Inauguration of the Technology Business Incubator at IIT Bombay

The Technology Business Incubator (TBI) established at IIT Bombay by Society for Innovation and Entrepreneurship (SINE), IIT Bombay, was inaugurated by Dr V S Ramamurthy, Secretary, Department of Science and Technology, Govt of India on April 28, 2005. Shri Rahul Bajaj, Chairman, Board of Governors, IIT Bombay and Chairman, Bajaj Auto Ltd. was also present on the occasion.

        Dr V S Ramamurthy termed this an important milestone in the development of entrepreneurship in the country. IIT Bombay has advantages conducive to entrepreneurship including top class students, faculty, and a range of disciplines. The Business Incubator at IIT Bombay could become a model for academia to emulate, he said.

        Shri Rahul Bajaj while speaking on the occasion said that activities such as SINE should be encouraged and promoted as entrepreneurship is the root of the economic development of the country.

        Prof Ashok Misra, Director, IIT Bombay said that the incubator would be a boon to the IIT community and new companies. He mentioned the future vision of IIT to start a Technology Park in the vicinity, which will draw on the advantages available at IIT Bombay and the advanced technology companies nearby.

        Prof N L Sarda, Professor In-charge SINE, said that SINE will endeavour to provide enabling conditions that create successful entrepreneurship through the use of knowledge and innovation. He also mentioned about Rs 2 crores (approx.) support provided by Department of Science and Technology, Govt of India, as an initial grant for this initiative.

        SINE has grown out of the IIT - Industry interaction of the R&D section of IIT Bombay. Prof K C Khilar, Dean R&D, speaking at the function said that the R&D journey at the institute used to stop at publication and patents stage. Business Incubator will take the journey further and will help end product of research reach the society. It will also give a boost to good research work.

        Spread over 10000 sq.ft. the incubator will provide full support to the Incubatee Companies including physical infrastructure such as fully furnished offices with computers, internet connectivity, meeting rooms, conference rooms, and other shared facilities. Apart from these, the incubator will also facilitate networking and mentoring support, organise showcasing events for incubatee companies and conduct training programmes which are relevant for the entrepreneurs. Additional support will also be provided by a resource centre sponsored by the National Entrepreneurship Network (NEN). The Incubator will focus primarily on Technology based companies set up by IIT Bombay community for business incubation and will also admit technology based companies with strategic and social values.