The country's second largest software exporter Infosys on Friday announced cash awards for 20 entrepreneurs every year in order to encourage ideas that solve real life problems.
"Any individual can present the idea, there will be a jury judging those ideas. If the ideas are interesting and relevant to current problems, then we'll give the award just to recognise and encourage," the company's Chief Operating Officer Pravin Rao told reporters here.
The company is expecting entries of businesses at the ideation stage, and from across all sectors, for the 'Infosys Maker Award'.
Infosys will be handing over a prize of Rs 5 lakh to 20 entrepreneurs every year, he said.
The award comes amid initiatives from the government like the 'Make in India' and 'Start-Up India'.
Rao said not every promising idea can get noticed by venture capital funds and the attempt from Infosys through the 'Infosys Maker Award' is to give a platform to such budding entrepreneurs.
The company will be seeking applications for the initiative starting March 1 and then a jury will be sifting through them.
"It's more as a corporate responsibility, of encouraging people. Lot of people have ideas and its not that everyone will get attention of VCs," he said.
He said the company had launched a similar initiative in the US in September.
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