[IIT-Madras to provide funds to incubate novel sports-tech start-ups | Technology]
IIT-Madras is set to revolutionize the sports industry in India by extending funds up to Rs 5 crore to support innovative sports-tech start-ups. This initiative aims to bridge the gap between technology and sports, leading to the development of cutting-edge products and applications that enhance sporting excellence.
The start-ups eligible for funding will focus on AI and IoT-based products incorporating sensors, networks, actuators, and controllers. Additionally, IIT Madras will establish a sports tech incubator fund in collaboration with the Pravartak Technologies Foundation and the Centre of Excellence in Sports Science and Analytics (CESSA).
A wide range of areas within sports technology have been identified for potential support, including media and entertainment platforms, fan engagement, player performance enhancement, esports, sports data analytics, and more. Start-ups interested in securing funding can apply through the provided link, with shortlisted submissions invited to present their business ideas at the upcoming ‘IIT Madras Sports Technology Start-up Conclave’ in June.
The funding support, ranging from Rs 10 lakh to Rs 50 lakh per start-up, will be determined based on business potential, with IITM Pravartak Technologies Foundation holding an equity stake. Moreover, start-ups at the idea/initial stage are also encouraged to apply if they have incorporated their company and intellectual property rights.
IITM CESSA will offer selected start-ups access to high-tech sports infrastructure, technical support, and a comprehensive startup ecosystem for research purposes. This support system aims to foster innovation and technological advancements that will propel Indian athletes to global competitiveness.
Shankar Raman of IIT-Madras Pravartak Technologies Foundation emphasized the importance of using technology to enhance athlete performance and drive global competitiveness. This initiative builds on IIT-Madras’ successful track record of incubating start-ups, which have collectively received significant investments, generated substantial revenue, and created numerous job opportunities.
With the upcoming conclave and the potential for groundbreaking innovations in sports technology, India is poised to make significant strides in the sports industry as it works towards hosting the Olympics in the future.
