You should not be judging them with very little exposure to them. There is a lot of innovation at IIT's which you just haven't come across. Stanford, MIT have a lots of funds at their disposal and they can innovate maybe much faster. Thats the only difference.

Some projects might not be that great as some startups aren't that great. Again, you should not be judging looking at a single project.

And IITians love to find the answer to their questions themselves :)