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 start-ups 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.
The SEED fund provides the capital assistance to start-ups to bridge the gap between PoC and Scale up.
SEED support to incubatee start-ups in life sciences sector: Upto INR 25 lakh
The Seed fund emphasizes:
- Alignment with KIIT-TBI’s Focus areas
- Product offerings (vs service offerings)
- Technology-driven enterprises
- Validation or Scaling-up innovations
- Market research analysis and Professional consultancy
- Companies with a minimum 51% ownership by Indian nationals
- Companies ready to be incubated at KIIT-TBI
- The venture must be early stage (2-7 years since inception).
- The venture must be working towards solutions for the Biotechnology/Life Science sector.
- The company must have raised previous rounds of fund (Grant/ Investment).
- A well defined POC must have been achieved (as evaluated by the Review committee).
- The venture must have a well-defined upscale and go-to-market strategy with positive revenue inflow within the next 24 months of funding.
Apply Here: BIRAC
SEED SUPPORTED BENEFICIARIES
- Krea Foods and Beverages Pvt Ltd
- InDNA Life Sciences Pvt Ltd
- Probiokem India Pvt Ltd
- Miraqules Medsolutions Pvt Ltd