IIT-Madras is set to provide up to Rs 5 crore in funding to support innovative sports-tech startups in India, aiming to bridge technology and the sporting industry to enhance athletic excellence. These startups will focus on AI and IoT-based products incorporating sensors, networks, actuators, and controllers, leading to the creation of a sports tech incubator fund at IIT Madras. The funding will be provided by the IIT-Madras Pravartak Technologies Foundation and the IIT Madras Centre of Excellence in Sports Science and Analytics (CESSA).
Identified areas for sports tech innovation include media and entertainment, fan/player engagement, athlete performance measurement and enhancement, team and coach success, esports, sports education, data analytics, and sports commerce and communities.
Shortlisted submissions will present their business plans at the ‘IIT Madras Sports Technology Start-up Conclave’ on June 14-15 at the IIT Madras Research Park, the first event of its kind in India. After evaluation by a distinguished panel and final review by IIT Madras CESSA and Pravartak Technologies, the selected startups and their funding amounts will be finalized.
Ramesh Kumar, CEO of CESSA and former global head of ESPNCricinfo, emphasized the goal of creating a deeper connection between technology and sports, aiming to foster an ecosystem for developing products that enhance sports performance. Prof Mahesh Panchagnula, Dean of Alumni and Corporate Relations at IIT Madras and head of CESSA highlighted the conclave as a significant step in India’s sports tech innovation as the country prepares to bid for the Olympics.
Funding for each startup, based on business potential, will range from Rs 10 lakh to Rs 50 lakh, with IITM Pravartak Technologies Foundation taking an equity stake and IITM CESSA providing support during the incubation process. Startups can be at the idea or initial stage but must have incorporated their company and intellectual property rights.
IITM CESSA will offer startups access to high-tech sports infrastructure, technical support, a comprehensive startup ecosystem, and a data center for research. Shankar Raman of IIT-Madras Pravartak Technologies Foundation expressed confidence in fostering entrepreneurs who use technology to enhance athletes’ performance globally.
As of May 2024, the IIT-Madras Incubation Cell has incubated 351 startups, attracting Rs 10,425 crore in investment and achieving a combined valuation of Rs 45,000 crore. These startups generated Rs 3,600 crore in revenue for the financial year 2022-23 and created over 10,000 jobs, filing more than 210 patents in the process.