While the Bioincubators are able to support the “Space, Services and Knowledge” requirements of startups, wide gap exists in financial support required by a technology driven start up in the initial phase. BIRAC’s initiative - LEAP Fund (Launching Entrepreneurial Driven Affordable Products) primarily aims to address this need through the Incubators.
The LEAP Fund is to provide funding support of up to Rs 1 crore per startup. BioNEST Bioincubators (LEAP fund partners) will be given up to Rs 5 crore fund/ partner for investing in potential Startup against equity and equity linked instruments. This would enable potential start-ups to pilot/ commercialize their products/ technologies. Thus the proposed funding support is positioned to act as a catalyst in bringing technologies/ products forward towards piloting/ commercialization and reducing their gestation to commercialization.
Under Incubator LEAP Fund, BIRAC will provide Grant-in-aid Assistance to selected BIRAC funded incubators based on certain establishment and operational criteria. Each such selected incubator will be granted up to 500.00 Lakhs for implementation of LEAP Fund. Each incubator can design a selection process to screen & select startups for LEAP Fund support (e.g Accelerator program or Direct investment). The provisions stated herein below deal with the essential guiding principles of the initiative.
Incubator should be BIRAC’s SEED fund partner.should be Operational since last 05 years, with at least 5 resident start- ups in Biotech/med-tech/life science.
Incubator should have in-house capacity in incubating & mentoring early stage Biotech / Life Science start up.
Incubator should have established IP&TT facilitation services for start-ups.
Incubator must have prior experience of 04 years in management of early stage funding schemes or other grants.
Incubator should have investment in start-ups and/or entrepreneurship development experience