Society for Innovation and Entrepreneurship (SINE)Dr Milind Atrey

IITB alumnus 1991 Ph.D.

Professor-In-Charge, SINE

Professor in Mechanical Department, IIT Bombay

Today’s Talk

• About SINE - Introduction

• Plans Ahead

• IASCEND, SINE and Alumni

• Action plan

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

Facilities & Services

Physical Infrastructure

& Shared Resources

Seed Fund support on case to case

basis

Advantage of Ecosystem

Emphasize on Ecosystem over Physical Infrastructure

Mentoring

Access to talent

Building an Ecosystem

Academic and Student activities

focusing on Entrepreneurship

Creating a Network :

Mentors, Experts and Professional

services

Bringing together all stake holders:

Government, Academia,

Students, Alumni, Industry, Investors,

Commercial banks..

Formal association

with organizations focusing on

entrepreneurship – NEN, TiE

Few SINE Companies

Few of our Companies

Impact

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

Targets2

01

4

17 20

15

30 20

16

60

IIT Bombay alumni can play a major Role towards this !

IASCEND Launch - 300+ attendees

IASCEND Launch Event

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

Product showcasing

Ajay Bhagwat, CEO, Renu Electronics, launching IASCEND

Pitch session for start-up teams

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 !

Thank You