IIT Madras Incubation Cell partners with SSN Incubation Foundation to support and scale budding entrepren eurs in Tamil Nadu
IITMIC intends to strengthen entrepreneurial ecosystem by ramping up its startup incubations
Chennai, November 1st, 2022: IITM Incubation Cell (IITMIC), India’s leading Deep-tech Start-up hub, announc ed its partnership with SSN Incubation Foundation (SSN iFound), Chennai – the incubation & innovation wing su pported by SSN College of Engineering. Through the partnership, IITMIC aims to support SSN iFound in develop ing an ecosystem that nurtures a culture of building things and provides incubation support to promising entr epreneurial ventures.
This collaboration also ties into IITMIC’s 10X initiative of Accelerated Incubation of achieving 1000 incubations by 2030, with the aim to strengthen India’s grassroot entrepreneurial talent by identifying, collaborating and in cubating startups from partner institutes/incubators in Tier 2, 3 & 4 cities.
As a first step in this direction, IITMIC will support SSN iFound in setting up ‘Build Club’– a student-only run club, shaped, and managed by them that aims to create a culture of building products among students. IITMIC will al so support SSN iFound in conducting training, motivational & experiential talks, and events to create excitement and strengthen its entrepreneurial ecosystem.
IITMIC and SSN iFound will also periodically select startups with potential for co-incubation. Each co-incubatee will receive a host of value-added support including mentorship (technical & business), networking and training support, seed funding and connect to angels/VCs, ‘Startup Engine’ platform, incubation space and various bus iness support services.
Prof. Ashok Jhunjhunwala, President – IIT Madras Research Park, IITM Incubation Cell & RTBI said: India needs young entrepreneurs more than ever before given their ability to contribute actively to economic development. We want to help them nurture this entrepreneurial curiosity at an early stage through “Build Clubs”, help grow their confidence in building products on their own, eventually incubate them formally and mentor them in sol ving India’s most pressing challenges. Through partnering with institutions like SSN, we believe that we can ac hieve this. We are looking forward to jointly nurturing the next-generation wealth creators and entrepreneurs to strengthen India’s startup ecosystem.”
Dr Kala Vijayakumar, Director, SSN Incubation Foundation added, “’We are delighted to partner with IIT Madras Incubation Cell, a proven leader and pioneer in the Indian incubation space, with highly successful technology st art-ups. SSN Incubation Foundation was established with a vision to support budding entrepreneurs from conc ept-to-market by providing them the right platform and guidance to realise their start-up dreams. This MoU will enable us to leverage the mentor pool, infrastructure, networks and systems of IITMIC to create a world class in novation and entrepreneurship ecosystem at SSN. The synergy between these two institutions will aid creation of many more global success stories from an Indian perspective.”
ABOUT IITM INCUBATION CELL
IITM Incubation Cell (nodal incubator of IIT Madras) has emerged as India’s leading Deep Technology Startup h ub with Innovation and Impact as key differentiators/drivers. Over the last 10 years of its operations, IITMIC has overseen over 272 new incubations, founded by IITM members (faculty, staff, students, and alumni) and external entrepreneurs (53%). The companies span the breadth of deep tech areas in globally critical domains, including manufacturing, robotics, energy, e-mobility, IoT, AI/ML, space, healthcare, water, agri-tech. Today, the incubated startups are together valued at over ₹33,000 crores and have created over 7000 direct jobs.
ABOUT SSN Incubation Foundation
SSN Incubation Foundation (SSN iFound) is an independent Section 8, not-for-profit entity incorporated under t he Companies Act, 2013 to promote innovation and entrepreneurship by converting and translating technology ideas and innovation across disciplines of science and engineering into products, processes, and services for com mercialization and the benefit of society. Located within the SSN campus on Old Mahabalipuram Road (OMR); S SN College of Engineering and Shiv Nadar University Chennai are the institutions partnering with the Foundatio n on various initiatives.
For more information about IITM Incubation Cell visit: www.incubation.iitm.ac.in
For more information about SSN Incubation Foundation visit: http://ssnifound.in/
