Technology Adoption Fund

Technology Adoption Fund Latest News

Recently, the Indian National Space Promotion and Authorization Centre (IN-SPACe) has launched a new fund called Technology Adoption Fund

About Technology Adoption Fund

• It consists of a corpus of Rs 500 crore to support the growth of India’s space startups.
• This fund aims to accelerate the development of indigenous space technology, reducing reliance on imported solutions.

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Key Features of Technology Adoption Fund

• The fund will offer financial support of up to 60 per cent of the project cost for startups and MSMEs, and 40 per cent for larger industries, with a maximum funding cap of Rs 25 Crores per project.
• It is also open to all eligible Non-Government Entities (NGEs)/companies that are ready to demonstrate the commercial potential of their innovations.
• It will also provide partial funding to NGEs. In addition to financial support, the initiative will provide technical guidance and mentoring opportunities, which will help companies navigate challenges during the product development phase.
• The fund will also support the transition of early-stage space technologies developed by Indian companies into commercially viable products.
• It is designed to enable “innovators to bridge the gap between early-stage development and commercialisation”.
• This support will enable companies to refine their technologies, enhance production processes, and meet market demands both within India and abroad.
• The fund will help promote advanced space technologies and contribute to job creation along with economic growth.
• With TAF, IN-SPACe aims to support a wide range of outcomes — from the development of new space products to the creation of intellectual property that can drive future research and development.
• It will invest in domestic research and development and strengthen collaboration between government agencies and the private sector, positioning India as a key global player in the space industry.

Technology Adoption Fund FAQs

Q1. What is the concept of technology adoption?

Ans. It refers to implementation of new technologies and new methods of workplace organization or marketing with a view to enhance the quality and variety of the goods and services supplied.

Q2. What is the work of InSpace?

Ans. IN-SPACe, is responsible to promote, enable, authorize and supervise various space activities of the NGEs that include, among others, the building of launch vehicles & satellites and providing space-based services.

Q3. What is the difference between NSIL and InSpace?

Ans. IN-SPACe is an autonomous nodal agency acting as a medium between ISRO and the private space sector in India. NSIL is the commercial arm of ISRO.

Source: DD News