IIT Madras aims to incubate a minimum of 100 startups across diverse sectors in 2024. Acknowledged as a leading deep-tech startup environment in India, the IIT Madras Incubation Cell (IITMIC) serves as the institution's central unit dedicated to fostering, assisting, and managing different innovation and entrepreneurship initiatives.

Prof. V. Kamakoti, Director of IIT Madras, highlighted the realization of various ambitious projects in 2023, such as the establishment of IITM Zanzibar Campus, the launch of a Department of Medical Sciences and Technology, and plans for a new interdisciplinary sciences school. He emphasized the institution's focus on interdisciplinary education and expressed the goal of concluding the financial year with a maximum number of projects.

Furthermore, Prof. Kamakoti mentioned upcoming initiatives and socially impactful projects for the nation. He aimed to achieve 366 patents by the end of the financial year, symbolizing an ambition to secure one patent per day. The director emphasized IIT Madras' pride in fostering innovation and expressed plans to kickstart 100 startups in 2024. Notably, he highlighted the emergence of promising technologies through IIT Madras-incubated startups like Hyperloop, ePlane, Agnikul Cosmos, and Mindgrove Technologies, anticipated to contribute significantly to the country. Prof. Kamakoti also stressed the institution's commitment to maintaining its top ranking in NIRF (National Institutional Ranking Framework) and its aspiration to climb higher in global rankings. Additionally, there are plans to introduce new courses at IITM Zanzibar.