LTTS aims to help deep-tech startups through FARM, a startup engagement platform.
L&T Technology Services (LTTS) has launched FARM, a startup engagement platform designed to connect deep-tech startups with its engineering expertise and customer opportunities. The company is targeting around 20 customer wins across participating startups over the next 12 months.
In a recent conversation with EFY, Ashish Khushu, Chief Technology Officer, L&T Technology Services Limited, Bengaluru, India, revealed that LTTS has already placed orders worth around US$150,000–200,000 for various projects with a startup. “If I have to take a deep-tech robotics startup global, I need to take care of various things like the supply chain, how to ship the product, how to assemble it, how to maintain it, and many other things,” added Ashish.
The startup needs to be Technology Readiness Level (TRL) 4+ to qualify for FARM. LTTS examines quite a few things, including businesses, financing, products, and offerings. Once the startup qualifies for FARM, LTTS maps its solutions against customer requirements, strategies and priorities over the next two to three years. It also focuses on taking these startups to customers and exposing them to requests for proposals (RFPs). “If the customer is not comfortable buying directly from the startup, we can step in as a guarantor and take on the business to help the startup secure the opportunity,” added Ashish.
Selected startups are also provided with dedicated workspace at LTTS for internal meetings with its teams. “Whenever a customer visits, we will invite the startup to demonstrate its solution, speak directly to the customer, and receive first-hand feedback,” said Ashish.
The startup engagement platform helps startups bring their existing technologies into new markets. For example, a company working with a startup that developed video annotation software for a large consumer-facing company identified its potential application in autonomous vehicle testing. FARM could therefore help the startup adapt its software for use by a major automotive company.
