"Lockheed Martin is sponsoring this initiative to demonstrate that we intend to be a corporate partner with the government and industries of India for many years to come, in many different ways," said Robert H. Trice, Lockheed Martin's Senior Vice President of Business Development. "We will provide all the funding for the India Innovation Growth Program and will be inviting Indian technologists, researchers, inventors and entrepreneurs to apply for participation, as we begin a structured search for promising technologies with commercial applications on a global scale."
Trice announced the program in a news conference held on the eve of the biannual Aero India air show here.
An Indian partner, the Federation of Indian Chambers of Commerce and Industries (FICCI), joins Lockheed Martin's U.S. academic partner, the IC2 Institute at the University of Texas at Austin, in administering the program on behalf of Lockheed Martin.
Mr. V.K. Topa, Advisor to the Secretary General of FICCI, joined Trice in announcing the Indian Innovation Growth Program.
"Our partnership with Lockheed Martin and the IC2 Institute in the India Innovation Growth Program represents an excellent opportunity for innovators all across India to commercialize their technologies more quickly and expand their reach in global markets," said Topa.
The India Innovation Growth Program will accept applications from businesses throughout India . The goal of the initiative is to prepare Indian companies to launch early-stage commercial technologies into the global marketplace.
An unlimited number of companies will be allowed to participate in the first phase of the program, the initial evaluation. Approximately 30 Indian companies will then be selected to participate in an Entrepreneurship Workshop to be delivered by faculty members from The University of Texas at Austin. In the final phase of the program, a select group of six finalist companies will receive more intense business development training.
"The University of Texas at Austin IC2 Institute is proud to be selected to partner with Lockheed Martin and the Federation of Indian Chambers of Commerce on this important new program to showcase Indian innovation,"
Lockheed Martin is the world's premier defence company and a leading provider of government information technology services. Among the Lockheed Martin products that could eventually be purchased by the Indian government are the F-16 multi-role fighter, the C-130J transport, the P-3 maritime patrol aircraft, the MH-60R helicopter, the PAC-3 air and missile defense systems and several others.
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2006 sales of $39.6 billion.
The IC² Institute of the University of Texas at Austin is a globally recognized "think and do" tank whose mission is to engage in research and education in technology-based commercialization to accelerate economic growth, wealth creation, and prosperity sharing to allow communities and nations to grow and prosper in a sustainable manner.
FICCI is the rallying point for free enterprises in India. It has empowered Indian businesses, in the changing times, to shore up their competitiveness and enhance their global reach. FICCI maintains the lead as the proactive business solution provider through research, interactions at the highest political level and global networking.
