With the deep technology startup, the cumulative investment of 11,537 crore ($ 1.34 billion) by
venture capitalists and angel investors, IIT Madras Incubation Cell (IITMIC) has a reputation for helping hundreds of idea-bulbs burn brightly. The deep tech startup itself has created more than 10,000 projects and filed 210 patents. In an interview with TOI, incubation cell CEO Dr Tamaswati Ghosh discussed the road ahead. Quote:
 Earlier in the year, you had said that IITMIC plans to incubate 100 startups by 2024. What is the status report?
IITMIC has incubated 60 new startups so far in 2024. Hence, we are very confident of achieving our target of 100 startups by the end of the year.
 IITMIC closes 2023 with a portfolio size of 351 deep tech startups with a combined value of 45,000 crore. What kind of combined and average value do you see for 2024?
IITMIC currently has a total portfolio size of 394 deep tech startups, with a combined valuation of 50,000 crore.
 Which sector will have the most startup activity in 2024?
Most of the maximum amount has been in deep technology (start-up building products based on deep science and engineering) followed by manufacturing including automotive and electric vehicles, robotics, space software products, artificial intelligence (AI), machine learning (ML), data science, augmented reality/extended reality (AR/XR), cyber security, blockchain, quantum health technology and assistive technology, biotechnology, internet of things (and Industrial IoT), energy, edtech and skill development, water and sanitation and agritech.
 What is the total number of startups that IITMIC has incubated? How many unicorns? Do you expect to maintain the survival rate, which has been 80% so far?
So far IIT Madras has incubated 483 startups (both private limited and startups-in-the-making). This includes 394 private limited companies and 89 pre-enterprise teams. Of these, 394 have been incubated by the IIT-Madras nodal incubator IITMIC and 89 by the Nirmaan pre-incubator. The current status is that around 80% of incubated startups have survived.
Thanks to the extensive support provided by IITMIC and the wider IITM ecosystem – ranging from commercialization guidance/support, market adaptation and GTM, fundraising, and team building to technological expertise – we expect many young startups to not only survive but also can handle it. challenges and measures towards revenue-generating, profit-making ventures. In some cases, these beginnings may create a lasting social impact.
 Can you share some tips for aspiring entrepreneurs — what’s more important, a big idea or big access?
When a great idea takes off, the connections you build through networking often determine how far it can go. Ideally, you want both – an interesting idea and a network and ecosystem to help execute it effectively.
For entrepreneurs or young startups, great ideas/innovations that solve real problems or unmet needs are fundamental. It is important to validate the idea/innovation/ and ensure that there is a market. However, execution is often greater than having a great business idea or technological innovation.
A startup doesn’t need a world-changing idea or multiple IPs to succeed. Sometimes it improves an existing concept or makes a process in the industry or the consumer experience more efficient.
 How important are networks and partnerships to startup survival?
An important factor in the growth of any startup is connecting to the right network — be it investors, mentors, customers, talent or potential founders. Continuously using the right network provides access to resources, partnerships (technology co-development, for example), funding and friends who have been through the entrepreneurial journey.
A strong network is also important for startup growth and can even help you pivot if your original idea needs adjustments. Entrepreneurs with strong networks are often more flexible and can adapt to changes more quickly. So, entrepreneurs should start with a solid idea/innovation but use their network to gain market insights, build partnerships and accelerate business growth.
