IIT Madras collaborates with French firm to set up €100 million hub for startups
The partnership aims to enable Starburst to set up programs that will enhance the aviation, space, and defence (ASD) ecosystem in India.
Indian Institute of Technology Madras (IIT Madras) joined hands with Starburst Accelerator SARL to support an innovative hub for start-ups with a funding of €100 million.
According to a press release by IIT Madras, the partnership aims to enable Starburst to set up programs that will enhance the aviation, space, and defence (ASD) ecosystem in India. The collaboration also looks forward to providing Indian ASD startups with a view of and exploring the international markets.
The MoU that formally announced the partnership was signed at the IIT Madras campus on March 25, 2024, by Mr. François Chopard, Founder and CEO of Starburst Aerospace, Mr. Cedric Vallet, Innovation and Venture Director, Starburst Aerospace, and Prof. V. Kamakoti, Director, IIT Madras, Prof. Manu Santhanam, Dean (ICSR), IIT Madras.
“We believe it is the right momentum to faster emergence of pioneer boundary-pushing technological innovations in India. We're proud and honoured to collaborate with IIT-Madras and work with such prestigious institution in the country. We together aim at creating a robust ASD ecosystem that support innovation in Deeptech, and the production in India, to meet the future challenges of Aerospace, New Space and Defence worldwide players," said Mr. François Chopard, Founder and CEO, Starburst Aerospace.
A key focus of this partnership will be on entrepreneurs, research parks, investors (public and private), Government, and corporate firms, mentioned the press release.
“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," Prof V Kamakoti, Director, IIT Madras.
The following are some of the projects that could be taken up in India through this partnership, informed IIT Madras:
- Market analysis and scouting of identified technology for aerospace or defence players (disruptive market)
- Innovation transformation of a market leader in his domain
- International expansion strategy for SMEs & Go-to-Market Strategy
- Design and structuration of a lab for government or corporate.
- Market Sizing & Growth Potential
- Product-Market-Fit Analysis
- Investment/M&A Due Diligence (Buy-side & Sell-side)
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