TISCO is the new initiative of IEEMA which focused on promoting R&D in electrical industry and facilitate research activity among IEEMA Members. Following are the primary objectives of TISCO:
• Understand the present Gaps in Technology across the sectors, and the constraints to access or invest in the Technologies
• Categorise the gaps under ‘Make’ / ‘Buy’ / or / ‘Partner’ classifications, where members can decide on developing those technologies in-house (Make) or license it from existing technology providers (Buy) or get it developed through leading Institutes like IITs or IISc. (Partner)
• Identify the right mechanisms which deliver the required impact with best possible Returns on Investment by utilising the incentives provided by the Govt. of India, on a Subscription fee model , through external Tax consultants
TISCO has taken a three pronged approach to begin with, as follows:
1. Interacting with Product Divisions – This will help in identifying product specific technological gaps and the area where R&D activities should be focused
2. Identify premier institutes like IIT/ IISC etc which can take up research projects and then handhold them with the industry on need and case to case basis
3. Identifying tax consultants to give advisory services regarding investments and tax benefits, specially focusing on SMEs.