Expanding the scope of existing Small Business Innovative Research Initiative (SBIRI) and Biotechnology Industry Partnership Programme (BIPP), the Department of Biotechnology (DBT) is planning to launch new schemes under the industry innovation funding mechanism.
One of the key schemes proposed is “Bridge Funding” for firms to function while they are between successive private equity funding or when they are planning for their IPOs. Funds also will be made available for start-ups, to file for patents across different geographies, sources said, adding that the quantum of the funds and size of the scheme were being finalized.
Another scheme is Ignition Grant Scheme to extend grants to individuals or a team of individuals (and not institutions) - in partnership with private investment agencies as a co-investment - that will help mature nascent ideas into to a stage where a start-up company can be envisioned. This will be for all the potential entrepreneurs and Biotechnology industry focused researchers who have an exciting idea which may be in the nascent and planning stage and have an unmet need for mentorship and funding from Angel Investors in India. BIPP would enter this space as a facilitator along with an able partner to support and nurture these high risk early starters and their concepts, sources said.
DBT sources said funding through the mechanism of Public Private Partnerships (PPP) schemes such as SBIRI has paid rich dividends in terms of promoting R&D in small and medium bio-industries. About 100 PPP projects have been launched so far. SBIRI scheme resulted in six Indian patents and development of 16 technologies in agriculture, health care and instrumentation. 60 projects supported under BIPP scheme benefited 51companies (27 small, 12 medium and 12 large companies). BIPP supported H1N1 vaccine was recently approved by Drug Controller General of India (DCGI) for marketing.
The Department has also informed that SBIRI will be modified/ expanded. Efforts will be made to publicize the leads through publications, video programmes and other modes of publicity. SBIRI Science Meetings in specified areas like vaccines and diagnostics, biosimilars, stem-cell research, bio-therapeutics, bioinformatics, agriculture etc. will be undertaken inviting the industry as well as the academia to get some leads.