IIT Madras Launches School Of Innovation And Entrepreneurship And Promote Deep-Tech Start-Ups News24 –
IIT Madras has launched a School of Innovation and Entrepreneurship to create a World-Class ecosystem to establish Deep-Tech Start-ups.
The objective is to put the Institute on the Global Map of entrepreneurial universities. The School was formally inaugurated by Prof. V. Kamakoti, Director, IIT Madras, in the campus.
Already home to India’s largest ‘deep-tech’ startup ecosystem, with over 475 startups valued in excess of Rs. 50,000 Crore (US$ 6 Billion) under the aegis of IITM Incubation Cell, together with several sector-specific incubators, these these start-ups have cumulatively created more than 11,000 jobs, filed over 700 patents and have attracted Rs. 12,000 Crore in investments.
Through structured curricular and academic support, the Institute aims to catalyse the emergence of the next generation of Deep Tech start-up founders, boosting the vision of ‘Make in India, Make for the World’.
The School of Innovation and Entrepreneurship will be headed by Prof. Prabhu Rajagopal, a Shanti Swarup Bhatnagar Awardee, serial faculty-entrepreneur and a distinguished faculty of the Department of Mechanical Engineering, IIT Madras.
The School will offer a Minor Stream in Entrepreneurship, an MS(Entrepreneurship) degree and also establish novel programmes contributing to translational research besides a PhD Program and a unique ‘Entrepreneur-in-Residence’ (EIR) cohort to support returning professionals who want to pursue entrepreneurship as a career. These include practice-led degrees at the Undergraduate and Master’s levels, as well as an industry-defined ‘Innovation Doctorate’.
The School also aims to create IIT Madras-specific funding mechanisms at the initiation and scale-up stages for start-ups. It will also run ‘IP clinics’ to help students understand the notion of IP filing and quickly convert their innovations into IP-backed products with support from IITM’s IPM Cell.
Highlighting the importance of the School of Innovation and Entrepreneurship, Prof. V. Kamakoti, Director, IIT Madras, said, “As we progress after having achieved 1.2 patents a day and exceeded 100 start-ups in the last financial year, now, it is time to institutionalize our Innovation and Entrepreneurship efforts. We have a large’I&E’ stack that spans the e-Cell, Centre for Innovation (CFI) and Nirmaan pre-incubator to the Gopalakrishnan Deshpande Center for Innovation and Entrepreneurship (GDC and IIT Madras Incubation Cell. We have already introduced in the second year of B.Tech program, a course on Entrepreneurship and System Building. Now, we will also have a minor. The PhD program is very interesting. This is going to be another USP of IIT Madras.”
The IIT Madras chief said, “The ‘IITM Alumni Fund’ has already attracted significant attention from alumni and we have gained commitment s for almost the entire target of Rs. 200 crore. It will be a separate entity that will deploy this fund for IIT Madras-incubated start-ups. This is also a way for all of you to Invest and Grow, in exchange of equity. Fundamental Research can be converted into products in this exciting journey.”
Speaking about his vision for the new School, Prof. Prabhu Rajagopal, Head, School of Innovation and Entrepreneurship, IIT Madras, “The School is one of the most exciting initiatives contributing to the structured academic support available at IIT Madras for start-up enthusiasts. Through our regular and course-based programs, we hope to nurture aspiring founders in the journey of deep-tech entrepreneurship.”
Prof Rajgopal added, “It is not easy to create deep tech start-ups with wide impact. We hope to stand with founders in this long and arduous journey, by providing them scholarships at the initial stages, support with IP filings, training, business awareness and market connections as they grow, seed funding and acceleration and publicity as they scale.”
ENTREPRENEURSHIP ECOSYSTEM
Over the last couple of years, with the founding of the Office of Innovation and Entrepreneurship, IIT Madras was working on creating a structured support system and pipeline for start-ups. The School of Innovation and Entrepreneurship will synchronise and coordinate all these efforts and provide a strong academic footprint to the burgeoning entrepreneurial ecosystem on the campus.