To give a major boost to the startup ecosystem in the country, IIT Delhi is planning to allow it’s PhD scholars to convert their thesis into startups.
The institution will allow its research scholars to become entrepreneurs by giving them an option to start their own venture at a separate incubation centre set up by the IIT.
“It will be a platform to harness deep technology from blockchain to artificial intelligence via young companies. The aim is to convert thesis to startups,” V. Ramgopal Rao, director of IIT-Delhi, was quoted as saying by a news agency.
Shortlisted candidates will be provided a monthly compensation to pursue their startup journey and they will also be provided seed capital, free mentoring, accommodation and access to IIT-Delhi labs.
The IIT will also help them connect with venture capital funds to raise money if they need any.
“Currently, some 25,000 researchers are pursuing doctoral studies at centrally funded technical schools (CFTIs). And IIT-Delhi will tap a portion of them and give them the option to start their own venture at a separate incubation centre,” Rao said.
IIT-Delhi is also planning to set up a separate incubation centre at Sonepat, Haryana, to incubate around 50 companies every year.
“The next focus of IITs will be on creating entrepreneurs so that successful research works can be converted into usable products. The present initiatives are part of that,” M. Balakrishnan, deputy director of IIT-Delhi, said.
Doctoral students who have done research on deep technology in areas such as artificial intelligence, cybersecurity, sustainable energy, blockchain technology, infra security will get a chance to work more on their ideas and develop it into companies.
“IIT-Delhi will handhold them with all kind of facilities and compensation for three years. Since deep technology subjects needs expertise, it was natural to think about doctorate students,” BK Panigrahi, professor at the IIT-Delhi, was quoted as saying by a news agency.