New Delhi: "Incubation is the best vehicle for innovation and it can play a significant role in achieving inclusive growth. There is much greater potential left to be harnessed to bring technologies to market and convert our young technopreneurs to become job creators instead of job seekers," said Prithviraj Chavan, Minister of Science & Technology and Earth Sciences while inaugurating the three day conference of 4th Indian Science and Technology Entrepreneurs' Parks and Business Incubators Association (ISBA) here today.

Chavan further said that under a newly introduced scheme called Innovation in Science Pursuit for Inspired Research (INSPIRE), the government have a plan to select at least one best talented student for scientific studies from every school in the country who pass out 10th and 12th standard.

"Government aims to increase the budget allocation for R&D from existing one per cent to 2 per cent of Gross Development Product (GDP)," he added.

On this occasion, a tripartite Memorandum of Understanding (MoU) was signed for Rs.55 crore fund for financial year 2011-12 to be allocated to ISBA member incubatee companies.

Chavan gave national award to VIT Vellore for outstanding Technology Business Incubators (TBI 2008) and ISBA 2010 awards to nine incubatee companies under different categories.

"The exhibition gives a unique opportunity to the people to witness some of the novel technologies/products in areas ranging from crime detection, hazard mitigation, herbal pesticides, value added products from forest wastes, bio-diagnostics etc," said an official from the Ministry.

During the conference/exhibition around 200 national and international delegates besides a large number of visitors from academia organizations, investors etc are expected to participate in the exhibition.

Dr. T. Ramasami, Secretary DST and Dr. S.K. Brahmachari, Secretary, DSIR also addressed the participants. R.M.P. Jawahar, President, ISBA, Dr. Rajendrea Jagdale, Secretary General, ISBA and Prof. Arun Nigavekar, Mentor Academia-R&D workshop, ISBA were also present.