The 12-year old incubator has 28 start ups under its umbrella at present
Moulishree Srivastava September 27, 2016.
Society for Innovation and Entrepreneurship (SINE), the incubation centre at IIT Bombay, is looking to expand its operations as it sees steep rise in number of student-startups vying up for a place in the facility.
The 12-year old incubator has 28 start ups under its umbrella at present, which it expects to go up to 50-60 by next year and to 200 over the next six years, Milind Atrey, chief executive, SINE told Business Standard.
Of the 28 startups being incubated at SINE, 20 are housed in the facility at present, and rest eight are being virtually mentored. Over the last decade, SINE has taken 82 startups under its umbrella, of which 40 have been graduated.
“We are open to our alumni and students, meaning at least one co-founder should be from our institute. That is because we are running short of space. Suddenly so much of enthusiasm has come that right now we are incubating 28 companies and 15 are on waiting list,” said Atrey.
“We have a new building coming up, which will have fully equipped labs,” he said. “With this, we will have close to 50-60 startups over next one and half years and about 200 companies over next six years.”
“Right now we have almost 250 people working in these 20 companies These 50 may have 1000 people over next one and half years,” he added.
SINE, which has been selected as Centre of Excellence in innovation and entrepreneurship, under which the incubator has got Rs.50-60 crores to promote entrepreneurship and a part of which will fund the expansion.
Under its recently launched accelerator program with Department of Science and Intel, it will incubate 20 companies related electronic hardware for a year, which will involve focused training and one to one mentorship.
Earlier this month, SINE partnered with Russia’s Global Venture Alliance, which provides business services, training programs and seed funding for startups to launch ‘India-Russia Bridge for Innovations’, a bilateral entrepreneur exchange program. Under the program, ten startups from India are participating in a 2-week accelerator program that will introduce them to the Russian market.
The incubator is in talks with Russia’s GVA for further collaboration, said Atrey. SINE, on the behalf of Indian government, is also working with government of Switzerland to organized second edition of Academia Industry Training, Swissnex India, a program aimed at supporting researchers from top Swiss and Indian universities in transforming their applied research into market application. Currently, SINE is in process of choosing 10-20 people, who will go through workshop at Bengaluru, of which 2-3 people go to Switzerland.
“We are seeing a lot of interest from countries like Switzerland, Russia, England, EU, US, Canada and Israel,” said Atrey. “Though nothing concrete has come out of it yet, but the attempts have already started and fruits of that will come in 2-3 years time.”
“Foreign companies, governments and incubators are looking at India as a possible innovation and talent hub, where they can collaborate. As soon as something significant comes out of these attempts, things will get accelerated,” he added. “We expect this to happen over next five years