IIT Madras to invest up to Rs 5 crore in sports-tech startups

NEW DELHI: In a move to boost innovation in the sports industry, IIT Madras is set to provide up to Rs 5 crore in funding to sports-tech startups across India.

IIT Madras’ ‘Sports Tech Start-Up Conclave,’ which aims to boost indigenisation and technology support for Atmanirbhar Bharat in the sports sector, was inaugurated in New Delhi on July 12, 2024.

During this two-day sports tech startups conclave in New Delhi, the institute announced its ambitious goal to support at least 200 sports tech startups over the next five years.

The conclave, spearheaded by the Center of Excellence in Sports Science and Analytics (CESSA) of the institute, aims to boost deep tech startups in the sports sector by providing investment support to selected startup firms.

This initiative aims to foster the development of cutting-edge products and applications that enhance sporting performance through technological integration.

The focus will be on startups that create products utilizing sensors, networks, actuators, and controllers. These startups will have the opportunity to receive support from the IIT Madras Pravartak Technologies Foundation and the CESSA.

Key areas of innovation include media and entertainment platforms, fan and player engagement, athlete performance measurement, esports, sports education, sports data analytics, and sports commerce.

IIT Madras will also launch a four-year course in sports science for the 2025 academic session. This program is part of the CESSA.

Even early-stage startups can qualify for funding, provided they are incorporated and have secured intellectual property rights. In addition to financial support, IITM CESSA will offer startups access to advanced sports infrastructure, technical assistance, and a comprehensive startup ecosystem to help them thrive.

As of May 2024, the IIT-Madras Incubation Cell has supported 351 startups, attracting investments totaling Rs 10,425 crore from angel investors and VCs, with a combined valuation of Rs 45,000 crore. These startups generated Rs 3,600 crore in revenue during the financial year 2022-23, created over 10,000 jobs, and filed more than 210 patents.