Finalist

Innovation and Entrepreneurship Support of the Year Award

Society for Innovation and Entrepreneurship, IIT B, Technology Business Incubator

Finalist of the Innovation and Entrepreneurship Support of the Year Award

"You Dare We Support"


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@SINEIITB

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Summary

Society for Innovation & Entrepreneurship (SINE), is an umbrella organization at IIT Bombay for fostering entrepreneurship and nurturing tech start-ups. SINE, is a technology business incubator providing ‘Start to Scale’ support for technology-based startups/innovators and facilitates the conversion of research activity into entrepreneurial ventures with a focus towards economic growth across sectors. Established in the year 2004, SINE has completed 15 successful years and has gained recognition as one of the pioneers of the startup incubation ecosystem in India. SINE has been recognized as:

• Centre of Excellence (CoE) by Department of Science and Technology (DST),GOI.

• Bio Inucbator (BIONEST) & Biotechnology Ignition Grant (BIG) partner by Biotechnology Industry Research Assistance Council (BIRAC) & Department of Biotechnology (DBT)-GOI

• Mentor for upcoming incubators- TIDE program by MeitY-GOI (Ministry of Electronics and Information Technology) SINE regularly implements new programs in collaboration with Government, Industry/corporate and Academia. It has also expanded its scope of activities with cross border entrepreneurial programs.

As an incubator we bring differentiation in the following ways

• We focus on building soft skill and providing business support to the startups

• We have a unique revenue model that allows us to be self-sustainable

• We are a broadspectrum technology incubator incubating technologies across multiple technology domains for a period of 3 years

• Our internal screening and selection process has enabled us to have a success ratio of 75.6% whereas outside the incubator 9 out of 10 startups fail.

SINE’s practices have been referred to /emulated in academic and R&D institutions across the country.

Key People


Ms Poyni Bhatt
CEO
SINE,  SINE


Acknowledgements

DST, BIRAC,MeitY, IIT B Alumni

Images

Startups Exhibiting their Products before Prime Minister

Government Recognition

Industry Connect - Intel Accelerator ProgramProgram

SINE startup selected as Queens Young Leader

SINE startup getting global recognition

European Union Connect

Setting up Startup Advisory Board

Cross Border Academia Industry Training Program with Swissnex

Selected as incubator for startups in defence sector

SINE company being listed on Stock Exchange

IMPACT STORY

Impacting lifes

Chainworks Digital Ltd founded by Jitendra Franciss Sadangi, Ketan Bhokray and Tejashree have created a unified platform which brings all stakeholders partnering to organ donation under one roof using the power of Blockchain, Artificial Intelligence and Machine Learning for distribution of Organs and Tissues, Eye or Blood units. The platform has been developed on blockchain technology. Maharashtra Government has adopted this technology with an objective to optimise the existing process of organ donation. 4 modules are in the process of implementation with the Government of Maharashtra. The company started operations in the year 2017.

Chainworks is an incubatee of SINE. The existing process of organ donation is highly regulated with multiple stakeholders who largely work on stand alone basis coupled with the emotional pain of patients and family members. The lead entrepreneur Jitendra faced mutliple levels of challenges while implementing the solution with the bureaucracy and other formailites. SINE offered on tap mentoring support in terms of business strategy, legal aspects, financial strategy etc at various points so as to ensure smooth implementation with the Government and other stakeholders of the organ donation process. The critical role which the officials of SINE played was to ensure the morale of the entrepreneurs remained high despite multiple rejections.

The lead entrepreneur Jitendra hails from a humble family, which instilled the passion in him to make a difference to the life of a common man. The team’s entrepreneurial skills along with the support system of SINE is poised to accelerate the growth of Chainworks across every State in India.

LEARNINGS

Lessons learned

Incubators in today’s world are the first risk takers in the start-up eco-system along with the innovator/entrepreneur at an early stage during the start-up journey. Therefore, the synergies of mindset between the innovator and incubator are mission critical in the unchartered path. The stakeholders of the start-up ecosystem work constantly and are exposed to challenges due to the Volatile, Uncertain, Complex, Ambiguous (VUCA) environment. Therefore, decision, strategies are unconventional in nature that are taken more on gut and intuitive skills and less on logic.

A successful incubator prefers to place a larger bet on the entrepreneur’s conviction and belief than own conviction and experience. Therefore, people with a positive mindset are the greatest asset for a robust start-up eco-system. The start-up eco-system has evolved over a period of time with an objective of supporting start-ups. The stakeholders of the eco-system have worked with a basic principle of givers gain. Since the opportunity is vast, there is an unsaid understanding amidst the stakeholders that collective and collaborative efforts are the way forward. The stakeholders of the ecosystem also plays an important role in mentoring the start-ups by inculcating ethics and values with an objective of creating a sustainable profitable business leading to creation of high economic impact in the country.

FUTURE PLANS

What's coming?

World over, India is seen as a land of opportunities for the bright minds with unconventional and disruptive ideas and solutions. The start-up eco-system will continue to remain at the helm of affairs to facilitate the process of capturing opportunities and contributing to the economic growth of the country. Incubators like SINE would continue to provide 360 degree support to the startup community with an objective of creating a conducive environment at the grass root levels for innovation and entrepreneurship. Stakeholders like SINE would continue to act as mentors and guide to upcoming incubators with knowledge skills and competencies to build a sustainable business model and proactively participate with the policy makers of the start-up eco-system. As the economic environment has become very dynamic across the globe, newer challenges and gaps are emerging in the start-up eco-system.

Ability to capture the dynamic trends, foreseeing possible challenges and gaps and planning and executing customised strategies to mitigate them with a positive mindset shall be the need of the hour in the future. Since inception, viz 2004, SINE has helped in carving a niche for the start-up eco-system and has significantly contributed to the needs and gaps of the evolving eco-system , SINE has gained a leadership position in business incubation community in India and SINE's business model, process & governance frameworks have been acknowledged by the Government(GOI) as a benchmark for other TBIs to follow within India. SINE intends to remain in the leadership role and will continue proactively to contribute to the start-up eco-system by way of a mentor/facilitator.


KEY STATISTICS

150+

Startup supported

450+

Entrepreneurs

4000+

Employment generated

INR 1200 crores

Funds raised by start-ups

23% firms

Social Impact

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