IT Madras to Foster 100 Startups Across Diverse Sectors in 2024: Nurturing Innovation

IIT Madras has set its sights on a grand mission for the year 2024 – the incubation of a minimum of 100 startups across multiple sectors. This expansive initiative spans various domains, including sustainability, green energy, quantum technology, and mobility, aligning with the institute's commitment to fostering innovation and societal progress.

IIT Madras' Vision for 2024

Expressing enthusiasm for the upcoming year, V Kamakoti, the Director of IIT Madras, articulated the institute's ambitious aspirations, highlighting plans to conclude the financial year ending March 31, 2024, with 366 patents. Additionally, Kamakoti affirmed the objective of launching 100 startups throughout the year, emphasizing their potential to significantly benefit the nation.

Pioneering Technological Ventures

Underlining the institute's prowess in nurturing technological ventures, Kamakoti spotlighted the emergence of promising technologies through startups such as Hyperloop startup, ePlane, Agnikul Cosmos, and Mindgrove Technologies. These ventures, originating from IIT Madras, are anticipated to unveil products of substantial national importance.

IIT Madras Incubation Cell's Role

The IIT Madras Incubation Cell (IITM IC) serves as the primary facilitator for fostering innovation and entrepreneurial endeavors within the institute. Tamaswati Ghosh, Chief of IITM IC, reported a commendable milestone achieved in 2023, with a portfolio of 351 deeptech startups incubated. These startups collectively garnered a valuation of INR 45,000 Crores ($5.4 Billion) based on external investor funding, boasting an impressive 80% survival rate.

Financial Support for Entrepreneurial Ventures

IIT-M introduced a significant stride by establishing the INR 100 Crores Innovation and Entrepreneurship fund in February. This fund aims to bolster and support students and faculty members in their pursuit of establishing pioneering startups, fostering a thriving entrepreneurial ecosystem within the institute.

India's Dynamic Startup Landscape

India boasts the world's third-largest startup ecosystem, showcasing over 3,000 deeptech enterprises that specialize in cutting-edge innovations encompassing artificial intelligence, machine learning, big data analytics, IoT, and blockchain.

Government's Supportive Initiatives

The National Deep Tech Startup Policy (NDTSP), an initiative by the Indian government, holds significance in steering innovation, fostering economic growth, and advancing societal development within the burgeoning deeptech startup ecosystem. The draft NDTSP 2023, released in July, aims to address funding challenges, talent acquisition, and scaling research and development for these startups.

Here's a glimpse into their ambitious plans:

• 100 Startups Across Diverse Sectors: IIT Madras aims to launch at least 100 startups across various sectors, including sustainability, green energy, quantum technology, and mobility. This initiative will fuel innovation and address pressing societal challenges.

• 366 Patents for Nationwide Impact: The institute is setting a lofty goal of filing 366 patents by March 31, 2024. These groundbreaking innovations have the potential to drive economic growth and benefit the nation.

• Nurturing DeepTech Champions: IIT Madras Incubation Cell (IITM IC) boasts a portfolio of 351 deeptech startups with a combined valuation exceeding $5.4 billion. These startups, like Hyperloop, ePlane, Agnikul Cosmos, and Mindgrove Technologies, are poised to deliver impactful solutions in critical domains.

• Investing in the Future: In February 2023, IIT-M established a dedicated INR 100 crore Innovation and Entrepreneurship fund to empower students and faculty in their entrepreneurial pursuits. This investment demonstrates the institute's commitment to fostering the next generation of innovators.

Beyond IIT Madras, India's DeepTech Landscape Thrives:

• India's DeepTech Boom: With over 3,000 deeptech businesses focused on cutting-edge fields like AI, ML, big data, and blockchain, India boasts the world's third-largest startup ecosystem.

• National DeepTech Startup Policy (NDTSP): Recognizing the potential of deeptech startups, the Indian government launched the NDTSP to provide crucial support and accelerate their growth. The draft policy released in July 2023 aims to address challenges like funding, talent acquisition, and R&D scaling to empower these innovative ventures.