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IIT Bomaby peped up to give wings to ideas
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Jun'11
IIT Bomaby peped up to give wings to ideas
Can you forget the flying helicopter camera in the blockbuster movie, 3 Idiots? Possibly no. It was one of the catching pitches of the movie. However, a very few are aware that the helicopter, called as 'Netra', was originally built in the incubation center of IIT Bombay, SINE. Netra was ideated by ideaForge, which is a startup company, but lacked in terms of finance and infrastructure. There are many standing in the queue with brilliant ideas to start their own enterprise; however, they need financial and infrastructural support to seed their ideas. The question arises, is it possible for each of them to get loans from the bank? Can they afford the increasing interest rate of the private financial firms and institutions? The answer is 'No'. Then, should they wipe off their brilliant ideas? Can they find any solution to these problems?
Here comes the role of an incubation center as a savior to these brilliant ideas from being swabbed by providing various supports to the aspirants who come to them with great business ideas. They can leverage the facilities provided by these incubation centers in terms of finance and infrastructure at a very concessional rate. Various big institutional organizations, such as IITs and IIMs are prominent role players. But why do these big institutions need to provide such support to the aspiring candidates? As a part of their social responsibility, they support these aspirants to emerge as a blooming entrepreneur. SINE is one of such kind.
SINE, Society for Innovation and Entrepreneurship, awarded the 'Best Incubator Award' in 2009, is hosted by Indian Institute of Technology Bombay (IIT Bombay), provides canopy for promotion of entrepreneurship at IIT Bombay. SINE provides a platform for technology based entrepreneurship through its incubation programme, thus extending the role of IIT Bombay. It facilitates the conversion of research activity into entrepreneurial ventures by allevating networking with professional resources, which include mentors, experts, consultants and advisors for the incubate companies.
IIT Bombay is one of the best instituteof technology innovation and research excellence in India. In 1999, an IT business incubator was set up at Kanwal Rekhi School for Information Technology, IIT Bombay. The presence of the Information Technology incubator created a milieu beneficial to the entrepreneurship, initially with ventures based on the technologies and ideas of the students and faculties.
With gaining success in the initial experiment, IIT Bombay set up a full-fledged technology business incubator to cover other areas of science and technology. SINE was established in 2004 to administer the business incubator and accelerate the growth of entrepreneurship in IIT Bombay. With an infrastructure spread over 10,000 square feet, it can accommodate about 15-17 companies. Till date, 40 companies have been incubated and currently 15 companies are incubatees under SINE. Some of the graduated companies who have already established a footprint in their respective field are eInfinitus, Mobiance Technologies, Herald Logic, Voyager2Infotech, Geosyndicate Power, Myzus Technologies, Powai Labs, SecLore Technologies, Webaroo Technology, Feast, Girish Kumar Telecom and Zeus Numeric.
SINE provides a three-year program for the knowledge based startups. It incubates start-ups from the IIT Bombay community - alumni, faculty or students; linkage with IIT Bombay is a necessary requirement and the applicant must have business proposals for technology based products and solutions. The start-up company has to make a business plan, which is evaluated by external reviewers with relevant expertise. "We assist the potential entrepreneurs in preparation of business plans and organize workshops and training programs on entrepreneurship at pre-incubation stage. A start-up entity should be a company, which is preferably incorporated before its admission. We conduct periodical reviews and monitoring of companies admitted to the incubator," says Sushanto Mitra, CEO, SINE. During the program tenure, SINE organizes events for their incubate companies to help them exhibit their products and solutions.
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