Building Tomorrow, One Startup at a Time

Over the past two decades, one of the most personally fulfilling endeavors I've undertaken is my deep involvement with the startup community. Reflecting on these twenty years, I can trace my engagement with startups through four distinct avenues.

The first involves establishing an institution dedicated to nurturing and supporting startups.

The second centers on directly inspiring and mentoring a multitude of young entrepreneurs and aspiring business leaders.

The third avenue comprises investments in promising startup ventures.

Lastly, and on a national scale, I've actively engaged with associations like CII and NASSCOM to spearhead movements aimed at supporting startups.

In this article, I'll focus on the first aspect: the creation of an institution called the Society for Innovation and Entrepreneurship (SINE) in IIT Bombay with which I've been intimately involved since its inception in the early 2000s. As a Board member and Vice Chairman gave me an opportunity to contribute to my Alma Mater in the journey of SINE which is both inspiring and remarkably successful.

SINE's roots trace back to our engagement with entrepreneurship at IIT Bombay through an organization known as KRESIT. However, thanks to then Director Ashok Misra, the true impetus for change came with the establishment of a separate entity, now known as SINE. I was fortunate to be part of SINE from its inception, and one of my primary responsibilities was shaping a vision for this organization. Looking back, our articulated vision served as a wellspring of inspiration for our staff and the broader IIT community, propelling the growth and evolution of SINE.

Today, SINE has incubated and supported over 220 startup organizations, involving approximately 1,000 entrepreneurs. These startups have collectively generated employment for around 6,300 individuals, created significant intellectual property (IP), and boast an estimated cumulative valuation of nearly $3.5 billion.

Our journey began with the establishment of a physical incubation facility for startups, which continues to thrive. However, we quickly realized that to ensure their success, a comprehensive support ecosystem was essential. This ecosystem encompassed mentorship, advisory services (legal, IP, finance, HR, and accounting), access to IIT's cutting-edge labs for product testing, connections with investors, industry experts, and international programs. These complementary support systems played a pivotal role in our achievements.

SINE now boasts a network of over 200 mentors, 200 investors, and collaborations with 25 industries on various entrepreneurial projects. Seed funding and mentoring, particularly during the early stages, have proven instrumental in our success. Like any startup landscape, there have been failures, successes, and steady performers. Around half of our companies, approximately 100, continue to grow, while seven to eight have achieved remarkable success. One company even had an IPO, marking a significant milestone as the first IPO by an incubated firm.

Furthermore, we have built an industry connection which has proved crucial in bridging the gap between technological innovation and market penetration. Tech-focused entrepreneurs often require industry insights, product ideas, testing support, funding, and marketing channels, all of which the industry can provide. Establishing these connections has consistently driven significant positive impacts.

In our journey, we decided not to limit entrepreneurship to IIT students and alumni alone but also to nurture entrepreneurial talent among the faculty. Faculty members possess extensive research and intellectual property that can benefit society through commercialization. Approximately 20% of our companies have had faculty involvement, leading to several successful commercial ventures.

Moreover, we're now focusing on fostering entrepreneurship through the research generated by Ph.D. students at IIT Bombay, as this often results in substantial untapped IP. All these endeavors required extensive institutional building, a process that I'm particularly proud of.

We established a board with faculty members, and independent board members, with expertise in various areas of an organization. This board played a pivotal role in providing advice, governance, and guidance to the CEOs of SINE. Additionally, we've had dedicated CEOs who have played pivotal roles in our success. Notably, Ms. Poyni Bhat who grew with the organization to become CEO, exemplifies our commitment to nurturing leadership within. She in turn built a strong and committed staff whom we the success of SINE.

The third support pillar involved a professor-in-charge for SINE. All of them spent extra time beyond their academic duties to connect with the IIT system and played a crucial role in SINE's journey.

Throughout this odyssey, we've had the unwavering support of IIT directors who championed and facilitated our efforts. As I reflect on these two decades, I'm deeply fulfilled by the organization we've built. SINE will continue to support and nurture technology entrepreneurs through students, faculty, and alumni for many years to come. Stay tuned for more details on our other initiatives in future posts.