"The company will have six to nine directors on its board from the industry and profits will be used to promote its objectives, with no dividend to the board members," Deshpande said at a two-day summit here.
The firm will be set up under Section 8 of the Companies Act, 2013.
As per the specific law, the company will be registered for charitable or not-for-profit purpose with the Corporate Affairs Ministry.
"We are keen on setting up a grand convention centre near the airport at Devanahalli on the city's outskirts and building elevated roads, subways and flyovers to improve infrastructure," Deshpande said at the 12th India Innovation summit, organised by the Confedration of Indian Industry, with 'Spirit of Innovation -- Celebrating the Entrepreneur' as its theme.
Exhorting the industrialists to invest more in research for high quality, competitiveness and customer satisfaction, the minister said innovation would make the country stronger, richer and a super power.
"Karnataka is the first state in the country to implement a start-up policy to foster entrepreneurship, innovation and job creation. The central and state governments and the industry should support a good start-up in the interest of building a strong country," Deshpande claimed.
Asserting that the state government would ensure Bengaluru retained its lead position as the country's start-up and innovation hub, the minister said Karnataka was the world's largest tech capital after Silicon Valley in the US and London in Britain.
Addressing the members of the CII, Accenture India managing director Rekha M. Menon said India was transitioning into a society, facilitating innovation and entrepreneurship by design.
"The government is pushing policy frameworks to promote innovation.A Open Innovation will be the platform on which organisations can leverage to promote guided disruption. They must work with start-ups and niche technology firms," Menon stressed.
In a special address,AUS Trade Representative Office deputy ambassador Robert W. Holleyman said India contributed significantly to global innovation, which accounts for 8 per cent of its GDP.
"Though entrepreneurs are drivers of innovation, governments have a major role to play in ensuring there is an opportunity for innovators to grow. Information Technology (IT) has been a key component in the growth of India and the world over," Holleyman noted.
Setting the theme, Infosys co-founder and summit chairman S. Gopalakrishan said though 80 per cent of start-ups fail, entrepreneurs were not failures.
"The industry needs to encourage them by sharing learnings and experiences so that more start-ups are fostered. The government is supportive on ease of doing business and regulative policies but a lot more needs to be done," Gopalakrishnan added.
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