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T-Hub, HAL Announce Partnership To Support Startups In Aerospace Sector
The partnership between T-Hub and HAL will offer industry expertise, resources, and access to markets, providing startups with the necessary tools to develop and scale their technologies
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T-Hub on Friday announced a strategic partnership with Hindustan Aeronautics Limited (HAL) to support startups in the Aerospace sector.
Both organisations formalised their alliance by signing a Memorandum of Understanding (MoU) for a two-year term. This collaboration aims to support startups in the aerospace and defence composite market, which is predicted to grow at a compound annual growth rate (CAGR) of 13.1 percent from 2021 to 2027, according to Statista.
The partnership between T-Hub and HAL will offer industry expertise, resources, and access to markets, providing startups with the necessary tools to develop and scale their technologies.
HAL will assist startups in building Proof of Concepts (PoC), giving them the opportunity to gain valuable industry expertise and support to bring their ideas to fruition. Meanwhile, T-Hub will provide access to a diverse network of startups with expertise in niche technological areas, as well as mentorship, training, and support services to help startups succeed.
In a statement, Srinivas Rao Mahankali, CEO, T-Hub said, “By leveraging HAL's expertise and T-Hub's resources, startups can gain valuable support and guidance to bring their ideas to market. This can include access to specialized facilities and equipment, guidance on industry best practices, and opportunities for collaboration and co-innovation.”
HAL has instituted a funding mechanism wherein 2 per cent of the operating profit after tax is exclusively earmarked for startup engagement. As part of its efforts towards the Government of India's Atmanirbar campaign, HAL is also focusing on research and development, indigenization, and startup corpus.
Dr D K Sunil, Director (Engineering, R&D), Hindustan Aeronautics Limited said “India has a strong innovation ecosystem. Innovation workshops, startup interactions, and a proper and timely mentoring will serve as a great opportunity for these upcoming technology-driven startups to find their momentum and accelerate in the right direction. We are delighted to be associated with such an initiative and also anticipating that this partnership will help the country and HAL in particular to achieve self-reliance in cutting edge defence technologies in line with GOI’s Atmanirbar campaign”.