IIT Madras to launch Rs 100Cr fund for startups

The Indian Institute of Technology Madras (IIT-M) has announced that it will be setting up an innovation and entrepreneurship fund of Rs 100 crore to support startups.

The leading institution announced its intention to guarantee that at least five of its Centers of Excellence achieve a top-three global ranking in their respective fields.

"IIT Madras is going to establish an Innovation and Entrepreneurship fund of Rs 100 crore to support student and faculty's efforts to establish startups," according to the press release.

These were "among the top goals the institute has set for itself in the Strategic Plan for the Period 2022-27. The targets envisioned include creating an institute with a diversified group of faculty, students and staff, pursuing nationally relevant and internationally recognised basic and translational research," it said. IIT-M said it has been developing and following strategic plans periodically for more than two decades now.

"By the end of this plan period, the institute will have significantly upgraded and augmented its infrastructure to support its ambitious programmes. The Discovery Campus, which is the satellite campus of IIT-M located about 36 km from main campus, will be home to an increasing number of specialised world-class research facilities," it said in a release.

Prof V Kamakoti, Director of the institute, said, "In the next five years, we would like to realise an IIT Madras with a diversified group of faculty, students and staff actively pursuing nationally relevant and internationally-recognised fundamental and translational research. As part of this vision, we would like to have students from all parts of India, especially rural India to be associated with," them.

Speaking about the Strategic Plan 2022-27, Pawan K Goenka, Chairman, Board of Governors, IIT Madras, said it will usher in the next phase of the institution's quest towards global excellence.

The institute intends to implement new Programs and Academic Outreach initiatives within the next five years. These efforts will involve introducing hybrid and online postgraduate programs, as well as launching multidisciplinary postgraduate programs in existing fields like health policy studies, computational linguistics, disability studies, environmental humanities, digital humanities, and medical humanities, the institute stated.

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