BIRAC to support biotech entrepreneurs with grants upto Rs 50 lakhs
Updated: Jul 01, 2014 12:55:19pm
New Delhi, Jul 1 (KNN) To encourage high levels of innovation in the sector, Biotechnology Industry Research Assistance Council (BIRAC) is offering grants up to Rs 50 lakhs to entrepreneurs in biotechnology, together with mentoring support.
With focus on igniting new ideas, Biotechnology Ignition Grant (BIG) Scheme is centred on or around individuals, or a team of individuals that will help mature nascent ideas into to a stage where a startup company can be envisioned.
“BIRAC believes that the “bio-innovation capital” of the nation would come from novel ideas which have a commercialisation potential and that evolve out from start-ups or academic spin-offs. BIRAC’s strategy is therefore to support the numerous exciting ideas which have an unmet need for funding and mentorship,” according to official data.
This strategy is fulfilled through a grant funding scheme called Biotechnology Ignition Grant (BIG) which is available to scientist entrepreneurs from research institutes, academia and start ups.
The Applicant must be either an Incubatee or have a registered company with a functional R&D laboratory to be eligible for this grant. The scheme is designed to stimulate commercialization of research discoveries by providing very early stage grants to help bridge the gap between discovery and invention.
The purpose of the BIG Scheme is to: foster generation of ideas with commercialisation potential; upscale and validate of proof of concept; encourage researchers to take technology closer to market through a start up; and stimulate enterprise formation.
The call for proposal is announced twice every year, on 1st January and 1st July. As part of this scheme, successful BIG Innovators receive up to INR 50 lakh (approximately USD100 thousand) for research projects with commercialisation potential with duration of up to 18 months.
The BIG Scheme is currently managed through 3 BIG Partners across the country who work with the Ignition grantees (BIG Innovators) to provide mentoring, monitoring, networking and other business development related activities.
The current BIG Partners are: IKP Knowledge Park, Hyderabad; Centre for Cellular and Molecular Platforms (C-Camp), Bangalore; Foundation for Innovation and Technology Transfer, New Delhi; KIIT Technology Business Incubator, Bhubaneswar; Venture Centre (Entrepreneurship Development Centre), Pune.
So far, 18 innovators have been awarded the BIG Grant out of which 12 are start-up companies and 6 are individual entrepreneurs. Grant money amounting to Rs 821.96 lakhs (USD 1.6m) has been approved. Several exciting ideas from novel methods of extracting Butanol from sea algae to aptamer based detection of TB were selected. (KNN/ES)
With focus on igniting new ideas, Biotechnology Ignition Grant (BIG) Scheme is centred on or around individuals, or a team of individuals that will help mature nascent ideas into to a stage where a startup company can be envisioned.
“BIRAC believes that the “bio-innovation capital” of the nation would come from novel ideas which have a commercialisation potential and that evolve out from start-ups or academic spin-offs. BIRAC’s strategy is therefore to support the numerous exciting ideas which have an unmet need for funding and mentorship,” according to official data.
This strategy is fulfilled through a grant funding scheme called Biotechnology Ignition Grant (BIG) which is available to scientist entrepreneurs from research institutes, academia and start ups.
The Applicant must be either an Incubatee or have a registered company with a functional R&D laboratory to be eligible for this grant. The scheme is designed to stimulate commercialization of research discoveries by providing very early stage grants to help bridge the gap between discovery and invention.
The purpose of the BIG Scheme is to: foster generation of ideas with commercialisation potential; upscale and validate of proof of concept; encourage researchers to take technology closer to market through a start up; and stimulate enterprise formation.
The call for proposal is announced twice every year, on 1st January and 1st July. As part of this scheme, successful BIG Innovators receive up to INR 50 lakh (approximately USD100 thousand) for research projects with commercialisation potential with duration of up to 18 months.
The BIG Scheme is currently managed through 3 BIG Partners across the country who work with the Ignition grantees (BIG Innovators) to provide mentoring, monitoring, networking and other business development related activities.
The current BIG Partners are: IKP Knowledge Park, Hyderabad; Centre for Cellular and Molecular Platforms (C-Camp), Bangalore; Foundation for Innovation and Technology Transfer, New Delhi; KIIT Technology Business Incubator, Bhubaneswar; Venture Centre (Entrepreneurship Development Centre), Pune.
So far, 18 innovators have been awarded the BIG Grant out of which 12 are start-up companies and 6 are individual entrepreneurs. Grant money amounting to Rs 821.96 lakhs (USD 1.6m) has been approved. Several exciting ideas from novel methods of extracting Butanol from sea algae to aptamer based detection of TB were selected. (KNN/ES)
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