Technology Business Incubators (TBI) play a pivotal role in the journey of early-stage startups, especially during the product development and early deployment stages. SINE’s role in the journey, more particularly as an implementation agency deploying CSR commitments on behalf of corporates, has indeed been prolific to the startup ecosystem. The product development and customer development stages are crucial junctures in determining the future of startups and, often pose a challenge for the founders. Their progress is stymied by recondite such as time or cost overruns caused by reasons beyond their control. Grants and other monetary support offered by other relevant agencies, though facilitative, may be fallible in averting crisis such as cash flow mismatch. In such circumstances, CSR funding bolsters startups immensely.
The genesis of TBIs responsibility of investing CSR funds to advocate innovations and entrepreneurship endeavours may be traced back to the amendment implemented in the CSR Act to incorporating support activities by TBIs under the ambit of the Act. TBIs, help startups endure the early phases of their journey and provide them with a safety net, mitigating the looming probability of adding to the high mortality rate. These activities purport to reinforce startups through mentorship, funding, and other essential support and supporting facilities, including infrastructure, lab equipment etc.
Pursuant to the amendment of the Companies Act pertaining to CSR, corporates gradually internalized their strategies to route CSR support to startups. Over the past many years, SINE has witnessed growth in the number of corporates endorsing startups, both in terms of the nature of activities and the quantum of funds. Various Companies turned proponents in this cause. On discerning the potential of the opportunities, they plunged to endorse and associate with breakthrough innovations. These endorsements were in fact an overture to unique and significant societal impacts. The innovations range from various sectors such as – health, education, mobility, environment, sustainability, agriculture, robotics, unique digital innovations etc. SINE has, till date, received support and funding from 20+ corporates. Some of the prominent donors such as Citius Tech, Dana Care Foundation, SICOM Ltd and ICICI Securities Ltd have entered into an MOU with SINE to support innovations and entrepreneurship for its CSR commitments. Their commitment towards the cause has been focused on extending funds, and infrastructure facilities in the form of high-end equipment in bio labs all essential to further underlying R&D. ICICI Home Finance and HDFC Bank also extended its first cycle of CSR through SINE with an objective to support startups creating a social impact in the housing sector.
Let us visit some noteworthy innovations supported through CSR at SINE.
- Chainworks Digital, – is working to develop blockchain technology with applications in organ donation. This technology is aimed at facilitating an integrated process of organ transfer from the donor to the recipient in a transparent manner, while ensuring the participation of all relevant stakeholders. Not only does this technology extend a lease of life to the patient, but also assures minimal organ wastage and an expedited turnaround time to hospitals and doctors.
- Emergy Enviro Pvt Ltd, a company in the business of environmental services and products, is engaged in identifying and implementing environmental solutions in the domain of air, water, and solid waste management techniques. With the CSR funding, Emergy improved the quality of drinking water in remote villages in Palghar District, Maharashtra.
- Cyrrup Solutions Pvt Ltd is in the business of providing (AI, IoT based) smart fleet solutions received CSR grant when the overall pace of business had come under pressure due to the pandemic. The timely support provided sustenance to the company to cruise through rocky terrains. Many such startups played a critical role during COVID. Startups like;
- Endimension Techonology, an AI based healthcare startup, expends algorithms to automatically detect abnormalities and diseases from medical scans. This innovation enhances the accuracy levels of patient diagnosis.
- Ayu Devices, another healthcare startup, developed India’s first indigenous wireless digital stethoscope, enabling early screening of heart and lung diseases. The smart stethoscope amplifies, records and analyses heart and lung sounds with great precision. This device also established its veracity and utility during pandemic. CSR grant-supported startups like
- Piscium Health Sciences Pvt Ltd. that developed the first nano diamond but for dental procedures. It improves patient comfort and prognosis. Dentist would take lesser time to perform the procedures, longevity of burs and overall patient experience.
- Life Spark Technologies is working towards offering treatment for neurodegenerative diseases by managing motor symptoms such as improving the patient’s gait and consequently reduce injuries. The CSR funding helped introduce this technology to wearable devices and, in conducting associated clinical trials at clinics and hospitals.
- RoboBionics has developed a unique prosthetic hand with a sense of touch and multi-grip control for people with below elbow amputation suited for individuals aged 15 years and above. The CSR funding helped the RoboBionics to propel its devices into clinical trials.
- Sustlabs developed a unique technology for saving energy through smart meters and a real-time energy monitoring bot for residential users. The CSR funding was expended to upgrade the features of the product along with optimal energy usage.
Apart from these, there are other breakthrough technologies startups engaged in solving prevalent societal problems such as need for- affordable cancer treatment, building state-of-the-art genomic solutions for accurate personalized clinical decision related to infectious diseases. CSR funding support has facilitated the process of clinical trials and human trials for these startups.
Besides startup funding support, the role of CSR in augmenting infrastructure facilities remains indispensable for incubators. Although TBIs receive support from several host institutions in the early stages, they too harbour the long-term goal of becoming self-sustainable. There are various revenue models available for TBIs to explore however, their fructification entails a minimum gestation period of 3 years. These gestation periods are further contingent on the sectors the startups belong to such as health care innovations, in the usual course, necessitate a longer gestation period. During this period, TBIs as well, seek backing from various resources including CSR so as to continue their services and cater to the startups. ICICI Securities recognized this requirement by providing SINE with high-end lab equipment, a necessity for research in the health care sector. This support has not only amplified the capacity of SINE’s facility but has also bettered the turnaround time for the innovative activities undertaken. This benefit engenders a compounding effect in the medium to long term for the innovators eagerly preparing to commercialise their solutions. Corporates such as RE Connect Energy Solutions Ltd also supported SINE’s infrastructure facilities through CSR contribution.
The above illustrations magnify the importance of CSR at critical junctures. The Indian startup eco-system, today, is in the need of enormous support from such corporates in sundry ways CSR funding being one of them.
Acknowledging SINE’s CSR Donors in alphabetical order.
| ANSYS Software Pvt.Ltd. |
| BIZ Secure Labs Pvt Ltd |
| Citiustech Healthcare Technology Pvt.Ltd. |
| DANA Care Foundation |
| Fullerton India Credit Co. Ltd. |
| HDFC Bank |
| HT Parekh Foundation |
| ICICI Securities Ltd. |
| ICICI Home Finance Company Limited |
| INGENERO Technologies (India) Pvt Ltd |
| InnoVen Capital India Pvt. Ltd. |
| Larsen &Toubro Public Charitable Trust |
| Management Structure & Systems Pvt.Ltd |
| MSC Software Corporation India Pvt. Ltd. |
| Nagase India Pvt.Ltd. |
| Oil & Natural Gas Corporation Ltd. |
| RE Connect Energy Solutions Ltd. |
| SICOM Limited |
| SAP Labs India Pvt Ltd |
| SIDBI Venture Capital Limited |
| Teritex Knitting Industries Pvt.Ltd. |