Wednesday, Mar 29 2023 | Time 04:00 Hrs(IST)
Business Economy

K'taka govt funds Rs 10.7 cr to 26 innovative Biotech companies

Bengaluru, May 9 (UNI) In line with its trend setting industrial
initiatives, the Karnataka government has funded 26 technology-based
startups in Biotechnology sector to the tune of Rs 10.7 Crore.
The Department of IT and BT will support these startups to develop
ideas, technologies and products which could have significant impact on the
lives of people.
These winners of the Idea2PoC (proof of concept), an initiative
organised by the Karnataka Startup Cell, Department of IT, received
cheques upto Rs 50 Lakh (each) in the first tranche from the
Minister for IT, BT and Tourism Priyank Kharge here today.
Idea2PoC was implemented by Bangalore Bioinnovation Centre (BBC),
a Section 8 company set up by KBITS to nurture and promote startups
in the field of Biotechnology. The initiative is part of India’s
first multi-sector Startup Policy launched by the Government of
Karnataka in November, 2015. The Policy looks forward to nurture
technology-based startups and product-based firms with the support
of industry and investors.
Further, this initiative is aimed to discover and encourage
innovators who would need early stage funding to boost
commercialisation of research discoveries and help in validating
proof of concept as well as assistance in certification, pilot scale
manufacturing and relevant activities.
As part of the Idea2POC programme, a fund is provided in the form
of Grant-in-aid up to Rs 50 lakh. Considering the need for fund
throughout the life cycle of a business plan, funding is released in
Speaking on the occasion Mr Kharge said ''Idea2POC offers
entrepreneurs a holistic support system to explore, develop and
launch their best ideas. The scheme is designed to identify, mentor
and fund enterprising Biotech startups in Karnataka who can create a
deep social impact on the lives of people of Karnataka''.
''We use a team-approach in mentoring and that gives the
entrepreneurs different perspectives,'' he added. The Department of
IT, BT intends to not only support with funding but also become
partner in their journey.
''Our focus is to create a strong startup ecosystem with ideation
at the bottom of the pyramid. These are not relationships based on a
single conference meeting, but ones that are forged through
meaningful experiences we have gone through together,'' said Mr
Gaurav Gupta, Principal Secretary, Department of IT, BT.
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