Honeywell, a Fortune 100 company that invents and manufactures technologies mostly in aerospace and automation, has partnered with India’s eminent Science and research institute Indian Institute of Science (IISc).
Honeywell Hometown Solutions India Foundation (HHSIF), the philanthropic arm of Honeywell, in partnership with IISc’s Society for Innovation and Development (SID) will continue to support deep-science startups to encourage entrepreneurship and scientific innovations to support society.
The objective of the initiative is to bridge the gap that startups face between incubation and early seed investments.
As a part of Honeywell’s Start Up Support Program, which has been running from last few years, the initiative helps to increase collaboration between industry and technology-based start-ups in furthering the innovations for successful outcomes.
Honeywell partnered with IISc's SID in 2019 to support the science and technology startups and to Entrepreneurship-in-residence program (EIR) programs with specific support to entrepreneurs who have the potential to offer solutions that can significantly address societal issues and challenges in healthcare and environment.
Since 2019 Honeywell has supported in incubating close to 30 startups, most of them led by either women or teams from the underprivileged communities.
Prof B Gurumoorthy, Chief Executive at SID, said, “Deep Science startups are problem-oriented and map to at least one of the sustainable development goals. Support for such ventures is inadequate and one of the reasons is the lack of understanding of the underlying science and technology that tends to be diverse and complex. Honeywell and HHSIF have recognized the need to support such startups and we are delighted with their continuing financial support. SID and HHSIF will work together to provide startups with the necessary support and resources to thrive."
"HHSIF will provide seed capital, while SID will provide infrastructure and technical support. This year, Honeywell’s CSR grant has helped nine startups and three EIRs in diverse areas such as Energy, Water, MedTech, Packaging Materials, etc. last year. MagHeals, IndiaSpeaks Research Labs, Dfine Bio-Innovations, HEM Dimensions are a few of the startups that will be funded this year. ”, he said.
IISc is one of the premier research-led academic institutions in the world. It has more than a hundred illustrious years of history in the creation of original knowledge and furthering the frontiers of basic as well as engineering sciences.
IISc's SID was set up in 1991 in close collaboration with Indian Institute of Science (IISc) Bangalore.
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