Financial Support

LJ Knowledge Foundation under its agenda to nurture innovation and entrepreneurship will also provide financial support to entrepreneurs and innovators. With this initiative it intends to bring concrete support to the innovation/entrepreneurship activities and hence contribute to the overallĀ aims of nation building through innovation. The initiative will take two types of support activities.- Assisting patent filling and supporting entrepreneurs to build their ventures.

Patent filing cost assistance

Patent filling is often a significant cost. It can go into lakhs depending upon the patent attorney’s fee. This is why many innovators who cannot afford such a cost, do not file their patents. This is a significant loss for society as it doesn’t allow the innovation to be protected and hence the innovator is not able to gain any economic returns from the patent. This ultimately leads to very weak efforts to improve the patent so that it is readily useful for society. Under this program it will fund students and faculties who cannot afford the financial cost to file the patent themselves. Through this we will be able nurture innovators’ rights and ensure that the economic returns are available that leads to the improvement and hence adoption of the innovation by the society.

The foundation will also encourage the innovators to commercialise their innovations and convert them into viable business ventures to create economic growth.

Entrepreneurship Venture Incubation support

Entrepreneurship is a very strong force to rejuvenate an economy. It leads to creation of new markets, jobs and economic growth for the society. Entrepreneurship can convert the job seekers in an economy to job creators. This is especially very pertinent to our current economic circumstances. However entrepreneurs need early financial assistance even more than the patentees. Entrepreneurship need both funds and support structure to grow. The demand for this type of support is large; however LJ Knowledge foundation will do its part by providing seed capital to entrepreneurs who intend to convert their ideas to ventures. This seed capital will be able to bring many ideas into the world, who otherwise perish due to unavailability of support infrastructure.

The above financial assistance will be provided to the most suitable candidates who will apply to the LK Knowledge Foundation’s program of financial assistance and the most suitable and needy candidates will be chosen after due diligence by the experts. To ensure that the innovators/entrepreneurs pursue maturity of their innovations/enterprises with full commitment, the support will be not in form of grant but rights sharing or equity sharing.

Declaration of Fund

LJ Knowledge Foundation will make a financial commitment of Rs. 1 million annually for the first five years of the program to further these goals. Support will also be provided by building a innovation lab for the innovators. Further as the need may arise, it will also contemplate generating additional resources and financing to meet any additional demand of promising nature.