1 Business Incubation at IIT Bombay- A journey Sushanto Mitra Chief Executive Officer Society for Innovation & Entrepreneurship Indian Institute of Technology.

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Presentation transcript:

1 Business Incubation at IIT Bombay- A journey Sushanto Mitra Chief Executive Officer Society for Innovation & Entrepreneurship Indian Institute of Technology Bombay, India

2 Society for Innovation & Entrepreneurship (SINE) SINE set up as an independent legal entity hosted by IIT Bombay to institutionalise incubation activities Functional autonomy under its own Governing Board. Board includes IIT functionaries & industry professionals Structured to enable undertaking commercially accountable operations, holding equity & lending in companies Funding from IIT Bombay, government and alumni Three programmes: Pre-incubation, regular incubation & virtual incubation

3 SINE Broad Spectrum of Incubation Model Technology Incubation *Advanced Technologies*Appropriate Technologies Economic Strategic Social Wealth Technology Direct Social Benefit

4 SINE: Facilities & Services Physical infrastructure Shared Resources Business Network Support Events & company specific training programmes and workshops Seed Fund support on case to case basis Advantage of Ecosystem

5 Building an Ecosystem Academic and student activities focusing on entrepreneurship Setting up Seed Fund with Government & Industry Creating a network: mentors, experts, professional services Bringing together all stake holders: Government, academia, students, alumni, industry, investors, commercial banks.. Formal association with organizations focusing on entrepreneurship – NEN, TiE, IAN

6 Impact 28 companies incubated since graduated or acquired, 4 companies folded up 11 companies funded by angel investors, VCs or strategic partners while in the incubator 19 companies commercially launched products 500+ jobs generated (excluding companies folded up) 10 technologies transferred from host institute. 13 companies have faculty involvement Partnership with industry to set up early stage fund Relationship with Government: Support for Capital expenditure of the TBI, Grants for seed fund Sharing of SINEs practices with the Government

7 Partnership - Imperative Overcome weak ecosystem – Early stage funds & financing agencies – R&D Departments of global corporations – Relationships with international experts Innovators & Entrepreneurs Innovators and enterprises Students and enterprises

8 Thank you