French aerospace and defence firm Starburst Accelerator SARL has partnered with IT Madras to set up an innovative hub for start-ups with funding support of €100 million. Through this collaboration, IIT Madras will enable Starburst to set up accelerator programs to boost the aviation, space, and defence (ASD) ecosystem in India.
Starburst Accelerator SARL is looking to create venture capital funds for ASD technology, a powerful engine to drive the transformation of India’s economy and its integration with global stakeholders. This partnership will enable export promotion and provide support for Indian ASD start-ups to explore international markets through the extensive network of Starburst.
An MoU towards this collaboration was signed at the IIT Madras campus on Monday, March 25, by François Chopard, Founder and CEO, Starburst Aerospace; Cedric Vallet, Innovation and Venture Director, Starburst Aerospace; and Prof. V. Kamakoti, Director, IIT Madras; and Prof. Manu Santhanam, Dean (ICSR), IIT Madras, in the presence of representatives from IIT Madras and Starburst Aerospace.
François Chopard, Founder and CEO, Starburst Aerospace, said, "We together aim at creating a robust ASD ecosystem that supports innovation in deeptech and production in India to meet the future challenges of aerospace, new space, and defense worldwide players.”
A key focus of this partnership will be on entrepreneurs, research parks, investors (public and private), government, and corporate firms. Starburst Accelerator SARL will work towards achieving long-term Indian ASD program ambitions. The aim is to create innovative startups and help them grow rapidly to work in tandem with future aerospace and New Space worldwide programs.
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 rather than employees. In this context, such collaborations with accelerators to nurture startups in critical and emerging sectors are crucial and timely."
Starburst will create a consulting team that might be composed of IIT Madras alumni and experienced military officers, as well as ASD managers and senior consultants from Starburst offices, to help start-ups scale up in their growth journey.
This program will provide access to entrepreneurs and innovators, drive new technologies, business ideas, and models, and boost the Indian aerospace and defence innovation ecosystem, according to a company statement.
It will also allow start-ups and entrepreneurs to explore synergies and avenues of collaboration with industry, government, and beyond, besides guiding them towards rapid implementation and global commercialisation, according to a company statement.
