Innovation Council (NInC) said: “The needs of the people at the base of the economic pyramid are today served by philanthropy and government grants and subsidies, which can never be either adequate or scalable. IIIF seeks to leverage the model of venture capital to transform the lives of the less privileged.”
The IIIF seeks to create a new class of capital which helps set up and scale entrepreneurial skills and innovation. The fund will invest in innovative ventures that are scalable, sustainable and therefore profitable, but address social needs of the less privileged citizens in areas such as healthcare, food, nutrition, agriculture, education and skill development, energy, financial inclusion, water, sanitation employment generation, etc.
The IIIF would also partner the entire ecosystem in this space, including incubators, angel groups, and also public research and development programmes and laboratories to support the commercialisation and deployment of socially relevant innovative technologies and solutions.
The IIIF was first announced in 2011 and has now received Cabinet approval.
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