Chitkara University’s innovation championship: IIT Bombay incubated start-up funded
Incubated at the prestigious IIT Bombay society for innovation and entrepreneurship (SINE), Pacify Medical Technologies Pvt Ltd, the start-up that won Chitkara University’s India innovation championship has developed a patent pending skin spray gun that enables large wound coverage by spraying stamp-sized skin.
Chitkara University recently conducted the finale of the India Innovation Challenge- 2021 — one of the largest funding fests and university-driven platforms for upcoming start-ups. Curated by Chitkara University’s centre for entrepreneurship and education development (CEED) and coached by Orbit Future Academy, the event was backed by seasoned investors — VC partners SucSeedIndovation Fund (Hyderabad) and Modular Capital, ISBA, accelerator partner 100 Watts (Pune), industry bodies like FICCI and MeitY start-up hub (GOI), the Government of Himachal Pradesh, Chitkara University’s research and innovation Network (CURIN) and Chitkara University NEW Gen-IEDC, the challenge was curated to drive entrepreneurship and accelerate promising research, innovation, demonstration and development (RID&D) in technology across India.
IIC has been designed and curated to provide innovators and thinkers an opportunity to compete in a grand event to get mentored for their new and novel ventures by fast-tracking impact savvy innovations. The championship is open to innovators, entrepreneurs, designers, thinkers, students, engineers, scientists, coders, trainers, academicians from all background.
Pacify Medical Technologies start-up founder and CEO Saiprasad Poyarekar, an Indian Institute of Information Technology, Design and Manufacturing, Kancheepuram, graduate said the start-up was incubated in January 2019. “The program helped me to understand the nuts and bolts of how to raise funding for a technology start-up. The recorded video sessions help me to improve my knowledge about all aspects of fund raising. The one-to-one sessions with mentor’s such as Nalin Singh from Orbit helped me nourish my skills.”
The India Innovation Challenge, 2021, received a record 460 applications, of which 23 startups were allowed to pitch and present’ their ideas to a panel of 10 investors from India and abroad. A panel of investors led by Orbit Future Academy made an on-the -spot investment of ₹50 lakh and government grants up to ₹20 lakh for prototype development and product commercialisation were also awarded by the panel of jury members.
The IIC 2021 finalists included participating teams from IIT Bombay, IIT Kharagpur, Panjab University, Chitkara University, IIT Patna, Sher-e-Kashmir University of Agricultural Sciences and Technology (Kashmir), Kongu Engineering College (Tamil Nadu), Pimpri Chinchwad College of Engineering (Pune), University of Florida-USA, SR University (Warangal), North Eastern Regional Institute of Science and Technology (Itanagar), and start-ups from Bengaluru and Indore.
Chitkara University pro-chancellor Madhu Chitkara said, “Chitkara University has a pan-India vision to support entrepreneurship and innovation while acknowledging others’ efforts and creativity.”