By Prarthana Mitra
In a move that could further bolster Indias start-up frenzy, Indian Institutes of Technology (IITs) all around the country announced on Tuesday their decision to assist doctoral students in centrally-funded schools in turning their entrepreneurial ideas into reality.
The project will be executed by IIT Delhi and the administration also announced they will set up a separate incubation centre in Sonepat, Haryana, to house and train 50 companies every year.
Heres what happened
Doctoral students from Indias premium engineering colleges will now have a fair chance and ample scope of converting their dissertations into start-ups.
Of the 25,000 scholars pursuing doctoral studies in centrally-funded schools, the promising researchers who will be shortlisted will then be provided with a monthly compensation along with seed capital, free mentoring, accommodation and access to IIT-Delhi labs amenities they are believed to need in order to start their own venture.
It will be a platform to harness deep technology from blockchain to artificial intelligence via young companies. The aim is to convert thesis to start-ups, said V. Ramgopal Rao, director of IIT-Delhi in an interview with LiveMint.
Why you should care
The initiative will extend the institutes invaluable infrastructure to students who have previously worked with artificial intelligence, augmented reality, deep machine learning, cybersecurity, sustainable energy, blockchain technology and infra security, so they can develop their ideas into companies. This will further give Indian entrepreneurs an edge in the global economy, which is expanding every day.
More importantly, the project endeavours to bridge the gap between excellent ideas churned out by doctoral students every year and the funding required to transform these potentially ground-breaking ideas into reality.
B.K. Panigrahi, a professor at the IIT-Delhi, has said that the move will also push doctoral fellows to think about an alternative career beyond academics and motivate them to become job creators instead of joining the league of job-seekers, which will also prevent brain drain from the country. So if you are a PhD student contemplating the future of your thesis after youve earned your degree, IIT Delhi already has its eyes set on you.