Lockheed Martin Holds Aerospace & Defence Start-up Conference in Bangalore
Lockheed Martin corp. [NYSE: LMT] today hosted an Aerospace and Defence (A&D) Start-up Conference in Bangalore, with 9 start-ups and 6 University teams in attendance for the very first time.
“Lockheed Martin has a $200 million venture fund to put money into start-ups. Of the 16 IIGP participants, 2 to 3 of them have already spoken to Chris Moran who runs the fund. The venture fund invested in around 10 companies last year,” said Dr. Lawrence C. Schuette, Director, Global S&T Engagement, Lockheed Martin.
Earlier this year, Lockheed Martin had doubled its emerging technology focussed fund from $100 million to $200 million. The fund is currently focussing on early-stage companies in cybersecurity, AI, autonomy and sensor technologies.
“Today we are far better at globalisation. It’s never been a better time to be a small startup company than today,” said Dr. Lawrence C. Schuette. “Lockheed is best situated to disrupt itself. We’re not worried about startups disrupting Lockheed. I’d say join us. Institutional trust requires a deep understanding.”
“By bringing together established organisations and start-ups in the aerospace and defence sector to explore what is within the realm of the possible, Lockheed Martin seeks to further incubate innovation, and contribute to the enhancement of Indian industrial capability,” said Phil Shaw, Chief Executive, Lockheed Martin India Pvt. Ltd. “Alongside our industrial ventures in India, today’s activity represents yet another way we continue to support the ‘Make In India’, ‘Skill India’ and ‘Startup India’ initiatives. Over 1500 people have already been skilled at out Joint venture with Tata.”
Startups that participated included Eye ROV, Dimension NXG, Sastra Robotics, Blinkin, Simyog Technology, Linksmart Technologies, Nobo nanotechnologies and Vacus Tech.
Tier-1 Lockheed Martin suppliers interacted with Aerospace & Defence Start-ups, government officials, and university students to discuss global partnership opportunities and India Innovation Growth Program (IIGP) initiatives.
“This conference has been a wonderful forum for relevant IIGP start-ups to interact with Aerospace and Defence Tier-1 suppliers to create market access opportunities”, said Dr. Vivek Lall, Vice President of Strategy and Business Development, Lockheed Martin Aeronautics, adding, “Strengthening public-private partnerships in India is a key priority for us.”
Lockheed Martin has supported the India Innovation Growth Program (IIGP) since 2007, in partnership with the Department of Science and Technology (DST). Tata Trusts also joined the team and has been lending its support since 2017.
During its first decade, the IIGP produced over 350 successful commercial deals and is credited with generating more than USD $900 million in cumulative revenue. This year, more than 2,000 applications from start-ups, and more than 700 applications from universities, were submitted to the IIGP from all parts of the country.
“We have been engaged in India now for over a decade. During 10 years we’ve indigenised more and more of that capability. All this is exported. This has given us confidence to look at much larger programs like the fighter aircrafts and helicopters. We’ll produce those in India, should the Indian Government select them. This will satisfy both the Indian as well as the export requirement,” said Phil Shaw. “This is the second supplier conference in Bangalore. It is the start of a very long journey and we already have a 10 year head start.”
“For business and strategic reasons we decided to bring manufacturing of F-16 to India. If India selects the aircraft we will look at scaling up the entire supplier ecosystem in India. The decision to move the manufacturing of wings to India is independent of what the Government of India chooses.”
Speaking about the possible location for the manufacturing unit, Phil Shaw said “it depends on the government of India. Where it wants it’s fighter aircraft to be built. It could be a Greenfield or Brownfield facility. It takes a number of years to set it up,”
“Currently two business verticals are present here — Aeronautics and Rotor.
Under missiles and fire control we are looking at vehicle technology and working with an Indian partner.”
Earlier this year, the company had announced its intention to manufacture the Javelin missile system in India.
“The U.S. government is very forward leaning on technology transfer with India. If industry wants to do something the US government is very supportive,” he added.
