IIT Madras launches great School of Innovation and Entrepreneurship
IIT Madras 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.
Deep-Tech startup Ecosystem at IIT Madras
IIT Madras is 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 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’.
Head of School of Innovation and Entrepreneurship at IIT Madras
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.
Having nurtured student innovation through his leadership of both the maker-space Centre for Innovation (CFI) and the pre-Incubator Nirmaan, besides several successful start-ups, Prof. Prabhu Rajagopal brings extensive experience and vision to the School.
Entrepreneurship
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,’ say sources from IIT Madras.
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.
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, he said.
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, said IIT Madras director.
IIT Madras Alumni Fund
Prof. V. Kamakoti added, “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, he said.
Exciting initiatives
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. Prabhu Rajagopal 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, he said.
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.
The School is set to oversee a clutch of academic and extracurricular activities spurring startups, including Fellowships to support recent graduates to build their ventures, business training, journey mentorship for market connect, an MS in Entrepreneurship, and the ‘Innosphere outreach’ initiatives.
Entrepreneurship promotion
The IITM campus today hosts a range of activities and organisations dedicated to promoting entrepreneurship, such as
Ø Maker Space Centre for Innovation (CFI), which is among the largest student-run innovation bodies in the country
Ø Pre-incubator Nirmaan, which has supported successful start-ups such as GalaxEye Space, and
Ø Forums such as the Tech-Soc and E-Cell (Entrepreneurship Cell), which provide a window into a culture of building and starting up among students, staff and faculty members.
Ø Support organisations such as the Gopalakrishnan Deshpande Centre for Innovation and Entrepreneurship (GDC) train research scholars in the entrepreneurial mindset.
Ø The Institute also has a RuTAG (Rural Technology Action Group) Cell focused on innovations for the social and rural segments.
Ø A unique MS in Entrepreneurship program will offer a chance for faculty members to recruit students to specifically work on start-up ideas.
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S Vishnu Sharmaa now works with collegechalo.com in the news team. His work involves writing articles related to the education sector in India with a keen focus on higher education issues. Journalism has always been a passion for him. He has more than 10 years of enriching experience with various media organizations like Eenadu, Webdunia, News Today, Infodea. He also has a strong interest in writing about defence and railway related issues.
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