Academic ecosystems should promote Iinstitutional innovation, says NITI Ayog member VK Saraswat

HYDERABAD: Nurturing ecosystems is necessary for academic institutes to promote institutional innovations, said Dr. VK Saraswat, a NITI Aayog member, on the occasion of UoH-ASPIRE's fifth foundation day celebrations on March 7, 2023.

Dr. V. K. Saraswat, Member, NITI Aayog, who delivered the foundation day lecture at the University of Hyderabad on Monday, said, "India’s Innovation and Entrepreneurship Ecosystem." In his speech, he emphasised the need for creating nurturing platforms like ASPIRE at academic institutions to encourage the translational outcome.

He noted that India's innovation ecosystem has seen significant progress in recent years, and there is a need to continue to foster and nurture this ecosystem to maintain its momentum. He also stressed the importance of creating an environment that is conducive to innovation and entrepreneurship, which includes providing access to funding, mentorship, and other resources.

UoH-ASPIRE, a section 8 firm at the University of Hyderabad (UoH), celebrated its Fifth Foundation Day on March 7, 2023. ASPIRE is an umbrella organization that manages all UoH innovation and incubation activities.

Since its inception in 2018, ASPIRE has assisted over 85 start-ups in the Life Sciences, Pharma & Chemistry, and IT & Electronics sectors through its three incubation centres, ASPIRE-BioNEST, ASPIRE-TBI, and ASPIRE-TIDE.

Dr Saraswat also emphasized the need for disruptive technologies and the upcoming 6th wave of innovation to cater to the needs of the nation. Dr. Saraswat’s also suggested the need of collective efforts by start-ups and ecosystem enablers in developing product based deep tech innovations for India to emerge as a super power. He also visited and interacted with the start-ups supported by ASPIRE incubation centres.

Lauding the efforts of ASPIRE in nurturing the entrepreneurial ecosystem in and around the university campus, Vice-chancellor, Prof. B. J. Rao has mentioned that ASPIRE has set a benchmark for academic institutes in nurturing entrepreneurial ecosystems.

Heads of various research organizations, prominent people from pharma & biotech industry, members of UoH start-up community and students from various educational institutes participated in the event.