Chief Minister Siddaramaiah on Friday announced establishment of Karnataka Innovation Authority to encourage innovations in different areas.
Presenting his budget for 2018-19 in the state legislature, he said the Innovation Authority will give new dimension to the states initiatives in research on new frontier areas.
Innovation authority will be an independent and impartial public entity that operates for the innovation ecosystem in the state.
“Karnataka is the innovation capital of Asia and we want to further create and strengthen the innovation infrastructure in the state to stay ahead of the curve,” he said.
Israel is the only country in the world to form the Israel Innovation Authority, formerly known as the Office of the Chief Scientist of the Ministry of Economy to foster innovation in the country.
Commenting on the development, Indo-Israeli Chambers of Commerce Vice Chairman David Keynan said Israel Innovation Authority is an an independent and impartial public entity that operates for the benefit of the Israeli innovation ecosystem and Israeli economy as a whole.
“Israel has established an innovation ecosystem over three decades ago and has seen tremendous returns. During that period Israel has become home to the highest number of startup companies per capita. I am proud to know that Karnataka is leading the innovation,” he said.
Forming of the Innovation Authority is a step in the right direction, said an analyst.
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