Sunday, April 14, 2024
HomeStartupsIIT-Hyderabad incubating bright minds with big ideas | Hyderabad News

IIT-Hyderabad incubating bright minds with big ideas | Hyderabad News

IIT-Hyderabad has seen a two-fold increase in the number of startups incubated on campus as part of its IIT-Hyderabad Technology Incubation Centre (i-TIC).
Notably, the majority of them are product-based startups and not just technology-oriented ones. The crucial reason for product-based startups across the country choosing IIT-Hyderabad is its unique fabrication unit and 3D printing units, which help the product firms design and visualise their ideas from scratch.
Untitled design (56)
According to official data, currently there are 101 startups incubated by IIT-Hyderabad since the inception of the startup wing in 2017. Of these 79 have been incubated between January 2020 to August 2022.
“Contrary to the assumption that lockdown would slow down innovation and startup ecosystems, lockdown instead sparked the imagination of many innovators and propelled them to find solutions and gave their ideas a purpose. In the last two years not only has government support gone up, but so has the role of startups in finding solutions during a pandemic and interest of students to be those solution makers,” said professor Suryakumar S, faculty in-charge, Innovation, Incubation and Startup.
Untitled design (57)
The interest in startups is so intense that IIT-Hyderabad officials note they have a selection ratio of 1:12, which means for every 120 applications they receive, only 10 are selected.
Interestingly, despite the booming software and IT sector in the country, majority of these startups (43) are into hardware products. Of the remaining, 34 are software-only startups and 24 are hybrid.
“Our institute has made a conscious effort to make our startup product-focussed because we have a unique offering of a fabrication centre. This centre comes with mentors and professors to teach them the processbehind making products, but also supports them with AutoCAD software and using the same to make working models. The 3D printer is an added advantage. This has made the hands-on experience excellentfor the entrepreneurs,” added professor Suryakumar.
Infact, majority of the startups are by non-IITians. According to official data 34 of the 101 startups are from IIT fraternity, which includesprofessors and MTech students. “In the coming days the startup ecosystem is only going to grow as a new incubation building of 1. 5L sft is in the offing which will allow us to incubate more startupsthan now. We are also hoping to have a wider impact and not just hand hold startups, but play an elder brother role and share the knowledge with smaller incubators in the state,” said Suryakumar.

Most Popular