French aerospace and defence firm Starburst Accelerator SARL is partnering with Indian Institute of Technology Madras (IIT Madras) to support Indian startups in the aviation, space and defence sectors. This hub for startups is to be established with a funding support of €100 million (100 Million Euros).
A Memorandum of Understanding (MoU) in this regard has been signed and exchanged at the IIT-M campus between Mr. François Chopard, Founder and CEO, Starburst Aerospace and Prof. V. Kamakoti, Director, IIT Madras, in the presence of officials from both entities.
Starburst is a global aerospace and defence accelerator, connecting startups with corporates, investors, and government. The firm has built an ecosystem of more than 17,000 startups in its network. By offering a conducive environment for innovation and entrepreneurship, the partnership aims to strengthen India’s position as a hub for aviation, defence, and space innovation on the global stage.
Highlighting how India stands to benefit from this Startup accelerator initiative, Prof. V. Kamakoti, Director, IIT Madras, said, “Encouraging young entrepreneurs is extremely important as we embark on our journey to become a multi-trillion economy. To this effect, reputed higher educational institutions must aspire to nurture future employers than employees. In this context, such collaborations with accelerators to nurture startups in critical and emerging sectors are crucial and timely.”
In line with this, Starburst will create a consulting team that can be composed of IIT Madras alumni and experienced military officers besides, managers from the space, defence, aviation sectors, and senior consultants from Starburst offices to help start-ups scale up in their growth journey.
Original News Link
https://www.wionews.com/science/french-firm-partners-with-iit-madras-to-setup-eu100mn-fund-to-support-startups-704525
