IIT Madras Faculty founded 94 startups, Valued over Rs 1,400 cr
The faculty members at the Indian Institute of Technology Madras have successfully founded 94 startups, valuing over Rs 1,400 altogether. According to the data provided by IIT Madras, the number of startups found under the guidance of faculty members rose from 37 in April 2017 to 94 in October 2021.
The setting up of the startups involved several departments of the institute with 77 faculty members. It includes different companies with many new ideas working in the technology areas. One of the startups is working on a hybrid air vehicle and the other is creating crude oil from waste and efficient water support transportation solutions.
Tamaswati Ghosh, Chief Executive Officer at IIT Madras has said that there are several faculties who are involved in more than one startup as a mentor or as a founder. Most of these startups are associated with the Departments of Electrical, Mechanical, and Civil Engineering along with Aeronautics and Applied Mechanics.