IIT Madras Incubation Cell (IITMIC) and Crescent Innovation and Incubation Council (CIIC) signed a Co-Incubation Memorandum of Understanding (MOU) on Wednesday, 31st March 2021, at IITM Research Park, Chennai.
IITMIC and CIIC recognize the importance of making successful entrepreneurs in India, and through this MoU, IITMIC extends holistic support to strengthen incubation ecosystem at CIIC and provide co-incubation support to select CIIC incubatees to scale and make national impact. IITMIC will provide training, mentoring, enable networking and amplify the reach of the startups to investors, industry and potential market.
Speaking on the occasion, Prof. Ashok Jhunjhunwala, Co-Chairman, IITMIC said “Tamil Nadu has to be the leader in incubation of technology companies. IITM Incubation Cell has already made a mark incubating 220 companies valued at ₹11,000 Crores today. But the potential for TN is much larger. IITMIC needs to do more. It is now partnering with other institutes for promoting entrepreneurship. The beginning is being made by partnering with Crescent Innovation and Incubation Council. We are sure we will together create a large number of successful entrepreneurs.”
“From two years of inception, CIIC has incubated 75 startups in the domains of Life Sciences, Industry 4.0 & Mobility & Transportation. We offer services to startups with a Triple ‘M’ strategy i.e. Market, Money & Mentor. Our startups cumulatively have raised Rs.5 Crores of government seed fund and Rs.40 Crores of private/angel VC investments. Our collaboration with IITM Incubation Cell will accelerate our startups to become the unicorns of Tamilnadu soon” expressed Mr.M.Parvez Alam CEO, CIIC.
