November 21, 2024: The Society for Innovation & Entrepreneurship (SINE) at IIT Bombay has set its sights on supporting 1,000 startups in the next decade, marking an ambitious 4X increase in its operations. Known for its track record in incubating cutting-edge technologies, SINE is now preparing to launch a ₹100 crore Venture Capital (VC) fund aimed at nurturing deep-tech startups in areas critical to the country’s growth.
With an eye on sectors like biotechnology, space, defence, and national security, the fund will provide much-needed capital to startups working on innovative solutions that could shape India’s future. Once the fund is finalized and regulatory approvals are in place, SINE will approach IIT Bombay alumni to kickstart the fund-raising process.
Shaji Varghese, the CEO of SINE, emphasizes the urgent need for India to increase its startup output. “For India to make a significant global impact, we need to scale from 100 startups per million population to 1,000. By leading this transformation, SINE aims to be at the forefront of driving innovation and providing access to resources like coaching, capital, and essential business networks,” Varghese explains.
The institute’s ambitions are supported by its remarkable history. Over the past 20 years, SINE has helped launch 245 startups, with a striking 80% survival rate. These startups have collectively created over 300 intellectual properties in fields ranging from Information and Communication Technology (ICT) to Healthcare, CleanTech, and Industrial solutions.
IIT Bombay SINE’s Vision for the Future: Scaling Innovation, Scaling Startups, Scaling India
Professor Santosh J. Gharpure, the Professor-in-Charge of Society for Innovation & Entrepreneurship , highlights the role of the incubator in empowering entrepreneurs to scale their innovations. “Our goal has always been to bridge the gap between academia and the market, encouraging an entrepreneurial mindset among IIT Bombay students, researchers, faculty, and alumni,” Gharpure shares.
This vision also aligns with the unique opportunities that IIT Bombay provides, including its minor specialization in entrepreneurship, one of the first of its kind among India’s IITs. The school has long been committed to fostering innovation in the country, and its efforts are now expanding beyond its walls.
From 245 to 1,000: IIT Bombay’s SINE Unveils Ambitious Plan to Propel Deep Tech Startups
Society for Innovation & Entrepreneurship influence extends beyond IIT Bombay itself. Through partnerships with more than 50 incubators nationwide, Society for Innovation & Entrepreneurship has been instrumental in supporting startups across the country, particularly through government schemes like the NIDHI PRAYAS program led by the Department of Science and Technology (DST).
“We work closely with ministries and central government departments, as well as a wide range of corporates, to support the startup ecosystem,” says Professor Milind Atrey, Deputy Director of IIT Bombay’s Academic and Research Division. “Our focus on hardware startups in emerging fields like semiconductors, space, and electric mobility is especially critical, as these markets are still evolving, and the challenges are significant.”
Future Focus: Technology, Research, and Innovation
Looking ahead, IIT Bombay’s investment of ₹500 crore into advanced research facilities signals an exciting pipeline for Society for Innovation & Entrepreneurship progaram. Emerging areas like quantum computing and electric mobility will provide a strong foundation for the next generation of high-impact ventures, as these innovations move from research ideas to bankable startup projects.
With a robust combination of resources, such as shared workspaces, technical expertise, and access to IIT Bombay’s research labs, SINE is poised to continue its leadership role in India’s startup revolution.
IIT Bombay’s Society for Innovation & Entrepreneurship is not just incubating startups—it’s driving the next wave of technological transformation in India. With its planned 4X scale-up and new venture fund, the incubator is set to redefine the startup landscape, pushing India closer to becoming a global innovation powerhouse.
The future is looking bright for both entrepreneurs and the national economy as Society for Innovation & Entrepreneurship program takes bold steps toward a more entrepreneurial, high-tech India.
