New Delhi, Apr 26: Viksit Bharat will be driven by start-ups and innovation, said Prof. V. Kamakoti, Director, at the Indian Institute of Technology, Madras (IIT-Madras) on Saturday.

"Viksit Bharat in 2047 will undoubtedly be driven by start-ups and innovation, and there is no doubt about it," Kamakoti told IANS.

"We need to own ideas, and startups that make business that is technical, economic, and social," he added.

He also stated that the institute has, for the first time, incubated 104 new startups during the 2024-25 FY.

The newly incubated startups work across a variety of high-impact deep-tech sectors, including manufacturing, robotics, automotive and batteries, materials and defence/aerospace; AI, ML, AR/VR, blockchain, quantum computing, analytics/SAAS and fintech; healthtech; biotech, pharma, neutraceuticals and agritech; and IoT, cyber physical systems.

"The challenge of ‘Start-up Shatam’ (100 start-ups), which translates to incubating one start-up every third day, was taken up on April 1, 2024. I am proud to announce that the Institute has met this challenge by incubating 104 start-ups," Kamakoti said.

Notably, 52 per cent of the 104 startups were founded by IIT Madras members -- faculty, staff, students and alumni.

The remaining 48 per cent of startups were founded by external entrepreneurs.

Incubating over 100 startups in FY25 marks a significant leap from the institute’s previous annual average of 60 startups.

Kamakoti noted that the institute also filed 417 patents during the 2024-25 Financial Year, which is more than ‘one patent a day’.

The institute next aims to drive the emergence of ‘multinational’ startups.

"Looking ahead, the IIT Madras Incubation Cell is focused on expanding the startup pipeline, accelerating the commercial success of existing incubated companies in India, and facilitating global market access through strategic international collaborations. We will also welcome startups from regions like East Africa, the Middle East, and Europe, further reinforcing IITM’s leadership in deep-tech innovation,” said Dr Tamaswati Ghosh, CEO, IIT-M Incubation Cell.

In the last 12 years, IIT Madras Incubation Cell has supported 457 deep-tech startups, collectively valued at over Rs 50,000 crore (based on investments raised from VCs), with two unicorns and one company on the verge of an IPO.

These startups span a wide range of critical/emerging sectors, from manufacturing and robotics to spacetech, aero/defence, AI, biotech and IoT.

--IANS

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