The Telangana government is setting up a Rs 50-crore Research to Market Fund to support scientists working on market-driven ideas. While the state government will put Rs 5 crore in the fund, venture capital and private equity funds would chip in with the remaining amount.

A group of scientists under the Research and Innovation Circle of Hyderabad (RICH) will vet the ideas from scientists and decide on funding.

RICH has been established by the state government to build a network of about 50 research and development institutions in the city.

"Some ideas may not see the light of day as scientists don't get funding at an early stage. RICH will address the problem and invest in ideas that have potential to solve some industrial problems," Jayesh Ranjan, Secretary (IT and Industries), Telangana government, told BusinessLine.