Technology Based Incubators Critical In Helping India Become World’s Third Largest Start-up Ecosystem

India’s journey to becoming the world’s third-largest start-up ecosystem has been significantly bolstered by the efforts of technology business incubators like the Society for Innovation & Entrepreneurship (SINE) at IIT Bombay.

"Innovative incubators such as SINE have guided government policies to create a vibrant start-up ecosystem," said Praveen Roy, Head of the Technology Translation & Innovation Division, Department of Science and Technology (DST), Government of India speaking at an event organised by SINE to commemorate its 20th anniversary.

The summit, titled 'Innovation Nation: Leveraging India's Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies, highlighted the role of academia-backed incubators in fostering entrepreneurship and innovation. The summit featuring thought leaders from academia, government, and the entrepreneurial ecosystem, also discussed the central government’s commitment to deep tech innovation. “The central government has created an enabling ecosystem for entrepreneurs, and tech-based incubators like SINE have been instrumental in nurturing a deep tech ecosystem in India,” said Abhay Karandikar, Secretary, DST, emphasising the pivotal role incubators play.

The summit also focused on start-up challenges. “For start-ups, knowing how to enter and exit markets is critical for success. The idea is only the spark; relentless effort is needed to realize entrepreneurial dreams,” noted Professor Shireesh Kedare, Chairman of SINE’s Board and Director, at IIT Bombay.

SINE, celebrating 20 years of excellence, remains committed to nurturing start-ups that address national priorities, amplify India’s entrepreneurial spirit, and drive global impact.

Over the past 20 years, SINE has supported 245 start-ups with a survival rate of over 80%—a remarkable feat considering the low survivability rate (20%) among startups in the early stages of growth.  “SINE has incubated startups that have generated over 300 intellectual properties across critical sectors like ICT, Healthcare, Cleantech and Industrials. Several of these startups have grown into industry-leading companies”, said Santosh J. Gharpure, Professor-in-Charge, SINE.

SINE holds the distinction of being the first academia-backed incubator to produce a Unicorn – Gupshup, an AI-powered messaging platform provider - and a company that went public on the BSE and NSE – IdeaForge, India’s leading drone manufacturer. Other notable success stories include, Atomberg (energy-efficient BLDC tech-based fans), Sedemac (control products for two-wheelers), ImmunoACT (genetically modified cancer immunotherapy), SAFE Security (cyber risk management) and Zeus Numerix (India’s first smart and autonomous guided munitions producer).

SINE’s future focus areas underscore IIT Bombay’s commitment to supporting large number of transformative, high-impact technology innovations that can drive India’s progress and self-reliance and contribute to India as an ‘Innovation Nation’.