Cochin Shipyard Limited backed startups set for DRDO projects
The maritime solutions attracted visitors at Ushus Sangamam, an exhibition of innovations developed by startups Cochin Shipyard had incubated in association with IIT Madras and IIM Kozhikode. The shipyard's Dolphin Club hosted the event on Monday.
Cochin Shipyard has earmarked a corpus of `50 crore for the USHUS programme, with Rs 6.9 crore already invested in 16 startups, generating over 70 high-skilled employment opportunities for young professionals.
'In India, there is no dedicated startup funding scheme for the maritime space,' Cochin Shipyard chairman Madhu S Nair told TNIE.
'These innovations are not restricted to ship building or ship repair, which is our forte. Many of these ideas are exciting and look very positive and strong. We are actually using some of these in the projects for DRDO and others,' he said.
Cochin Shipyard is committed to funding and supporting deep-tech and innovative startups in the maritime sector, he said.
'We look forward to building long-term, sustainable partnerships with startups to develop a vibrant, self-sustaining innovation ecosystem,' Madhu said.
Through seed funding, Cochin Shipyard provides Rs 50 lakh each to the startups to develop the technology and Rs 1 crore each for a pilot project scheme where they have to prove the technology. In the third stage, the shipyard gives a commitment and invests in the technology.
'We haven't yet made any investment but we are evaluating a few possibilities. We have covered 16 startups through seed funding and the pilot programme. It is a very clear affirmation that we aren't doing this for any brownie points, but with the belief this is the way forward. We are happy to support innovation and are ready to commit more money into the system,' Madhu said.
The startup ecosystem in India is booming, with quite a lot of initiatives on the horizon.
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