IIT-Madras Faculty set up 94 Startups worth 1400 crore

IIT Madras faculty set up 94 startups
Post Date:

From a start-up aiming to build hybrid aerial vehicles to convert waste into crude and those working on efficient water transport solutions, faculty members from the Indian Institute of Technology (IIT), Madras have founded at least 94 enterprises, The combined valuation is more than Rs. 1,401 crores.

Data shared by IIT Madras Incubation Cell (IITMIC)

Based on the investments raised by these start-ups from angel investors or venture capital firms, they have a combined valuation of over Rs 1,401 crore. According to data shared by the IIT Madras Incubation Cell (IITMIC), the number of faculty-established start-ups increased from 39 in April 2017 to 70 in June 2019 and 81 in 2020, before touching 95 by October 2021.

Considered at par with the best universities in the world:
These start-ups were incubated by the IIT Madras Incubation Cell, one of India’s leading deep technologies start up hubs. 77 faculty members from various departments of the institute were involved in setting up the start-up. IITMIC claimed that this figure is about 14 per cent of the total institute faculty of about 600, which is considered at par with the best universities in the world.

Starting a new Start-up

Aim to Starting a new Start-up:

    • 1) A start up aims to create a new breed of aircraft called Hybrid Aerial Vehicle for vertical take-off and landing
    • 2) Along with long-distance flying to carry goods and passengers, eventually leading to air taxi operations.
    • 3) Another is working on mini launch vehicles to launch micro and nano-satellites into space orbits.
    • 4) Start-up aiming to produce micro gas turbines for decentralized power generation
    • 5) And another objective is to convert any type of waste – from municipal solid waste to agricultural waste – into crude oil.
    • 6) Another venture aims to build an Earth observation satellite with multi-sensor fusion and edge-computing in space.
    • 7) These start-ups are mainly focused on manufacturing, robotics, energy and renewable energy, e-mobility, space technology, Internet of Things, data science, biotechnology, health care, water treatment, waste to energy and waste management, and e-mobility. , electric vehicles, in other fields.

Chief Executive Officer, IIT Madras stated

This underscores our ability to translate cutting-edge scientific innovations into the field. The breadth of globally important domains that are working. The largest number of affiliated start-ups or spin-outs are from the electrical, mechanical and civil engineering departments, followed by aeronautics and applied mechanics.

Many faculty members are involved in more than one start-up, either as a founder or mentor. More than 13 percent of the institute’s faculty are co-founders in our incubated start-ups, – said T. Ghosh (CEO-IIT Madras).

Chief Executive Officer, GDC stated

Setting up a deep tech start-up is a daunting task, and the time taken from idea to market can range from 4.5 – 5 years. Even it may take 2.5 – 3 years to reach the incubator from the lab (the later stage of research).

There is a “VALLEY OF DEATH” that a start-up has to face between the lab and the incubator and the first investor. Most academics find it difficult to make the leap from lab to incubator,” said R Rao, chief executive officer, GDC of Innovation and Entrepreneurship.