Investment in Science, Technology and Innovation (STI) is essential for economic development and social progress. STI serves as a crucial driver of rising prosperity, improved national competitiveness, sustainable and inclusive growth. Since innovation is central to translating scientific knowledge and technological know-how into useful products, services and employment, Governments world over have been fostering closer linkages between universities and industry through government funded University−Industry Partnership programmes. There is an important relationship between economic growth and research & development.

The Government of India has declared the decade 2010-20 as the ‘Decade of Innovation’. While enunciating Science, Technology and Innovation Policy, 2013 the Government of India has stressed upon the need to synergise Science, Technology and Innovations. With an objective of taking forward Technology and Innovation, in their applied form, for benefit of mankind and to deliver faster, sustained and inclusive, the entrepreneurial spirit is required to be encouraged. Side-by-side, a right ecosystem needs to be created which allows nurturing of ideas, development of concepts in to tangible products and necessary creation of business linkages so that a culture of booming Start-up industry is created and sustained. In that context, the Government of India has notified its Start-up policy recently.