Every 6th day, a start-up is born at IIT Madras, said its director V Kamakoti. “We aspire to make it every 3rd day in the coming years,” he said at the institute’s 61st Convocation on Friday.
Incubating 100 startups a year was the institute’s target and in fiscal 2023-24, the institute incubated 60, he said in the Director’s Report.
The 365 startups at IIT Madras have achieved a valuation of ₹45,000 crore ($5.4 billion); ₹10,662 crore ($1.27 billion as investment by angel/VCs); ₹3,600 crore ($433 million) as revenue; created 10,000 jobs and filed 210 patents, he said.
A patent a day
Kamakoti said in 2023-24, IIT Madras exceeded its target of one patent a day by filing 419 patents during the year of which 85 were international filings and were granted 445 Indian and 15 international patents.
The institute received a total funding of ₹2,454crore in 2023-24 for research and development. This includes Grant-in-Aid from the Union Ministry of Education of ₹947; sponsored research projects of ₹599 crore; industrial consultancy of ₹221 crore; Research-based industrial projects of ₹134 crore and CSR projects of ₹144 crore and Alumni and Corporate Relations of ₹369 crore.
The institute received sanctions for 331 ministry-sponsored projects for a value of ₹568 crore. The strong collaboration with the industry was evident from the 883 consultancy and industry-sponsored projects in the fiscal amounting to ₹585 crore. This includes 130 international projects funded by foreign entities