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'.
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.
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.”
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.”
Prof. Ashwin Mahalingam, Dean (Alumni and Corporate Relations), IIT Madras, Member of the Advisory Board, School of Innovation and Entrepreneurship, said, “IIT-Madras is home to India's most vibrant deep-tech ecosystem. Over the years we have organically grown this ecosystem to include evangelization activities, curricular support, innovation and pre-incubation programs, and of course incubators. We are now thrilled to formalize all of this under our School of Innovation and Entrepreneurship which will tie all of these threads together and ensure smooth progress of ideas from conceptualization to hopefully an eventual IPO!”
Prof. Anbarasu Manivannan, Head, School of Interdisciplinary Studies, which formally houses the School of Innovation and Entrepreneurship, added, “We are leading efforts not only for India but the entire world. The School of Interdisciplinary Studies will facilitate the academic requirements of the School of Innovation and Entrepreneurship and will also extend other support.”
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. 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.”