IIT-Madras to provide funds to incubate sportstech startups; Check details

IIT-Madras is set to provide funding of up to Rs 5 crore to incubate novel sportstech startups in India, aiming to forge stronger connections between technology and the sports industry.

The initiative is designed to facilitate the development of products and applications that elevate sporting excellence. 

The funding will be provided through the IIT-Madras Pravartak Technologies Foundation and the IIT Madras Centre of Excellence in Sports Science and Analytics (CESSA).

Focus areas for startups

These startups will primarily focus on AI and IoT-based products that incorporate sensors, networks, actuators, and controllers.

These sports tech startups focus on developing solutions for media and entertainment, such as content creation and streaming platforms.

They will also work on enhancing fan and player engagement through gamification, improving athlete performance measurement, supporting team and coach success, and contributing to esports.

Additional focus areas include sports education, sports data analytics offering metrics and insights, sports commerce, and building sports communities. 

Application process

Startups looking to seek support can apply through the Pravartak website.

The first stage of shortlisted submissions will be called to present their business during the 'IIT Madras Sports Technology Start-up Conclave' scheduled for June 14-15 at IIT Madras Research Park. This event will be India's first such conclave for this sector.

Post evaluation by an eminent panel and final evaluation by IIT Madras CESSA and Pravartak Technologies, the shortlisted startups and the extent of funding will be finalized.

Leadership comments

Ramesh Kumar, Chief Executive Officer of CESSA and a former global head of ESPNCricinfo, stated, "As a centre, we want to create a deeper linkage between technology and the sporting industry and also lead the development of the overall ecosystem to create products and applications that enhance sporting excellence. We believe that initiatives like these will create more players in this space and we will be working closely with players both in the public and private space towards this end."

Prof Mahesh Panchagnula, Dean (of Alumni and Corporate Relations) at IIT Madras and head of CESSA, commented, "The conclave will be a turning point in the country's sports tech innovation practice as India prepares to bid to host the Olympics."

Investment ranging from Rs 10L to Rs 50L

The investment support can range from Rs 10 lakh to Rs 50 lakh per start-up, based on the business potential. IITM Pravartak Technologies Foundation will provide the funding with an equity stake and support from IITM CESSA during the incubation process.

Startups can even be in an idea or initial stage, provided they have incorporated their company and intellectual property rights (IPR).

IITM CESSA will also provide startups with access to a high-tech sports infrastructure, technical support, a comprehensive startup ecosystem, and a data centre available for research.

Shankar Raman from IIT-Madras Pravartak Technologies Foundation added, "We believe in encouraging entrepreneurs who are using technology to enhance the performance of the athletes and make them globally competitive."