KIIT-TBI Ecosystem with the support of

BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL (BIRAC)

Sustainable Entrepreneurship & Enterprise Development Fund (SEED FUND)

Equity-based investment up to INR 30 Lakhs

ABOUT: BIRAC SEED Fund

KIIT-TBI, in collaboration with BIRAC, promises to implement the Sustainable Entrepreneurship and Enterprise Development Fund (SEED Fund). This initiative aims to offer initial and transitional financial support to pioneering life science startups driven by innovative technology. BIRAC SEED Fund aims to provide 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/ and loans from commercial banks /financial institutions.

Eligibility: BIRAC SEED Fund

Indian Start-ups (registered under the Companies Act, 2013), having at least 51% shareholders as Indian Citizens [does not include OCI or PIO] as the mandatory requirement.
Companies ready to be incubated at KIIT-TBI
The venture must be in an 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 funds (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.

Financial assistance for

Developing final prototypes.
Advancing innovations to larger scales.
Producing supplementary data or conducting validation studies necessary for securing subsequent funding.
In specific instances, utilizing funds for gap funding or next-level funding.
Analyzing, drafting, and filing patents.
Conducting market research and receiving professional consultancy.
Building enterprises, including developing market strategies, business plans, and supply chains.

Funding: BIRAC SEED Fund

Equity-based investment up to INR 30 Lakhs

Impact: BIRAC SEED Fund

Financial assistance for

Developing final prototypes.
Advancing innovations to larger scales.
Producing supplementary data or conducting validation studies necessary for securing subsequent funding.
In specific instances, utilizing funds for gap funding or next-level funding.
Analyzing, drafting, and filing patents.
Conducting market research and receiving professional consultancy.
Building enterprises, including developing market strategies, business plans, and supply chains.

Screening Criteria

The startup should focus on pioneering technology or technologies and should have a product-centric approach rather than a service-oriented one.
The technology should be unique, and there should be the potential for the creation of intellectual property (IP).
The technology should fulfil an unmet need and have an impact.
Startups should possess a skilled team proficient in both technical and business domains.
The technology must demonstrate a well-structured commercialization strategy and a clear roadmap for entering the market.
Startups should possess a comprehensive grasp of the end-user or customer and the market’s size.
The startup should possess a robust business plan and a clear company vision.

BIRAC SEED Fund: Grantees

Investor POOL

Coordinators

Dr. Bhaskar das

Mr. Ray Saisoubhagya

Location

KIIT-Technology Business Incubator

Campus 11, KIIT-DU, Bhubaneswar, Odisha, IN 751024