Empowering Startups: IIIT-B and SKKU Launch Initiative to Foster Global Entrepreneurship

IIIT-Bangalore and Sungkyunkwan University Forge New Partnership to Boost Startup Ecosystems

India is home to over 112,718 DPIIT-recognized startups spread across 763 districts. Among the middle-income economies, India ranks second in innovation and quality by excelling significantly in sectors such as IT, healthcare, education, and food. As the total funding increased by 15 times and the number of investors increased by 9 times, the startup ecosystem showed remarkable growth in the country. India is projected to experience a remarkable 2.6x growth in its startup ecosystem by 2030, driven by rising digital connectivity and increased investments in technology.

To support growing startups, the International Institute of Information Technology Bangalore (IIIT-B) and Sungkyunkwan University (SKKU) signed a Memorandum of Understanding (MoU) to formally establish their partnership. This agreement was inked by the IIIT-B Innovation Center and SKKU's Startup Support Foundation at SKKU's Natural Science Campus in Suwon, Gyeonggi Province, South Korea, on September 27. The objectives of this partnership include helping startups from both universities explore business opportunities in South Korea and India, connecting startup-related institutions in both countries, and collaborating to host seminars, workshops, and networking events focused on startups.

This collaboration is intended to investigate realistic ways to improve the startup ecosystem and advance the economies of both countries as mentioned by Professor Kim Kyung-hwan, the dean of the Global Startup Graduate School and director of the SKKU Startup Support Foundation. The Indo-Korean Innovation Corridor will benefit greatly from this partnership, according to Dr. Lakshmi Jagannathan, Executive Vice President of the COMET Foundation and Chief Executive Officer of the IIIT-B Innovation Centre.

According to Professor Debabrata Das, the Director of IIIT-Bangalore, the alliance with the Sungkyunkwan University (SKKU) Startup Support Team enhances the connection between the startup ecosystems in South Korea and India. By leveraging the strengths of both nations, this partnership aims to provide opportunities for deep technology startups to expand internationally. The collaboration is designed to facilitate the sharing of insights and drive innovation, ultimately supporting startups in both countries and marking a significant step toward fostering global entrepreneurship.

The SKKU Startup Support Foundation aims to promote entrepreneurship by providing funding, networking opportunities, and mentorship to students, researchers, and academicians. The organization plays an important role in transforming innovative ideas into successful startups through industry alliances and incubator initiatives. With the support of SKKU, entrepreneurs can scale their ventures and make an impact in international markets. To bridge the gap between academia and industry, the IIIT-B Innovation Centre is a dynamic hub for entrepreneurship, innovation, and cutting-edge research. The center provides an essential platform for translating theoretical understandings into workable, real-world solutions.

Editor's Note:

In an exciting move to bolster the startup ecosystems in India and South Korea, the International Institute of Information Technology Bangalore (IIIT-B) and Sungkyunkwan University (SKKU) have officially signed a Memorandum of Understanding (MoU). This partnership enhances cross-border business opportunities, fosters innovation through joint initiatives, and strengthens the startup ecosystems in both countries. Facilitating connections between startup-related institutions and organizing seminars and workshops, paves the way for knowledge exchange, entrepreneurial growth, and the development of cutting-edge solutions to global challenges. Ultimately, this collaboration benefits not only the participating institutions but also contributes significantly to the economic and technological advancement of both nations.

Skoobuzz anticipates that this collaboration will significantly enhance the startup ecosystem in both countries, ultimately increasing the contribution of startups to India’s GDP, which is projected to reach 4-5%.