The award also makes Murthy eligible for personal assistance from Indo-U.S. forum to develop business in the U.S.
After finding a place on the MIT Innovators list recently for his research on smart grids, a student pursuing his Ph.D. in IIT Bombay, V.S.K. Murthy Balijepalli, had his project short-listed in the top 50 innovations under the prestigious Department of Science and Technology (DST) and Lockheed Martin India Growth Programme, 2012.
The selection is all the more significant as his project is the only one submitted by a student while the rest are by established companies.
Murthy, who hails from Visakhapatnam, received a gold medal and cash award of Rs. 1 lakh apart from an assurance by the DST to finance his start-up based on the generated business plan to the tune of Rs. 50 lakh to Rs. 50 crore.
“The award also makes me eligible for personal assistance from Indo-U.S. forum to develop business in USA, and B2B Membership of FICCI to participate in the S&T meetings and business development programmes free of cost,” says Murthy.
DST and Lockheed Martin, along with a great team of partners, have developed the India Innovation Growth Programme to help Indian innovators with promising early-stage technologies find markets in the United States and other locations around the world.
Murthy developed a method to estimate electricity cost, grid frequency and load that can help make power networks smarter. It has a direct application in the forecasting of electricity parameters like electricity market price, load, wind energy and frequency. In fact, the path-breaking research has also been identified by the United Nations Industry Development Organization (UNIDO) and Murthy has been invited to co-author an in-house publication on smart grids, titled, Smart and Just Grids . Recently, the project also received the Gandhian Innovation Awards 2012 set up by Society for Research and Initiatives for Sustainable Technologies and Institutions (SRIST) to promote culture of innovation amongst the young minds of the country. The award will be given by R.A.Mashelkar, former Director General of the Council of Scientific and Industrial Research (CSIR), and president, Global Research Alliance at IIM-Ahmedabad.