Society for Innovation and Entrepreneurship (SINE) at Indian Institute of Technology (IIT-Bombay), manages a technology business incubator. Sine was set up in 2004, which was started in the year 200 as an IT (Information Technology) incubator with the support of its alumni. The main objective of the incubator was to use the technologies developed by IIT-Bombay community is or by the support of IIT-Bombay community as a platform for the start ups. Thus, with help of SINE IIT Bombay successfully converted its R&D facility into entrepreneurial ventures.
SINE has an infrastructure spread over 10,000 sq. ft. and can incubate almost 18 companies at a time. IIT-Bombay is planning to increase SINE's incubation capacity to 54. The incubation facility at IIT-Bombay is supported by several government departments such as Department of Science and Technology, Department of Information Technology, & Technology Development Board. Following are the main activities at SINE:
- Pre-incubate, incubate and virtually incubate early stage entrepreneurial technology based ventures.
- Create physical infrastructure and support systems necessary for business incubation activities.
- Facilitate networking with professional resources, including mentors, experts, investors, industry professionals, consultants and advisors.
- Identify technologies/innovations which have potential for commercial ventures.
- Promote and foster the spirit of entrepreneurship, and generally to carry out activities that facilitate knowledge creation, innovation and entrepreneurship activities.
SINE has annual revenue of Rs 70 lakh-1 crore. It is part of IIT-Bombay and is a financially independent entity. IIT Bombay picks up 3% stake in the startups and dilutes one-third of the same when the start-ups raise funds.
IIT-Kanpur has started SIDBI Innovation and Incubation Centre (SIIC) in 2000 in collaboration with Small Industries Development Bank of India (SIDBI). The centre facilitates innovation, research and entrepreneurial activities in technology related areas. Unlike other IITs, IIT Kanpur also allows non-IITians to approach it with a viable business idea and provides them with the facilities to incubate.