Hyderabad, 29 November 2024 — India’s rise as the world’s third-largest start-up ecosystem has been significantly fueled by the efforts of technology business incubators like the Society for Innovation & Entrepreneurship (SINE) at IIT Bombay.
Speaking at an event organized by SINE to commemorate its 20th anniversary, Mr. Praveen Roy, Head of the Technology Translation & Innovation Division at the Department of Science and Technology (DST), Government of India, emphasized the importance of such incubators. “Innovative incubators like SINE have been instrumental in shaping government policies to create a thriving start-up ecosystem,” he said.
The summit, titled “Innovation Nation: Leveraging India’s Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies,” brought together thought leaders from academia, government, and the entrepreneurial world. It focused on the key role of academia-backed incubators in fostering entrepreneurship and driving innovation. During the event, discussions also centered on the central government’s commitment to deep tech innovation. Professor Abhay Karandikar, Secretary, DST, highlighted how the government’s enabling ecosystem is complemented by tech-based incubators like SINE, which have nurtured India’s deep tech sector. “We are confident that SINE, as one of the country’s leading technology business incubators, will continue to shape India’s start-up landscape,” he added.
Ashank Desai, Founder of Mastek and one of the longest-serving members of SINE’s Board of Governors, reflected on the unique achievements of SINE. “SINE has cultivated an entrepreneurial culture, with nearly a quarter of its start-ups being led by IIT Bombay faculty. We envision a new SINE that will lead India to global leadership in entrepreneurship and technology,” he said.
The summit also addressed some of the challenges faced by start-ups. Professor Shireesh Kedare, Chairman of SINE’s Board and Director of IIT Bombay, pointed out that “For start-ups, understanding how to enter and exit markets is crucial. It’s not just about ideas; it’s about the relentless effort to bring those ideas to life.”
Renowned angel investor Kanwal Rekhi, Managing Director at Inventus Capital Partners, underscored the scale of India’s ambition, saying, “India needs to produce 10 million tech entrepreneurs to become a developed nation (Viksit Bharat) by 2047.”
Professor Rajesh Zele of IIT Bombay humorously reflected on the changing perception around start-ups. “Earlier, working in a start-up wasn’t seen as ideal for an IIT Bombay graduate. Today, that’s no longer the case,” he said.
The event emphasized that innovation is key to India’s future. “Entrepreneurship is the hope for tomorrow in a world facing challenges like climate change,” Prof. Kedare added.
SINE, celebrating 20 years of excellence, continues to nurture start-ups that tackle national priorities and contribute to global impact. Over the past two decades, SINE has supported 245 start-ups with an impressive survival rate of over 80%, far surpassing the average survival rate of early-stage start-ups.
“Through its work, SINE has generated over 300 intellectual properties across key sectors like ICT, healthcare, cleantech, and industrials. Many of these start-ups have become industry leaders,” said Professor Santosh J. Gharpure, Professor-in-Charge of SINE.
Notable success stories include Gupshup, India’s first unicorn from an academia-backed incubator, and IdeaForge, a drone manufacturer listed on the BSE and NSE. Other successful start-ups nurtured by SINE include Atomberg (energy-efficient BLDC tech fans), Sedemac (control products for two-wheelers), ImmunoACT (cancer immunotherapy), SAFE Security (cyber risk management), and Zeus Numerix (smart autonomous guided munitions).
SINE offers a comprehensive range of resources, including shared workspaces, prototype labs, access to IIT Bombay’s high-end labs, technical expertise, mentoring, and funding opportunities. Current incubated companies include Haystack Analytics (genomics for clinical decisions), SustLabs (sustainable energy tech), Babblebots.ai (Voice AI for interviews), Inspecity (space technology), and Lifespark Technologies (mobility solutions for Parkinson’s patients), among others across diverse fields.
Looking ahead, SINE remains committed to IIT Bombay’s mission of supporting transformative, high-impact technology innovations that can drive India’s progress toward self-reliance and contribute to India’s vision as an ‘Innovation Nation.’
