IIT Kanpur incubates 100 startups, combined valuation over USD 1 Billion

The Foundation for Research & Innovation in Science & Technology (FIRST) at IIT Kanpur is also home to three national brands - Phool, Noccarc, and Swasa - two of which have been at the frontlines of emergency COVID-19 response

The Indian Institute of Technology (IIT) Kanpur instituted incubation centre has crossed the 100 startups-mark with a combined valuation of USD 1 Billion.

Launched in 2018, Foundation for Research & Innovation in Science & Technology (FIRST), a Section-8 company, supported by the IIT-K is an initiative to promote entrepreneurship and innovation by converting ideas into products. FIRST was registered as an offspring of the Technology Business Incubator of IIT Kanpur popularly known by its brand name, Start-up Incubation and Innovation Centre (SIIC).

Abhay Karandikar, Director of the institute during whose tenure this idea (FIRST) took shape, congratulating the team for the sustained efforts said: “SIIC has compounded IIT Kanpur's efforts towards establishing a unique incubation ecosystem with a vision to contribute to the nation's growth. Every incubated company is welcome to harness IIT Kanpur's infrastructure. We are proud of SIIC for taking entrepreneurship to the hinterlands of India and creating a legacy of innovation.”

He said that the IIT-K mission has helped foster next-generation innovations and merging profit with purpose.

The incubator is supported by a vibrant, dynamic IIT Kanpur ecosystem that has inspired entrepreneurs to achieve excellence in product innovation at par with global standards.

Amitabha Bandyopadhyay, Professor-in-Charge, Innovation & Incubation, IIT Kanpur, added: “SIIC is a powerhouse of visionary talent that pushes boundaries to create impact at the bottom of the pyramid. At SIIC, we wake up every day to facilitate the conversion of ideas into products. We look forward to supporting more promising technologies that put quality at the helm of innovation."

Currently, SIIC is home to more than 100 companies across multidisciplinary domains of healthcare, agri-tech, cleantech, artificial intelligence, machine learning, and waste to value. As per a statement by the institute, more than 50 percent of SIIC incubates have remained active and sustainable for more than five years since the incorporation of the companies. At present, over 37 percent of SIIC incubated companies are in the revenue-making stage.

“Our companies have solved nation’s pertinent challenges through technology. When the first wave of COVID-19 arrived, Noccarc stepped up and developed a ventilator in 90 days. That victory galvanized our belief to overcome formidable odds. This year, we partnered with MSME manufacturers and set up oxygen plants pan India under the Mission Bharat O2. With these initiatives, we are moving a step ahead in our vision of making India an indigenously supported, state-of-the-art manufacturing hub,” Nikhil Agarwal, CEO of FIRST said.

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