IIT Madras
The Indian Institute of Technology Madras (IIT Madras) and Starburst Accelerator SARL have partnered to provide €100 million in funding to support an innovative hub for start-ups.
intends to make it possible for Starburst to establish initiatives that will improve India’s aviation, space, and defense (ASD) ecosystem. The partnership also hopes to give Indian ASD startups access to foreign markets for market research.
On March 25, 2024, at the IIT Madras campus, Mr. François Chopard, the founder and CEO of Starburst Aerospace, Mr. Cedric Vallet, the company’s director of innovation and venture, Prof. V. Kamakoti, the director of IIT Madras, and Prof. Manu Santhanam, the dean of IIT Madras, signed the memorandum of understanding that formally announced the partnership.
“We think it is the right kind of momentum to see innovative, cutting-edge technology breakthroughs emerge in India more quickly. We are honored and proud to be working with one of the nation’s most esteemed institutions, IIT-Madras. In order to meet the future challenges of aerospace, new space, and defense worldwide players, we jointly aim to create a robust ASD ecosystem that supports deeptech innovation and production in India,” stated Mr. François Chopard, founder and CEO of Starburst Aerospace.
According to the press release, a major focus of this partnership will be on corporate firms, government agencies, research parks, investors (public and private), and entrepreneurs.
“It is critical that we support young entrepreneurs as we set out to build a multitrillion dollar economy. Because of this, reputable universities should strive to develop future employers rather than workers. According to Prof. V Kamakoti, Director of IIT Madras, “such partnerships with accelerators to foster startups in critical and emerging sectors are crucial and timely in this context.”
According to IIT Madras, some of the projects that could be undertaken in India through this partnership are as follows:
- Conducting market analysis and technology scouting for aerospace or defense companies (disruptive market)
- A market leader’s innovation and metamorphosis in his field
- SMEs’ international expansion plans and go-to-market strategies
- Creation and organization of a corporate or governmental laboratory.
- Market Size and Potential for Growth
- Analysis of Product-Market-Fit
- Due diligence for investments and M&A (buy-side & sell-side)
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