The Indian Institute of Technology Madras (IIT Madras) has said it is targeting to incubate at least 100 startups across various sectors including sustainability, green energy, quantum and mobility, this year.
“For 2024, we have a lot more exciting initiatives and socially relevant projects that would greatly benefit the nation. We are looking at closing this financial year (March 31, 2024) with 366 patents. We are also looking at starting 100 startups in 2024,” IIT Madras director V Kamakoti said in a statement.
“We are also seeing a lot of interesting technologies coming up through Hyperloop startup, ePlane, Agnikul Cosmos and Mindgrove Technologies, all of which are IIT Madras-incubated startups. These startups will deliver products, which will be of great national importance,” Kamakoti added.
The IIT Madras Incubation Cell (IITM IC) is the institute’s umbrella body for nurturing and supporting innovation and entrepreneurship projects.
“Concluding 2023, IITM IC achieved a portfolio of 351 deeptech startups incubated across its network of deeptech incubators. The combined valuation reached INR 45,000 Cr ($5.4 Bn) based on external investor funding. The survival rate of startups stands at 80%,” said IIT-M IC chief Tamaswati Ghosh.
In February, IIT-M created INR 100 Cr Innovation and Entrepreneurship fund to support students and faculty in their endeavours to establish startups.
India has the world’s third-largest startup ecosystem, featuring over 3,000 deeptech businesses focused on cutting-edge innovations in fields like artificial intelligence, machine learning, big data analytics, IoT and blockchain.
The National Deep Tech Startup Policy (NDTSP), initiated by the Indian government, is a significant effort to steer innovation, foster economic growth, and advance societal development for these startups.
To strengthen the Indian deeptech startup ecosystem, in July, the draft NDTSP was released by the government.
The draft NDTSP 2023 at present is a strategic and well-thought-out policy aimed at fostering the growth and sustainability of deeptech startups. It aims to help startups overcome challenges relating to funding, access to the right talent, and scaling their research and development operations.
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