Fueling the growth of new firms in the country, the incubation centre at IIT Kanpur has successfully supported more than 100 startups, with an aggregated valuation of $1 Billion. Launched with an objective to cater to the diversified consumer demands of the day, the startups will drive the economy upwards. Reportedly, this initiative is led by Foundation for Research & Innovation in Science & Technology (FIRST), a Section-8 company aided by IIT-K.
One-third of total incubates already in the revenue-making stage
As per reports FIRST was formed in 2018 as a subsidiary body of Technology Business Incubator at IIT Kanpur, known as the Start-up Incubation and Innovation Centre (SIIC). Through this scheme, IIT Kanpur has worked towards its goal of transforming creative ideas into profit-making projects. Amid the vibrant atmosphere at IIT-K, the incubator helps budding entrepreneurs to create internationally appealing products and services.
Reportedly, SIIC hosts over 100 firms across a wide range of sectors including healthcare, agri-tech, cleantech, artificial intelligence, and machine learning. Notably, reports state that around 50% of the companies started at SIIC, have undergone growth for more than five years. Further, around one-third of the total firms have already entered the revenue-making stage.
Leading the development of new with support from multiple organisations
As per reports, SIDBI, the Department of Science and Technology (DST), the Department of Scientific and Industrial Research (DSIR), the Department of Biotechnology (DBT) and other government organisations have supported SIIC since its inception. Besides, the state authorities have sanctioned the establishment of the Centre for Excellence in Artificial Intelligence & Innovation Driven Entrepreneurship at Noida.
On the funding front, the SIIC has been supported by Ansys, ICICI Securities, HDFC Bank, Tata trusts, Bill & Melinda Gates Foundation and other international agglomerates. In addition to this, aid from corporate partners like Escorts Group, Tech Mahindra, and Punjab National Bank has strengthened the organisation at the grassroots. Additionally, widespread programs like the Ventilator Project and the Mission Bharat O2 were executed with support from these associates during the pandemic.