Australia's Monash varsity, IIT Bombay ink MoU to boost innovation, entrepreneurship

Mumbai, Aug 22 (PTI) Australia's Monash University has signed an agreement with a technology business incubator at the Indian Institute of Technology Bombay (IIT Bombay) to expand their collaboration to cover innovation and entrepreneurship, it was announced on Friday.

The university's Memorandum of Understanding (MoU) with the Society for Innovation and Entrepreneurship (SINE) at IIT Bombay will focus on sectors like deep tech, clean energy, and advanced manufacturing.

"We are a national leader in innovation, supporting more than 20 start-ups annually and raising over AUD 980 million in spinout capital over the past five years. This MoU will support commercialisation and international market entry for ventures in key growth sectors, including deep tech, climate tech, health and medtech, clean energy, and advanced manufacturing," Monash Deputy Vice-Chancellor (International) Professor Craig Jeffrey said in a statement.

Under the MoU, which will remain in effect for five years, there will be cooperation across a range of areas, including shared access to infrastructure, joint events and programs, start-up mentoring, founder exchange, and collaboration with investors and policy leaders, said the statement.

"By combining Monash's expertise in research commercialisation with IIT Bombay's engineering excellence, we are building a powerful platform for students, researchers, and start-ups to collaborate and take their ideas to global markets," Monash Innovation Labs Director Professor Adrian Neild noted.

The partnership will be delivered through Monash Innovation Labs, the university's dedicated platform for start-up, and it will scale up growth through access to research facilities, student talent, and academic excellence, according to the statement.

"This collaboration will bring together important elements - entrepreneurial talent, intellectual properties, infrastructure support, and programme capabilities - from India and Australia to drive innovation and deliver impact at global scale," IIT Bombay Director Professor Shireesh Kedare added. PTI SM RSY