Start-up ventures increasingly emerge from cutting-edge innovationsat premier academic institutions, and play an important role in the transfer oftechnology to the industry and society at large. In the globalized world todayand with the rising importance of pioneering solutions addressing the needs ofthe society, the modern entrepreneurial cycle has crucial value. Start-upventures can step in and fill the gap in the technology-transfer chain, inareas where conventional companies would be more cautious in view of novelty offield or risks involved on return of investment. Thus start-ups today play a vital role, not only as drivers of innovativesolutions to societal challenges, but also as job creators and economicstimulators.
However, the entrepreneurial culture in India is still in itsnascent stages, and young entrepreneurs face several challenges, including lackof structured access to resources and an ecosystem to sustain them through thehigh-risk initial stages. Since technology and knowledge based start-ups areideally poised to emerge from universities, the role of academic incubators inproviding a support system for the entrepreneurial culture to take root andflourish is now widely recognised. IIT Madras,with its resources such as its extensive social, academic and industrialnetwork and the Research Park, is uniquely positioned to provide a boost totechnology-based entrepreneurship. In order to attain organic growth and emergeeffective in supporting the entrepreneurial ecosystem, IITM’s incubators are inneed of strong financial and other support. While support from Government insustaining this process is crucial, the role of corporate sector cannot beoverstated, and the Companies Act, 2013 provides an ideal route for the latterthrough the Corporate Social Responsibility (CSR) channel.Â
FUNDS FORTECHNOLOGY INCUBATORS IN ACADEMIC INSTITUTIONS GET CSR STATUS
Section 135 of the Companies Act, 2013 listspermitted CSR activities, and by a key recent amendment, ‘contributions or funds provided to technology incubators locatedwithin academic institutions which are approved by the Central Government’qualify as a CSR expenditure. IIT Madras has established two incubators recognised by Ministry of Scienceand Technology, Govt. of India, which hence qualify to receive funds from Indianand foreign companies operating in India as part of fulfilling their CSRobligations under the Companies Act 2013
A vibrant entrepreneurial ecosystem needs strong capital inflows tofuel startups to become enterprises. In collaboration with corporates, IITMincubators aim to promote Incubators as Entrepreneurial hubs with intimateprivate sector engagement. Funds will be utilizedfor seed and early stage investments in incubated companies and creation of facilitiesfor rapid growth and sustenance of start-up ventures:
| Incubation Facilities: setting up the interiors of the Incubation Floor, 3rd Floor, IITM Research Park Phase II Total built-up area: 74012 sq ft covering Blocks A, B & D; cost ~ Rs 20 crore Corporates can provide partial funding (individual blocks) and there's possibility of naming rights. E-prospectus link | IITM Startup Fund - provides seed funding to IITM incubatee companies. The Fund is governed by a Fund Advisory Body (IITM Director is the Chairperson), and fund disbursal to incubatees overseen by an Investment Committee. Donor companies can nominate members to participate as Invitees and make recommendations to the fund committee. E-prospectus: PDF Link Latest update on IITM Incubators: link |
We invite the corporate sector to partner with us and contribute to IITM’s start-up vision for the nation through CSR. IITM’s impeccable record, growth and global position will provide your company with unmatched potential for your CSR activities, with assured impact, value and visibility.