Kolkata: Naval ship maker Garden Reach Shipbuilders and Engineers (GRSE) plans to enter into profit-sharing agreements with startups it incubates during the commercialization stage of product development. The Kolkata-based public sector company, which is under the Ministry of Defence, has earmarked dedicated funds from its research and development budget for incubating shipbuilding-focused startups.
“We allocate a significant portion of our research and development budget to incubating and supporting start-ups that develop products and services for our own use that can then be commercialised,” said Commodore PR Hari (retired), chairman and managing director of GRSE.
Regarding commercial relationships with start-ups, Hari explained that GRSE plans to enter into profit-sharing agreements with these early-stage companies once a final product has been developed and shows potential for commercial success. While the terms are flexible, GRSE expects to commercially benefit from the intellectual property generated through these collaborations.
The first GRSE Accelerated Innovation Incubation Scheme (GAINS) in 2023 saw two winners, both of which are currently in the incubation stage. “One is an SME focused on an AI-based material code generation and management system, while the other is developing a robot for marine exterior painting,” said Hari. GRSE is providing full funding support to these startups to develop viable prototypes.
