With a funding outlay of 100 Mn euros, the accelerator initiative will look to mentor emerging Indian startups in the aviation, space, and defence (ASD) space
Under the pact, the two sides will also help budding ASD startups raise external capital, de-risk investments and accelerate development
As per Inc42, India was home to 300 defence technology startups as of June 2023, including names such as ideaForge, Tonbo Imaging, and Sagar Defence Engineering
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Indian Institute of Technology (IIT) Madras has signed a Memorandum of Understanding (MoU) with French aerospace company Starburst Accelerator SARL to set up an innovation hub for startups.
With a funding outlay of 100 Mn euros, the accelerator initiative will mentor emerging Indian startups in the aviation, space, and defence (ASD) space. It will also help these budding players raise external capital, de-risk investments and accelerate development.
As per IIT Madras, the accelerator will offer “business tools” to the selected startups to scale up their businesses, enable export promotion and provide support for Indian ASD startups to explore international markets via Starburst’s international network.
“To set up accelerator programs to boost Aviation, Space, and Defence (ASD) ecosystem in India, @iitmadras is partnering with French aerospace and defence firm @starburstaero Accelerator SARL to set up an #innovative hub for #startups with a funding support of €100 Mn,” IIT Madras said in a post on X.
In a statement, the institute said that Starburst will create a consulting team comprising IIT Madras alumni, experienced military officers and senior company consultants to help spur emerging startups in the domain.
The initiative will drive new technologies, business ideas and models, and will also explore synergies with the larger ASD ecosystem. The accelerator will also guide startups towards rapid implementation and global commercialisation.
“Structured programs will be created by combining academic knowledge with practical startup guidance, including workshops, seminars, and mentoring sessions for Indian startup clusters and research and innovative projects,” said an IIT Madras spokesperson.
The MoU was signed at the IIT Madras campus on Monday (March 25). The event was attended by the likes of Starburst founder and CEO François Chopard, IIT Madras Director V Kamakoti, among others.
“… We’re proud and honoured to collaborate with IIT Madras and work with such (a) prestigious institution in the country. We together aim at creating a robust ASD ecosystem that support(s) innovation in deeptech, and the production in India, to meet the future challenges of aerospace, new space and defence worldwide players,” said Chopard.
Chiming in, IIT Madras director Kamakoti said, “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.”
The partnership comes at a time when the Centre has pulled all stops to reduce the country’s reliance on imports of defence equipment and technology, including batting for the Make in India initiative to encourage the indigenous production of defence equipment, offering tax incentives and introducing favourable policies for the sector.
This has spawned the rise of many startups in the Indian defence tech sector, including names such as ideaForge, Tonbo Imaging, and Sagar Defence Engineering. As per Inc42, India was home to 300 defence technology startups as of June 2023. These startups received grants worth more than INR 200 Cr from the iDEX.
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