BIRAC
Introduction and Scope Of The Fund

Bio-incubation allows harnessing of the entrepreneurial potential of startups by providing access to infrastructure, mentoring as well as networking platforms that the startups could use during their fledgling days. It helps the young entitites to survive by providing them specialised support services during the critical period of a business venture i.e. the start-up phase.

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. BIRACs initiative -Sustainable Entrepreneurship and Enterprise Development Fund ("SEED Fund") primarily aims to address this need through the Incubators.

The basic idea of SEED Fund is providing Capital assistance to startups with new and meritorious ideas, innovations and technologies. This would enable some of these start-ups to graduate to a level where they will be able to raise investments from angel/Venture capitalist or they will reach a position to seek loans from commercial banks /financial institutions. Thus the proposed seed support is positioned to act as a bridge between promoters investment and Venture/Angel investment. This is not an investment scheme, but, rather a support scheme to enable start-ups and incubator to attain sustainability.


Funding Framework

Under Incubator SEED Fund, BIRAC will provide Grant-in-aid Assistance to selected BIRAC funded incubators based on certain establishment and operational criteria. Initially BIRAC shall identify up to five incubators and expand further in due course. Each such selected incubator will be granted up to 200.00 Lakhs for implementation of SEED Fund. Each incubator can design a selection process to screen & select startups for equity and operational funding through SEED Fund (e.g Accelerator program or Direct investment). The provisions stated herein below deal with the essential guiding principles of the initiative.


Eligibility criteria for Partner Incubators


Incubator should have been supported through BIRAC's Bio-NEST Scheme

Incubator should be operational since last three years, with at least 5 resident start-ups in Biotech/Life Science start up

Incubator should have established IP&TT facilitation services for startups

Incubator must have prior experience in management of early stage funding schemes or ohter grants

  
  

SEED Fund is to help cover the first Valley of Death for Startups and help them to become Investible
Impact
16 – SEED Fund Partner BioNEST Incubator
66 – Start-ups supported will upto Rs. 30 Lakhs /Start-up
125.83 Cr - Follow on funding raised by 44 start-ups
1264 Cr - Combined valuation of 45 start-ups
55 –Number of products commercialised by Start-ups
S.NoSEED Fund Partner BioNEST IncubatorNumber of Startups supportedFollow on Funding Raised by Startups from External sources (Cr)
1Association for Innovation Development of Entrepreneurship in Agriculture (a-IDEA)41.77
2Bangalore Bioinnovation Centre20.25
3Center for Cellular and Molecular Platforms, Bangalore1213.98
4Entrepreneurship Development Center (EDC), Pune85.23
5Research Innovation Incubation Design Laboratory Foundation (RIIDL) (Somaiya Vidyavihar)41.54
7IITM Incubation Cell, Madras31.63
6IKP EDEN, Bangalore00.00
8Kalinga Institute of Industrial Technology -Technology Business Incubator (KIIT-TBI)45.64
9M/s Vellore Institute of Technology -Technology Business Incubator (VIIT -TBI), Vellore60.87
10M/s Savli Technology & Business Incubator Platform, Vadodara (STBI)10.50
11Foundation for Innovation and Research Science & Technology (FIRST) , Kanpur35.50
12Society for Innovation and Entrepreneurship (SINE -IIT Bombay)99.62
13Punjab University, Chandigarh00.00
14Foundation for Innovation and Technology Transfer (FIIT), IIT Delhi515.30
15IKP Knowledge Park, Hyderabad464.00
16Golden Jubilee Biotechnology Park for women, Chennai10.00
 Total66125.83 Cr
 

For details guidelines please refer to the Guidelines   Click Here