IIT Bombay to Introduce Research Park to Boost Startups

In a move to help encourage new ventures and innovations at IIT Bombay , the authority of the institute has decided to start a Research Park in the year 2017. This initiative will enable students to no longer seek help from outside. They will receive support on their start-up ideas within the campus itself!

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IIT Madras has already set up its Research Park at its campus. Additionally, MHRD has also selected few other IITs for this venture. An article published in the journal of the institute stated that the plan for the park started way back in 2014. Phase one of the park is scheduled to be completed by January 2019. It will be a dedicated research park for R&D activities.

More about the IIT-B Research Park:

• Research Park will be known as ASPIRE (Applied Science Park for Innovation Research & Entrepreneurship)
• It will be located on the outskirts of the campus of IIT-B
• Total project area required will be 10,00,000 square feet
• In the first phase, it will cover about 2,50,000 square feet
• Phases two and three are expected to be finished by 2023

Objectives of the Research Park of IIT Bombay:

• Establish an innovation hub through industry-academia collaboration
• Build a strong industrial relationship
• Start R&D centres in the institute
• Promote entrepreneurship
• Facilitate interaction between professors and IIT-B students on one side and national R&D organisations, industry on the other hand through different modes of engagement
• Ensure that the institute faculty and the companies collaborate together so that the students get the maximum benefits and they get an exposure into the real world application
• Ensure the supervision of the experts from the corporate

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IIT-B management expects that the Research Park will definitely increase industry-IITB R&D interaction, industrial relevance ultimately leading to enhancing the output of research.