IIT Madras Incubation Cell (IITMIC) have signed a Memorandum of Understanding (MoU) with Sona Incubation Foundation (SIF) at IITM Research Park in Chennai, aimed at fostering entrepreneurial ideas as well as to help the latter scale and become successful.
Through this pact, IITMIC will support SIF to strengthen its incubation ecosystem and also provide co-incubation support to SIF incubatees in scaling up their ventures.
IITMIC said it will also provide training, mentoring, enable networking and amplify the reach to investors, industry, and potential market.
“To support entrepreneurs in the interiors of Tamil Nadu we have started our search for institutions engaged in R&D, industry collaborations and active participation of students.
At Sona Group of institutions, we found a deep commitment both to research and entrepreneurship,” Ashok Jhunjhunwala, president, IITMIC and IIT Madras Research Park, said in a statement.
The MoU was signed by Jhunjhunwala on behalf of IITM Incubation Cell and Chocko Valliappa, vice chairman, Sona Group of Institutions; SRR Senthilkumar; principal Nirmalesh K; Sampath Kumar, director, Innovation, and R&D at the Sona group and IITMIC’s CEO Tamaswati Ghosh; Academic Liaison head Jaya Umadikar; Outreach lead Pradeep Muralidhar and strategy officer Seena Shivanath.
IITMIC said it has incubated over 241 deep-technology startups so far, valued at Rs 11,000 crore and also generated over 5,200 jobs.