Society for Innovation and Entrepreneurship (SINE) Dr Milind Atrey IITB alumnus 1991 Ph.D. Professor-In-Charge, SINE Professor in Mechanical Department, IIT Bombay
Jul 20, 2015
Society for Innovation and Entrepreneurship (SINE)Dr Milind Atrey
IITB alumnus 1991 Ph.D.
Professor-In-Charge, SINE
Professor in Mechanical Department, IIT Bombay
What is SINE ?
• Technology Incubator at IITB
• Business Incubator
• Convert your Research work into Wealth
• Essential – Innovation !!!!
But only for IIT Bombay Students/Alumni/Faculty
What is a Business Incubator ?
• Business incubators are programs designed to support the successful development of entrepreneurialcompanies.
•
Idea
Assessment
Company
Formation
Company
Growth
What SINE does
• Facilitates conversion of R&D & new ideas into innovations & commercial start-ups
• Helps in building business models & plans, fund raising, approaching clients
• Provides physical infrastructure & seed funding
– Up to 3 years of support
– Up to 20L funding from SINE
– Facilitation of Govt. grants
• Provides advisory inputs on legal, tax, HR, & IP, etc.
• Connects start-ups with mentors & investors
• Creates visibility of the start-ups and their products through media and outreach
Bringing together all stake holders:
Government, Academia,
Students, Alumni, Industry, Investors,
Commercial banks..
Companies Incubated
• 55 companies incubated in all
• 16 companies presently incubated
• 29 companies graduated or acquired
• 8 companies folded up
• 2 companies with minimal operation
Companies Funded
• 28 companies funded by VCs, Angels, Financial Investors and Banks
• Funding in the range of Rs 50 lakhs to Rs 33 crore
• Funding valuations in the range of Rs 4 crore to Rs 85 crore
• Some of the investee companies are not of VC profile
More numbers..
• ~20 companies with IIT Bombay IP
• ~22 companies with Faculty involvement
• 13 Alum-driven companies
• 4 Alum-invested companies
• 5 Alumni on SINE board
• 4 companies with strategic importance
• 4 Social Ventures
Achievements
• SINE companies turnover is over 160 croreper annum as on today
• Over 1200 employment created by SINE companies
Entrepreneurship Atmosphere at IITB
• DS Center for Entrepreneurship • I visited MIT/Berkley/Stanford – ready to connect with
us (Deshpande Center – Raj Melville)• Raj Jaswa – 1975 Alum – visiting Faculty• Tata Center of Technology & Design• E-Cell• SINE• Research Park• Tinkering Lab ( SINE Lab)- from 1975 batch• IITB Innovate- 2002 batch initiative
Expansion plan of SINE :
1. To be 50 company incubator from 17
2. Setting up Virtual Campus
3. Own building
IASCEND
• Major connect with alumni…People, not money
• Alumni can be Mentors/Reviewers/Investors
• Common Bond – Connect with IIT
• Global Connect
• Launch event helped 3 company-alum connections
• Sustained, monitored efforts required
SINE for Alumni
• Incubation:– Access to IIT– faculty, interns, facilities
– Physical / virtual incubation through chapters
• Advantage of Branding
• Funding– Internal funds
– Facilitated govt. grants
– Investor network
• Mentor /industry network
• Global Visibility – Media attention
SINE for Alumni
Hasten product
development,
market
positioning,
assessment of
business viability
Customers
Partners
Investors
MediaMentors
Govt.
Experts
Alumni for SINE
• IASCEND
• CSR programmes
• Industry support
• Funding
– 2002 legacy project
– Tinkerer’s lab
• Can Alumni help each company ?
What can Chapters do ?
• Can Chapter Heads visit SINE and understand SINE operation ?
• Can they organize special meeting for Young Entrepreneurs as one of Chapter meetings ?
• SINE can talk to them and help them, They can have virtual incubation !
IIT Bombay Motivation !
• It is an Institute like IIT Bombay which should be at the forefront and lead the torch !
• Our students/faculty members/facilities are of high standards and our education is subsidized - we owe this responsibility of generating employment for the next generation.
• Teaching + Research + Entrepreneurship – new Mantra !
• IIT Bombay would like Alumni to join us in this journey !