Access to funds a major bottle neck for innovators: Noronha

HERALD:  What is new in the Goa Innovation Council and what progress has it made?

JOSE MANUEL NORONOHA:  The Innovation Council began its operations last year. It is based out of Don Bosco College of Engineering at Fatorda and we have carried a lot of activities to create the eco-system for innovation in the State. For example we have a facility called the Virtual Innovation Register which helps technologists or innovators to register their new idea. The mentors then discuss those ideas and try to match-make between the innovator and the mentor and then guide them whether the idea can be successfully commercialised, made into proto-type and till what level it can be escalated etc. We also help the innovators with patenting.

HERALD: What collaborations have you made with other bodies?

JMN: We have collaborated with the Goa Chambers of Commerce and Industry (GCCI) to run projects for the final year students of engineering colleges with the intention to commercialise or market the project. We have conducted a large number of workshops on intellectual property rights for youngsters to apprise them on how they will be able to convert it into intellectual property and then later have an option of transfer of technology or to scale it up on their own. We have also conducted boot camps in many colleges across Goa.

HERALD: What measures have you taken to encourage the youth?

JMN: To encourage school children, we have launched a ‘young innovator award’ and in this about 150 school children came out with projects of different types. They showcased what they can do. So, innovation campaign has reached every nook and corner of the State and we are taking it forward in the next financial year. We have already set up a proto typing laboratory in the Don Bosco Engineering College. It is a common facility and all students are welcome if they are interested in proto-typing. We also have 3D printers which can be very helpful for the students at a very minimal cost.  

HERALD: Now that the infrastructure and eco-system is created, what is the way forward?

JMN:  Now the question is how to scale up and do better for Goa and get good quality projects. We need to now look into the practical aspects and just not theory and we have plans for 2020-21. Like in our Virtual Innovation Register we at present have 160 people who have registered themselves with new ideas, of which, four ideas have already been patented. The others are now been assessed whether they can be commercially viable or not. After patenting it will be easier for the students to get grant or loan to help them scale up. Also, this patent can be sold to companies or transfer the technology for which they will get royalty.

HERALD: What difficulties do upcoming innovators to face in their initial battle?

JMN: In Goa we have several incubation centers and all are doing well with reputation. This means at least 500 people are already engaged and are being incubated in the State and they are working on new ideas. These things do take time and there is nothing like overnight success. In places like Silicon Valley there are investors who have really deep pockets and they have patience and willing to wait. The problem here is that people specially angel investors are not willing to put in capital in this high-risk zone which has no guarantee or certainty of success. Even banks are not willing to fund an idea and they look for substance and hence we need angel investors to come in and support the youngsters. 

HERALD: So what is your plan for 2020-21?

JMN:  We will be trying to get more individual ideas commercialised, patented and facilitate them so that they can get in touch with people like venture capitalists, angel investors, etc and having sessions with them so that they get access to equity and funds which today is a major bottle neck. The banks always look at collateral and the youngsters have no collateral, but just an idea. If they have an idea it requires patent which requires government intervention. There should be some scheme where they can get funds without producing collateral. These youngsters need to be encouraged and angel investors can play a big role in it. 

HERALD: So how do we encourage angel investors to come in to Goa?

JMN: We are already engaging with local angel investors in Goa. In fact some of them are also coming over from Mumbai, Bengaluru, Hyderabad etc and they have been interacting with the innovators who have potential ideas. But it has to go forward to the next level. We are making efforts and we just need one or two major breakthroughs to spread the positivity in Goa. 

HERALD: What help can the government provide in this scenario?

JMN:  First easy access to funds to innovators and incubatees without collateral is a must. Secondly, do not give them a grant but give them loans at a very low interest rate so that they are able to pay back. They should also be provided a common co-working space for at least two to three years. Our budget is small, hardly Rs 50 lakh and we hope it should continue for the next financial year as the funds are sufficient but we do work on a shoe string budget. The budgetary support is required for the innovators as they need the money to scale up and it would be a great help if a separate budgetary provision can be made for them.