- The venture development platform joined hands with the Indian space agency to launch SpaceTech Innovation Network
- Partnership to work towards identifying and unleashing the market potential of the most promising space tech innovators: ISRO
In the latest development on the Indian space-tech front, the Indian Space Research Organisation (ISRO) signed a Memorandum of Understanding (MoU) with Social Alpha, an innovation curation and venture development platform, to launch SpaceTech Innovation Network (SpIN). ISRO said that the tie-up is a one-of-a-kind public-private collaboration for start-ups and SMEs in the space industry. SpIN is India’s first dedicated platform for innovation, curation, and venture development for the burgeoning space entrepreneurial ecosystem.
It must be noted that SpIN will majorly focus on facilitating space tech entrepreneurs in three different innovation categories: Geospatial Technologies and Downstream Applications; Enabling Technologies for Space & Mobility; and Aerospace Materials, Sensors, and Avionics.
The official notification read: This novel partnership is a significant step forward in providing further stimulus to India’s recent space reform policies and will work towards identifying and unleashing the market potential of the most promising space tech innovators and entrepreneurs in India.
ISRO Chair, S. Somanath stated: “Space applications cut across various domains from earth to sky. Innovative technologies are expected to bring a paradigm shift in utilising space applications to maximise the economic, social, and environmental benefits for the larger society. I wish the SPIN platform would create a level playing field for various stakeholders to collaborate and contribute to the space ecosystem in the country.”
Manoj Kumar, Founder of Social Alpha remarked, “At Social Alpha, we have stayed committed to our goal of bringing breakthrough innovations to the social sector with applications across climate, health, and livelihoods, and this partnership with ISRO will significantly strengthen our ability to create impact.”
Interestingly, SpIN recently launched its first innovation challenge. Early-stage start-ups working in the areas of maritime and land transportation, urbanisation, mapping, and surveying, disaster management, food security, sustainable agriculture, environmental monitoring, and natural resources management, among others are invited to apply from December 6, 2022, to February 6, 2023.
Social Alpha’s & ISRO’s infrastructure and resources will be accessible to the selected start-ups and innovators. Moreover, they will be provided active hand-holding in critical areas, including access to product design, testing and validation infrastructure, intellectual property management, go-to-market strategy, and access to long-term patient capital, among other technical and business inputs.
2016-born Social Alpha is a multistage venture development platform for science and technology start-ups. It aims to build an ecosystem where it is easy for entrepreneurs to access risk capital, attract talented professionals and create successful and self-sustaining business models. Social Alpha architecture is built around a not-for-profit platform, Foundation for Innovation and Social Entrepreneurship (FISE) and operates through a nationwide network of technology and business incubation infrastructure, sponsored and enabled by Tata Trusts, Government of India and many academic, philanthropic and corporate partnerships.