IIT Bombay Incubation center gets a CEO
In order to increase private sector investment for its incubation projects , Now IIT Bombay has appointed an investment banker as CEO of the SINE : Society for Innovation and Entrepreneurship .
The newly appointed CEO Mr. Sushanto Mitra , has spent several years as an investment banker . His earlier stints include working at Techcap India and Meghraj Financial Services India .
Other IITs also have incubation centers but only IIT Delhi had a Managing Director so far .
These incubation centers promote and fund innovative projects by the student . The SINE’s corpus has been contributed by IIT-B , Government and alumni . Currently , 17 companies are in its portfolio . Its incubation model is equity-cum-royalty based . The insttute takes 8 to 10 % stake in firms .
One can expect more organised investments into incubations now . I hope that other colleges in India will follow this and hence being Entrepreneur will be easier for young minds .
Such moves really help students . But , it is too late for Indian Institutes . Well , hoping for something like Google ( A Standford University Output ) !!
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