Cochin Shipyard to support IIT-Madras maritime startups

The Cochin Shipyard Ltd (CSL) on Sunday announced that it will join hands with the Indian Institute of Technology (IIT)  vvgbMadras to support startups in the maritime sector.

The programme is expected to provide a platform for young and talented entrepreneurs to develop products/services in the marine space with financial support provided by the CSL, a statement said on Sunday.

Under the initiative, startups can get up to Rs 50 lakhs as seed grants and Rs 1 crore as prototyping grants. There will be equity funding for startups at the scale-up stage. 

The agreement was signed between V Kamakoti, director of IIT Madras, and Deepu Surendran, general manager (C-SAS), CSL. “IIT-Madras will act as one of the implementation partners of the initiative and will provide incubation, mentorship, and training to startups selected under the programme,” the release said. 

Applications will be invited online twice a year to identify startups for funding under seed fund scheme, pilot grants, and equity investment schemes.

The statement said that the startups selected under the scheme have to work on innovation, improvement and development of products, services and employ a scalable business model with a high potential for business generation and creating employment as well as wealth creation.

The institute will invite applications online twice a year to identify startups for funding under seed funds, pilot grants, and equity investment schemes. This is part of the startup engagement program ‘USHUS’, launched by the CSL to augment the GOI’s initiatives to encourage and develop an ecosystem in the country for supporting maritime startups from the technical, regulatory, financial, and marketing points of view by bringing the stakeholders together.

Startups selected under the scheme would have to be committed to working on innovation, improvement of products, processes, or services, and present a scalable business model with a high potential for employment generation and wealth creation. Chairman and managing director of the CSL Madhu S Nair, who was also present at the event, said, “As an initial step CSL has declared a corpus of Rs 50 crores for our startup engagement program USHUS”

Prof Kamakoti said: “The management of the maritime sector is becoming automated and is posing interesting challenges to the creative minds.”

He also said that the partnership with CSL would lead to several innovative Atmanirbhar solutions.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Managing the Digital Age: The Influence of Social Media on Youth Mental Health

In the modern age of technology, the internet has become an important component of adolescents’ lives. While technology brings solidarity and opportunities for self-expression, it is essential to recognize how it might impact on our state of mind. As a 16-year-old, I’ve seen individually the severely impactful sites like TikTok, Instagram, and Snapchat can be […]

Read More
Latest

Programming Languages and its evolution and History

The development of programming languages is quite an interesting topic which reveals the growth of technology as well as the development of complicated problems that can be solved using computers. The evolution of programming languages has been one of the most crucial aspects in the evolution of the digital era starting from the mere machine […]

Read More
Latest

Economic Impacts of Artificial Intelligence

We are absolutely standing at the doorway of a transformational technological leap that is going to redefine businesses and bring global economic growth beyond what was ever thought possible, improving incomes worldwide. This is the age of Artificial Intelligence defined by fast-advancing technology instilling anticipation and concern, reshaping industries, and holding great implications for any […]

Read More