IIT Madras sets up INR 100 crore fund for innovation and entrepreneurship

• ByStartupStory     |    February 27, 2023

Indian Institute of Technology Madras (IIT-M) has announced its plans to establish an Innovation and Entrepreneurship fund worth Rs 100 crore aimed at supporting start-ups. Additionally, the prestigious city-based institute is also aiming to make sure that at least five of its Centers of Excellence feature among the top three globally in their respective fields.

According to the Strategic Plan for the Period 2022-27, the Indian Institute of Technology Madras (IIT-M) has set goals for establishing an Innovation and Entrepreneurship fund of Rs 100 Crore to support the establishment of start-ups by students and faculty. The institute also aims to create a diverse community of faculty, students and staff, conducting basic and translational research of national relevance and international recognition. These objectives were among the top goals set by IIT-M for the next five years.

IIT-M has been developing and following strategic plans for over two decades, according to a release. The institute plans to significantly upgrade and augment its infrastructure by the end of the current plan period. The Discovery Campus, located about 36 km from the main campus, will house an increasing number of specialized, world-class research facilities.

Director of IIT-M, Prof V Kamakoti, stated that within the next five years, the institute aims to establish a diverse community of faculty, students, and staff engaged in nationally significant and globally recognized basic and applied research. He further added that as part of this vision, they would like to see students from all regions of India, particularly rural areas, associated with them.

According to a statement, the institute is planning to introduce various new programs and academic outreach initiatives over the next five years. These include launching hybrid and online postgraduate programs, as well as multidisciplinary postgraduate programs in various fields such as health policy studies, computational linguistics, disability studies, environmental humanities, digital humanities, and medical humanities.

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