The Department for Promotion of Industry and Internal Trade (DPIIT) has inked pacts with over 50 leading corporate firms to encourage innovation in manufacturing in startups, an official said.
This is part of the department’s efforts in supporting startups and developing an ecosystem with the industry that fosters innovation through manufacturing incubators.
“So far, the department has inked memorandum of understandings (MoUs) with over 50 firms for this,” the official said.
Firms that have entered into these MoUs with the DPIIT, include boAT, HDFC Capital Advisors, Hero Moto, Zepto, Kotak Mahindra Bank, Yes Bank, Paytm, Walmart, and Ather Energy.
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Manufacturing-focused incubators are key drivers of support for startups, since they provide essential pilot, scaling, and manufacturing facilities on a shared platform, thereby reducing the burden of high-capex investments.
Not only do these incubators provide startups with support for innovative product development and early-stage manufacturing, they also act as an interface between the startups and medium and large-scale companies, offering access to pilot facilities for manufacturing, test beds, prototyping facilities, design centres and facilitation for technology management, market access and risk capital.
The department has proactively reached out to large corporates, industry associations, veterans, and unicorns to underscore the importance of setting up manufacturing incubators, which can also be established by academic institutes, and research institutes, the official said.
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