In a significant effort to drive innovation within the sports industry, IIT Madras has announced plans to provide up to Rs 5 crore in funding to sports tech startups across India. The ‘Sports Tech Start-Up Conclave’ organized by IIT Madras was inaugurated in New Delhi on July 12. This event is part of an initiative to support indigenization and technological advancement for Atmanirbhar Bharat in the sports sector.
During the two-day conclave, IIT Madras outlined an ambitious target to support at least 200 sports tech startups over the next five years. The event, led by the institute’s Center of Excellence in Sports Science and Analytics (CESSA), aims to promote deep tech startups in the sports domain by offering investment to the selected sports tech startups. The initiative’s goal is to encourage the development of innovative products and applications that enhance sports performance through technology integration.
Startups focused on creating products utilizing sensors, networks, actuators, and controllers will have the opportunity to receive support from the IIT Madras Pravartak Technologies Foundation and 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. Additionally, IIT Madras will launch a four-year course in sports science for the 2025 academic session, further nurturing deep tech startups in the sports sector.
Early-stage startups that are incorporated and have secured intellectual property rights can also qualify for funding. Besides financial support, IITM CESSA will provide startups with access to advanced sports infrastructure, technical assistance, and a comprehensive startup ecosystem to help them succeed. This comprehensive support aims to foster the development of cutting-edge products and applications that enhance sporting performance through technological integration.
As of May 2024, the IIT-Madras Incubation Cell has supported 351 startups, drawing investments amounting to Rs 10,425 crore from angel investors and VCs, with a collective 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. This new initiative is expected to build on this success by driving innovation and growth in the sports tech sector.
