IIT Madras partners with Starburst Accelerator SARL to establish €100 million startup hub
- In Reports
- 11:29 AM, Mar 27, 2024
- Myind Staff
The Indian Institute of Technology, Madras (IIT Madras) has partnered up with French aerospace and defence firm Starburst Accelerator SARL to set up an innovative hub for start-ups with a funding support of €100 million.
A Memorandum of Understanding (MoU) in this regard has been signed and exchanged at the IIT-M campus between Mr. François Chopard, Founder and CEO, Starburst Aerospace and Prof. V. Kamakoti, Director, IIT Madras, in the presence of officials from both entities.
Starburst is a global aerospace and defence accelerator, connecting startups with corporates, investors, and the government. The firm has built an ecosystem of more than 17,000 startups in its network.
By offering a conducive environment for innovation and entrepreneurship, the partnership aims to strengthen India's position as a hub for aviation, defence, and space innovation on the global stage.
The partnership will particularly target entrepreneurs, research parks, public and private investors, government entities, and corporate firms.
Starburst Accelerator SARL will strive to fulfill the long-term goals of the Indian Aerospace and Defense (ASD) program. The objective is to nurture innovative startups and support their rapid growth to align with upcoming aerospace and New Space initiatives globally.
Starburst Accelerator SARL aims to establish venture capital funds dedicated to ASD technology, serving as a potent catalyst for India's economic transformation and its enhanced engagement with global partners. Through this collaboration, there will be opportunities for export promotion and assistance for Indian ASD startups to expand into international markets leveraging Starburst's extensive network, as stated in a release.
Highlighting how India stands to benefit from this Startup accelerator initiative, Prof. V. Kamakoti, Director, IIT Madras, said, "Encouraging young entrepreneurs is extremely important as we embark on our journey to become a multi-trillion economy. To this effect, reputed higher educational institutions must aspire to nurture future employers than employees. In this context, such collaborations with accelerators to nurture startups in critical and emerging sectors are crucial and timely."
Aligned with this objective, Starburst will establish a consulting team comprising IIT Madras alumni, seasoned military officers, managers from the space, defence, and aviation sectors, as well as senior consultants from Starburst offices. This team will provide valuable guidance and support to startups as they navigate and scale up in their growth journey.
Image source: X
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