The Indian Institute of Technology Madras (IIT Madras) has set an ambitious goal to incubate at least 100 startups in 2024, spanning a range of sectors including sustainability, green energy, quantum, and mobility. V Kamakoti, the director of IIT Madras, expressed the institute’s commitment to impactful initiatives and socially relevant projects that would benefit the nation.
As part of its efforts, IIT Madras is actively nurturing startups in cutting-edge technologies. Noteworthy mentions include the Hyperloop startup, ePlane, Agnikul Cosmos, and Mindgrove Technologies, all incubated within the IIT Madras ecosystem. Kamakoti emphasized that these startups are poised to deliver products of significant national importance.
The IIT Madras Incubation Cell (IITM IC), serving as the institute’s umbrella body for fostering innovation and entrepreneurship, has seen substantial success in recent years. Tamaswati Ghosh, Chief of IITM IC, highlighted that by the end of 2023, the incubation cell achieved a portfolio of 351 deeptech startups. The combined valuation of these startups reached an impressive INR 45,000 Cr ($5.4 Bn) based on external investor funding, with a commendable survival rate of 80%.
To further support the entrepreneurial endeavors of students and faculty, IIT-M announced the creation of a INR 100 Cr Innovation and Entrepreneurship fund in February. This fund aims to bolster the development of startups within the institute.
India, with the world’s third-largest startup ecosystem, is witnessing a surge in deeptech businesses focusing on innovations in artificial intelligence, machine learning, big data analytics, IoT, and blockchain. The National Deep Tech Startup Policy (NDTSP), initiated by the Indian government, plays a crucial role in steering innovation, fostering economic growth, and advancing societal development for these startups.
In a strategic move, the draft NDTSP 2023 was released in July, presenting a well-thought-out policy aimed at nurturing the growth and sustainability of deeptech startups. The policy addresses challenges related to funding, access to the right talent, and scaling research and development operations.
