SINE, IIT Bombay to scale up the number of startups it supports four-fold to 1,000 over the next 10 years
business incubator of Indian Institute of Technology Bombay (IIT Bombay), plans to scale up the number of startups it supports over four-fold to 1,000 over the next 10 years, the institute said in a statement on Thursday.
To give further impetus to its 4X scale up plan over the next decade, SINE plans to launch a Rs 100 crore Venture Capital (VC) fund to support deep tech start-ups and those in areas of national importance. Post finalisation and receipt of regulatory approvals, SINE aims to approach IIT Bombay alumni to raise subscriptions for the proposed fund. The fund will focus on science, biotech, space, defence, and other national priority sectors to drive innovation.
“To have a scale impact, India needs to go from 100 startups per million population to 1,000. By leading the way, SINE hopes to emerge as an innovation and entrepreneurship powerhouse focussed on democratising entrepreneurship and providing quality access to coaching, capital and connects to customers and the ecosystem,” said Shaji Varghese, CEO, SINE.
SINE has over the past 20 years supported 245 start-ups with a survival rate of over 80%. “SINE has incubated startups that have generated over 300 intellectual properties across sectors like ICT, Healthcare, Cleantech and Industrials. Several of these startups have grown into industry-leading companies,” said Professor Santosh J. Gharpure, Professor-in-Charge, SINE. SINE has also handheld another 60 odd incubators nationwide under Central government schemes.
“Our incubator’s focus has been to
