BIRAC-Biotechnology Ignition Grant (BIG) Scheme has selected 198 proposals submitted by 1,500 applicants from the life-sciences and medical technology start-up sector across the country. It has been able to provide 553 employment opportunities over the last three and half years. Now in its 8th round of funding to start-ups, the scheme is working to ensure that early stage companies can spur growth from the Union government’s Make in India and Start-up India programmes.
“This scheme is a significant component of the innovation ecosystem of the country. It has enabled entrepreneurs to pursue a high risk technology concept with considerable potential for scale up and revenue generation thereafter. Now we need to see the startups which have been funded under the BIG grant grow and multiply. India accounts for the third highest startups after US and UK. Efforts to improve our ranking is possible from life-sciences and medical device startups going by its immense growth prospects,” said Dr. Renu Swarup, senior advisor, Scientist H, department of biotechnology and managing director BIRAC.
Dr. Swarup who was in Bengaluru for the BIG conclave networking event said that currently India has the most conducive environment for growth of startups with tax incentives, access to risk capital and IPR protection among others. “We are looking at creating technical mentorship at Cellular and Molecular Platforms (C-CAMP), a DBT initiative and an intrinsic part of the Bangalore Life Sciences Cluster,” he said.
“Our major challenge is that while the Biotechnology Industry Research Assistance Council (BIRAC) has provided all the tools to initiate a startup business model, we need to ensure that these early stage companies sustain and serve the market needs. This is where linkages with the industry are found wanting. BIRAC is only a facilitator but now we see the need to ensure that the novel idea can enter the value chain with backward and forward linkages, she added.
“There is considerable sustenance for BIG as the number of applications to seek grants are increasing. We are restricting the selection to a maximum 25 in each batch and 50 startups annually. But these early stage companies have 100 IPs filed which proves the quality of work being generated. There are 5 partners, 15 incubators and 150 technology transfer centres. The need of the hour is skilled human resources to man technology transfer centres to speed up the go-to-market strategy. We are also now looking enhance collaborations to scout and support innovations,” said Dr. Swarup.
At the Bengaluru event, state-ups and grantees from 7 batches of BIG exchanged ideas, shared stories of success, and brainstormed on failures to explore the way forward for life sciences healthcare and medical technology startups in India.