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.
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.
Aim to Starting a new Start-up:
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).
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.
