Indian Institute of Technology (IIT) Madras has announced the launch of a ‘Centre for Research on Start-Ups and Risk Financing’ (CREST) to offer academic and thought leadership in innovation, entrepreneurship and risk capital. Additionally, the institute is also planning to develop a unique world-class data repository based on Indian start-ups and ventures. The data repository would be made accessible to researchers as well as policymakers which will help in top-tier publications.
While delivering the inaugural speech of CREST on ‘Cultivating societal trust can unlock India’s Entrepreneurial Potential,’ Prof. Tarun Khanna, Jorge Paulo Lemann Professor, Harvard Business School, stated that, “Entrepreneurs with great ideas in developing countries cannot rely on the usual trust-building foundations – law, regulatory oversight, and government projects, as they might in the developed world. Assuming the existence of these phantom factors predisposes ventures not to succeed at scale. Instead, smart entrepreneurs in these countries need a mindset shift, focusing not only on creating but also the conditions to create these.”
Further highlighting the relationship between scientists and entrepreneurs, Prof. Tarun Khanna stated, “There is a need to build trust between Scientists and business leaders. Amazing technology is coming out of the labs but the condition to get the maximum out of such innovations is not there.”
The information repository is also being developed with an understanding that the insights and evidence acquired from the continuous academic research would help in policy-making. It would also enhance the feasibility of managerial as well as investment decision-making in entrepreneurship.
The core mission of CREST is to be involved in scholarly research. The development of entrepreneurship specific language models will enable a better understanding of the entities in the ecosystem.