Indian Institute of Technology-Delhi will launch a deep tech incubator and innovation strategy on the back of its recent success in becoming an Indian government-sponsored institute of eminence.
Indian Institute of Technology-Delhi (IIT-D) is set to create a deep tech incubator and strategy for startups less than three years old in an effort to drive Indian innovation in the segment, LiveMint has reported.
IIT-D’s initiative will target deep tech applications in fields including connected intelligent systems, mixed reality, advanced materials, medical research and drug discovery.
In addition to seed funding and access to external venture capital, IIT-D will offer participants free workspace and mentoring sessions as well as assistance filing patents and conducting other commercialisation activities.
Participants will attend a newly-opened IIT-D research park, Technopark, which contains facilities including co-working space and R&D units for the university’s corporate partners and sponsored research programs.
IIT-D’s incubator will prioritise applications from startups whose founders possess a doctorate degree, though it will not disregard entries from innovators with a master’s level education in subjects such as medicine, pharmaceuticals and technology.
The proposal is intended to tackle what IIT-D regards as India’s relative dormancy in deep tech by comparison to its strengths in segments such as services and e-commerce.
It follows IIT-D’s recent success in securing “institute of eminence” status from India’s central government, an achievement that has unlocked Rs10bn ($143m) in additional state funding to invest in its operations.
In coming years, IIT-D reportedly expects to spend more than $359m in total to overhaul its research facilities, infrastructure and outreach capacity, with the aim of breaking into the world’s top 100 institutions as rated by the QS World University Rankings.