The Indian Institute of Technology (IIT), Hyderabad is going to collaborate with New Frontier Capital Management, a financial firm based in Hong Kong with offices in Tokyo and Singapore, to establish a global network for ventures as well as to create a venture ecosystem.
The core objective of this partnership will be to promote innovation, research and incubation.
An MoU was signed by Prof B.S. Murty, Director, IIT Hyderabad and Shigeki Usuki, Chief Executive Officer, New Frontier Capital Management, to facilitate this collaboration. This MoU will also enable New Frontier Capital Management to establish an office at the IIT Hyderabad campus.
Speaking about this collaboration and its benefits to innovation and entrepreneurship ecosystem at IIT Hyderabad, Prof B.S. Murty said, "IIT Hyderabad incessantly encourages the entrepreneurship ecosystem with its unique BTech minor in entrepreneurship and it's tech incubators like i-TIC and CfHE."
"With a surge in start-up culture globally, we have taken a major step forward and have signed an MoU with an established venture capitalist, New Frontier Capital Management (NFCM), which has a worldwide presence including in Tokyo and Singapore," he added.
Prof Murty continued saying, Joint innovation centre in Tokyo and IITH campus along with an office for NFCM at IITH campus will provide a global platform for IITH incubatees. This will indeed strengthen the distinctive bond IITH shares with Japan and opens up new opportunities for research and promotes the culture of entrepreneurship.
The MoU also envisages the establishment of "Joint Innovation Centres" in Tokyo, Japan, as well as in Telangana and will help create an ecosystem that is connected to global research institutions.
Highlighting the expected outcomes from this collaboration, Usuki, CEO of New Frontier Capital Management, said, "Japanese corporations have a very strong interest in innovation coming out of India. Through the collaboration with IIT Hyderabad, we expect to further the mutual relationship between India and Japan especially in the fields of venture and innovation."
"The MoU will enable us to establish our office in the IIT Hyderabad campus to promote more information sharing both ways and, in such case, we expect broader development of the India-Japan collaboration," he added.
( With inputs from ANI )