Innovation is a necessity for mankind’s progress. New challenges arise every day, compelling us to innovate and discover new ways and techniques to address them. Research and development (R&D) in any field is responsible for the introduction and perfection of new technology for mankind’s benefit. Now, let’s talk about Honeywell India and Society for Innovation and Development.
Honeywell India’s philanthropic wing, Honeywell Hometown Solutions India Foundation (HHSIF), has extended its partnership with the Society for Innovation and Development (SID), Indian Institute of Science (IISc). Together they will continue to support 13 new startups that are involved in deep science R&D to promote local innovation.
HHSIF will furnish the seed capital for these startups while SID will take care of infrastructure support, access to technology, mentoring and human capital.
According to an official statement issued by HHSIF, any startup that was engaged in R&D concerning deep science would be eligible for funding. Preference would be given to startups that were founded by individuals from marginalized communities. Additionally, those working on solutions that would directly impact underprivileged communities would be given precedence too.
India has the third largest startup ecosystem in the world with over 81 unicorns worth at least $1 billion. However, funding can be very challenging to come by, making initiatives like this one essential. By focusing on local innovation and the disadvantaged communities, the program will foster community participation and job creation.
The 13 startups selected for the funding include those developing COVID-19 solutions, medical technologies to assist the old and disabled, rapid point-of-care testing (POCT) and diagnostic tools, eco-friendly dyes and addressing the challenges associated with water, sanitation and hygiene (WASH).
Prof. B. Gurumoorthy, Chief Executive, SID, IISc, was ecstatic about the extended program. “We believe that this association with Honeywell will act as a catalyst for technological innovation and lead the way for more corporates to form incubation associations through the CSR route,” he stated.
HHSIF Director and Managing Director, Honeywell Automation India Limited, Ashish Gaikwad, backed the decision to extend the partnership, saying, “Our partnership with SID is an endeavor towards driving local innovation, fostering a dynamic startup ecosystem and enabling job creation.”
Last year, HHSIF and SID had first collaborated last year to support six startups involved in developing deep science solutions related to the healthcare industry.
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