CSR Partnership with SINE
September 8, 2015
SINE and CSR activities
As per Section 135 of the Companies Act 2013, corporates with certain net worth or turnover are expected to spend 2% of the average net profits towards Corporate Social Responsibility Projects. One of the activities that qualifies for CSR spending is contribution to technology business incubators located within academic institutions approved by the Central Government.
SINE- Society for Innovation and Entrepreneurship a not-for-profit technology business incubator hosted at IIT Bombay, and hence is eligible under Section 135, Schedule 7 of the Companies Act 2013.
(Please visit the link see item (ix) under Schedule VII)
SINE is registered as a society under the Societies Registration Act 1860.
- SINE was incorporated in April 2004. Prior to setting up of SINE, an IT incubator was operational for 5 years at IIT Bombay. Thus the incubator has a track record of a decade and half.
- SINE is a technology business incubator approved by the Department of Science and Technology’s National Science and Technology Entrepreneurship Development Board (DST-NSTEDB), Ministry of S&T, Govt of India.
- SINE has also been supported by funding from Technology Development (TDB) Board and Department of Electronics and Information Technology (DEITY).
- SINE has an infrastructure of over 15000 sqft, which can accommodate about 30+ companies at a time.
- So far about 101 companies got incubated through the incubator.
SINE shall accept CSR contribution from corporate for the purposes that are within the objective of SINE. SINE will generally not accept CSR contribution from corporate for the purpose defined by them, which is not within SINE’s broad objective.
Corporates can contribute under their CSR initiatives in two ways:
- Contribution to the corpus: Under this, corporates can contribute to a continuing program. The corpus remains as an asset of SINE.
- Project or program funding: In this form of contribution, corporates can focus on specific, limited term projects with clear milestones.
Coorporates can support the following activities under their CSR initiative:
|1.||Seed fund (including impact fund)||>Rs.30 lacs||Seed support for incubatees to help with their initial operational expenses.Funding for social start ups – products/ services that help improve human and environmental well being.|
|2.||Accelerator/ Boot camp fund||>Rs.70 lacs*||Specialized fund for helping a group of start-ups (usually more than10) jump start their business and is given for a short period (usually 3-4 months).|
|3.||Infrastructure fund||>Rs.50 lacs*||Fund for supporting creation of additional space, shared facilities, equipment, components and raw materials.|
|4.||Capacity building and resource center||~Rs.10 lacs*||For supporting market research, proof of concept, training and workshop, lecture series, events, product development, cost for IP protection cost of experts, mentors, consultants etc.|
|5.||Fellowships/ internships fund||~Rs.10 lacs*||Supporting interns, Entrepreneur in residence (EIR) etc.|
*Amounts are indicative.
Once the corporates decided to contribute to CSR for any of the above activities, SINE shall use the fund for any specific purpose or for any specific project within the decided activity. Contributing corporates shall not claim any veto power in SINE’s decision. Seed fund would be as per SINE’s investment policy.
Benefit for CSR contributors:
SINE shall mention the CSR contributors on its website.
Naming rights will be given provided:
i. In case of any of the above listed activities, the CSR contribution is not less than 50% of its operation costs for a specific number of years.
ii. In case of infrastructure, the CSR contribution is not less than 50% of its infrastructure cost.
SINE shall provide periodic reports on the following aspects to help the corporate meet its annual reporting requirements under CSR rules.
- Activities undertaken
- Utilization of funds/ financial report against planned budget
- Impact of activities undertaken against pre-decided impact metrics
For more details and engagement, please contact:
The Chief Operating Officer:
Ms. Poyni Bhatt
3rd Floor, SINE IIT Bombay,
Centre of Studies in Resources Engineering,
Y P Road, Academic Section,
IIT Area, Powai, Mumbai,
Maharashtra 400076, India
Phone :+91 22 25767016