In order to boost its research ecosystem, the Indian Institute of Technology - Delhi (IIT-D) has decided to back startups and research scholars willing to start a business in “emerging futuristic” technologies, including artificial intelligence (AI) and machine learning, LiveMint has reported.
According to the report, director of IIT-D V Ramgopal Rao said that the institute has created a platform to support “emerging futuristic technologies requiring advanced R&D ( research and development)“. Under the initiative, startups focusing on connected intelligent systems, advanced materials, drug discovery, mixed reality and medical research will be taken on board following a selection process.
Besides free work spaces and mentoring, the institute will provide candidates with a range of benefits including seed funding and connecting them with venture funds.
“If you have a great idea in deep tech space, IIT-D will take care of the rest. The program provides comprehensive support for converting your idea into a startup, including a fellowship and accommodation to the budding entrepreneur as well as funds for the development of proof of concept," Rao was quoted in the report as saying.
The move will not only be beneficial for startups and research scholars but will also be advantageous for the institute as it will benefit from their research output, patent and industry academia collaborations.
These new startups will reportedly be housed in newly established technology research park of IIT-Delhi in Sonipat, Haryana.
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