SINE, IIT Bombay sets 4x scale target for the next decade

Mumbai : Society for Innovation & Entrepreneurship (SINE) the Technology Business Incubator of Indian Institute of Technology Bombay (IIT Bombay), plans to scale up the number of start-ups it supports over four-fold to 1,000 over the next 10 years.

SINE has over the past 20 years supported 245 start-ups with a survival rate of over 80%—a remarkable feat considering the low survivability rate (20%) among startups in the early-stages of growth. “SINE has incubated startups that have generated over 300 intellectual properties across critical sectors like ICT, Healthcare, Cleantech and Industrials. Several of these startups have grown into industry-leading companies”, says Professor Santosh J. Gharpure, Professor-in-Charge, SINE.

SINE has also handheld another 60 odd incubators nationwide under Central government schemes. “In fact, it’s fair to say that for any Ministry which is planning to come out with a start-up programme we are the go-to incubator,” adds Professor Gharpure.

SINE holds the distinction of being the first academia-backed incubator to produce a Unicorn – Gupshup, an AI-powered messaging platform provider – and a company that went public on the BSE and NSE – IdeaForge, India’s leading drone manufacturer. Other notable success stories include, Atomberg (energy-efficient BLDC tech-based fans), Sedemac (control products for two-wheelers), ImmunoACT (genetically modified cancer immunotherapy), SAFE Security (cyber risk management) and Zeus Numerix (India’s first smart and autonomous guided munitions producer)

“Our incubator’s focus has been to bridge the gap between academia and market by fostering an entrepreneurial mindset among students, researchers, faculty members, alumni and others. We focus on supporting early-stage tech start-ups, particularly in the product hardware space, where market is still evolving, and challenges are significant. We believe that SINE is of the most important incubators in India and the first choice for government departments looking to encourage innovation by the startup ecosystem” says Professor Milind Atrey, Deputy Director (Academics, Research and Translation), IIT Bombay. Incidentally IIT Bombay is one of the first IITs to have a school of entrepreneurship which offers a minor specialisation in this subject for its students across streams. “We believe that entrepreneurs from SINE should be role models of IIT Bombay students. They should look at entrepreneurship as the first priority and placement as the second,” adds Professor Atrey.

In addition to their economic impact, SINE startups have also made deep social impact, focusing on high innovation, technology-driven areas of national significance, viz. Medtech & Biotech, Clean Energy, Sustainability, Agritech and Mobility. “At the time of incubation, we select startups on the basis of either economic, social or national strategic standpoint,” says Shaji Varghese, CEO, SINE.

To give further impetus to its 4X scale up plan over the next decade, SINE plans to launch a Rs 100 crore Venture Capital (VC) fund to support deep tech start-ups and those in areas of national importance. Post finalisation and receipt of regulatory approvals, SINE aims to approach IIT Bombay alumni, many of whom are leaders in their respective fields, to raise subscriptions for the proposed fund.

This fund will be a game-changer, building on SINE’s solid 20-year track record of supporting 245 start-ups that have collectively raised $942 million and are valued at $3.56 billion. The fund will focus on science, biotech, space, defense, and other national priority sectors to drive innovation.

“To have a scale impact, India needs to go from 100 start-ups per million population to 1,000. By leading the way, SINE hopes to emerge as an innovation and entrepreneurship powerhouse focussed on democratising entrepreneurship and providing quality access to coaching, capital and connects to customers and the ecosystem,” adds Mr. Varghese.

SINE is celebrating its 20th year by hosting a two-day event titled, “Innovation Nation: Leveraging India’s Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies”. The event to be held on 28th and 29th November at the IIT Bombay premises, will feature influential speakers, insightful panel discussions, and interactive sessions chaired by entrepreneurs, senior bureaucrats and corporate chieftains that highlight how India can drive global innovation through its unique talent and entrepreneurial mindset.

SINE is a preferred partner for multiple central government ministries, including the Department of Science and Technology (DST), Ministry of Electronics and Information technology, Department of Biotechnology and Ministry of Defence, for implementation of startup support programs. Additionally, as the Programme Management Unit for the central government DST’s NIDHI PRAYAS, SINE has handheld 50+ incubators nationwide. It also works with corporates across sectors such as IT, aerospace & defence, auto, industrial, EPC, and BFSI amongst others to drive innovation and fuel industry-academia connects.

“When SINE was founded, India’s startup ecosystem was in its infancy. As the ecosystem grew and gained momentum over the years, we evolved alongside it, providing vital early-stage support to more than 1,000 entrepreneurs in their initial phases of their journeys,” adds Professor Gharpure.

SINE offers resources such as shared workspaces, prototype labs, access to high-end IIT Bombay labs, technical expertise, mentoring, and access to funding.

SINE’s current incubated companies include Haystack Analytics (genomics for clinical decisions), SustLabs (sustainable energy tech), Babblebots.ai (Voice AI for interviews), Inspecity (space technology), and Lifespark Technologies (mobility solutions for Parkinson’s patients), among many others in diverse domains.

“IIT Bombay has invested Rs 500 crore to create a world-class research facility, which will support R&D activities in emerging areas such as semiconductors, space, quantum computing, and electric mobility among others. This will create a strong pipeline for SINE in form of research ideas that have potential to become bankable ventures,” adds Professor Atrey.

SINE’s future focus areas underscore IIT Bombay’s commitment to supporting large number of transformative, high-impact technology innovations that can drive India’s progress and self-reliance and contribute to India as ‘Innovation Nation’.