XCarb® India Accelerator Programme Case Study : Bridging Research and Market Application through Open Innovation

18 October - Blog

In an era where innovation is paramount for competitive advantage and addressing global challenges, open innovation emerges as a transformative approach. The XCarb® India Accelerator Programme, launched in July 2023 by ArcelorMittal in collaboration with IIT Madras, exemplifies how open innovation can effectively bridge the divide between advanced academic research and practical market applications.

Context and Challenge

ArcelorMittal, a global leader in steel production, is deeply committed to sustainability. Confronted with the urgent need to decarbonize steelmaking—a sector notorious for its high carbon emissions—the company, alongside its Indian joint venture AM/NS India, sought innovative solutions to significantly reduce its environmental impact. Recognizing India’s increasing role in global climate initiatives, ArcelorMittal partnered with IIT Madras to launch the XCarb® India Accelerator Programme, aiming to identify and scale technologies that can transform the steel industry.

The Role of Open Innovation

Open innovation strategically combines internal and external insights to drive technological progress. For the XCarb® India Accelerator Programme, this approach means harnessing expertise from academia, startups, and industry stakeholders to foster impactful innovations. The GDC at IIT Madras has been instrumental in orchestrating this collaborative effort through its I-GNITE program. This program prepares teams for investment readiness by equipping them with essential business acumen and managerial skills.

Structured Mentorship by GDC

The I-GNITE Program consists of modules that guide startups through the complexities of technology commercialization and market readiness. This thorough preparation includes:

• Scaling Technologies: Helping startups refine and enhance their technological solutions for market deployment.
• Designing and Testing Minimum Viable Products (MVPs): Facilitating the development of prototypes to assess feasibility and market fit.
• Validating Economic Viability: Ensuring that startups can demonstrate potential profitability and market demand.

These steps are crucial for preparing startups for commercial investment and scaling their operations effectively.

Preparing for Market Success

The I-GNITE Program empowers startups with essential tools and insights for achieving market readiness. Participants engage in:

• Market Assessments: Conducting thorough analyses to understand market needs and dynamics.
• Business Model Development: Crafting robust frameworks that articulate value propositions and revenue generation strategies.
• Financial Modeling and Impact Measurement: Developing skills to quantify the social and environmental benefits of their innovations, including potential carbon savings.

Effective communication is also a key focus, with workshops on storytelling and presentation skills enabling startups to confidently convey their ideas to potential investors. This comprehensive approach ensures that startups are not only technically proficient but also strategically positioned for investor engagement.

Outcomes and Impact

The XCarb® India Accelerator Programme has yielded impressive results. Out of nearly 50 applications, eight startups were selected for intensive mentorship, with three—AgroMorph Technosolutions Private Limited, Susstains Engineering Solutions LLP, and UrjanovaC Private Limited—emerging as winners. These startups showcased innovative solutions in algae-based carbon capture, biochar production, and advanced carbon capture technologies, underscoring the effectiveness of GDC’s mentorship.

Each winner received $50,000 in prize money and tailored mentoring to further develop their technologies and business models:

• UrjanovaC: Transforming carbon capture with technology designed for hard-to-abate sectors like steel, utilizing a patented catalyst to convert CO2 emissions into valuable by-products.Click Here to Know More
• AgroMorph Technosolutions: Developing a modular, algae-based system that captures carbon from flue gases while utilizing wastewater nutrients, promoting sustainability through natural processes.Click Here to Know More
• Sustains Engineering Solutions: Focusing on biochar technology as an eco-friendly alternative to coal in the steel industry.Click Here to Know More

Conclusion

The XCarb® India Accelerator Programme exemplifies how open innovation, strengthened by corporate-academic partnerships and structured mentorship through programs like I-GNITE, can lead to significant advancements. By leveraging the expertise of organizations like the GDC and fostering collaborative efforts, the program showcases the transformative potential of structured mentorship. For corporate leaders, policymakers, and stakeholders, this case study underscores the profound impact of open innovation in bridging the gap between research and market application, serving as a model for future initiatives aimed at addressing complex global challenges.