Insider Brief
- Indian startups in quantum technology are invited to apply for incubation at I-HUB QTF, with a deadline of August 31, 2024.
- Selected startups will receive infrastructure, mentoring, and industry connections to accelerate their growth.
- The initiative aims to position India as a global leader in quantum technology by fostering innovation and commercialization in the field.
India’s Department of Science and Technology (DST) has launched a call for proposals for startups specializing in quantum technology, seeking to onboard innovative companies into its incubation program at the I-HUB Quantum Technology Foundation (I-HUB QTF) at IISER Pune. This initiative aims to accelerate the growth of the country’s quantum technology ecosystem under the guidelines of the National Quantum Mission (NQM), according to the foundation.
Focus on Quantum Innovation
I-HUB QTF, a Technology Innovation Hub (TIH) dedicated to quantum technology, is encouraging startups in the domains of quantum computing, quantum communication, quantum sensing and metrology, and quantum materials and devices to apply for physical or virtual incubation. This program, part of the National Mission on Interdisciplinary Cyber Physical Systems (NM-ICPS), will provide selected startups with crucial resources, including co-working space, infrastructure support, mentoring from quantum experts, and industry connections.
Ultimately, the initiative is designed to seed, nurture and scale up research and development in quantum technology to foster the vibrant and growing startup ecosystem in India.
Eligibility and Application Process
To qualify, startups must be registered with the Department for Promotion of Industry and Internal Trade (DPIIT) or commit to registering before receiving any funds. Eligible startups must be majority Indian-owned, with Indian promoters holding at least 51% of the shares, and the intellectual property (IP) residing in India. The startups must also demonstrate a viable business model with potential for market fit and scalability.
Applications must be submitted by August 31, 2024, and include a signed Non-Disclosure Agreement. The selection process will involve pre-screening for eligibility, followed by a detailed evaluation by the Investment Evaluation & Monitoring Committee (IEMC), which comprises technical experts, business leaders, and investors.
Support and Selection Criteria
Selected startups will benefit from a comprehensive support package that includes access to state-of-the-art facilities, mentoring and connections to industry and investors. The IEMC will evaluate proposals based on several criteria, including the market need for the technology, feasibility of technical claims, potential impact, novelty, team strength, and fund utilization plan.
The evaluation process will be rigorous, with shortlisted startups undergoing further interactions with IEMC members and other domain experts. Successful applicants will enter into equity-sharing discussions with I-HUB QTF, and the entire process from application to fund disbursal may take up to three months.
Accelerating Quantum Innovation in India
The initiative is seen as a step toward prompting India’s leadership in quantum technology. By providing targeted support to promising startups, I-HUB QTF aims to drive innovation and commercialization in a field that is expected to have significant impacts across various industries, including cybersecurity, materials science, and communication networks.
As the quantum technology sector continues to evolve rapidly, initiatives like this are vital for ensuring that Indian startups are well-positioned to capitalize on emerging opportunities.
For more information and to apply, interested startups should visit the I-HUB QTF website or contact the program directly via email at [email protected].
