Funding is a significant step in the progress of any science project. Many projects stall because funding dries up, or did not appear at all.

While India may not be the Holy Grail for funding opportunities, the fact is that various agencies are available that offer different models of funding for innovators and entrepreneurs.

Here are some interesting funding opportunities, which you’ve probably not utilized. The New Millinium Indian Technology Leadership Scheme (NIMITLI) was launched in 2003. The purpose has been to foster public – private partnership to promote innovation. Proposals for the scheme emerge both from the industry, as well as the government. When they evolve from the government they are known as “Nationally Evolved Projects”, and industry proposals are known as “Industry Originated Projects”. Currently about 1750 researchers are engaged in these projects, with an outlay of over Rs 550 crore.

One of the recipients is the National Botanical Research Institute. The present CSIR-NIMITLI project envisages Molecular Assisted Selection (MAS) and Genomics approach to identify major Quantitative Trait Loci (QTLs) and genes responsible for fibre quality and drought. The project involves three distinct partners, JK Agrigenetics Ltd., TNAU Coimbatore and NBRI Lucknow.

The Department of Biotechnology is what most associate with, when funding is sought. One of the most active funding agencies in India it offers a number of programs to promote innovation. This includes the Small Business Innovation Research Initiative (SIBRI), Biotechnology Industry Partnership Program (BIPP), the Biotechnology Industry Research & & Development Assistance Council, Contract Research and Services Scheme (CRS), Biotechnology Ignition Grant (BIG) and the Bio-Incubater Support Scheme. DBT interacts with more than 5000 scientists per year to fund them and encourage innovation.

Millennium Exports is an example of a successful SIBRI project. The company was set up to manufacture dog-collars and dog-carriers in leather. With SIBRI assistance, the company has started test marketing fish leather and dog chew made of fish.

Span Diagnostics took advantage of BIPP, with its low cost of funds and its evaluation committee for feedback to ensure timely commercialization of new products developed by Span’s R&D.

Another option is the Technology Development Board (TDB). Their mandate is to provide assistance to industrial organizations and other agencies attempting develop indigenous technology.

Financial assistance could be in the form of a loan or equity – and in exceptional circumstances could even be a grant. The loan assistance is provided up to 50 per cent of the approved project cost and carries five per cent simple rate of interest per annum. TDB may also subscribe by way of equity in a company, upto a maximum of 25 per cent of approved project cost.

Skanray Technologies, Mysore, was provided loan assistance by TDB. The company has developed an innovative x-ray shielding technology, which reduces the radiation to extremely low level without use of excessive lead to shield. High frequency generators developed by the company are capable of generating very stable X-Rays which can be precisely controlled and pulsed for reducing patient dose.

And you don’t have to be a corporate. The Technopreneurer Promotion Programme even supports individual scientists with smaller needs – such as assisting with procuring small equipment, patent guidance and support, and engineering consultancy.

Or if you’re a young scientist opt for the “Fast Track Scheme for Young Scientists”. That offers quick research funding for young scientists, below the age of 35. The applicant gets funding upto 23 lakhs. Additionally he can draw a fellowship amount of Rs. 35,000 per year, if he is not holding a regular position elsewhere.

And if Agriculture is your forte, you have the “National Fund for Basic, Strategic and Application Research in Agriculture”. With an outlay of Rs. 100 crore, it funds innovative ideas in agriculture.

You even have a program for renovation of rural Godowns: The Gramin Bhandaran Yojana.

There are other funds for animal husbandry, fisheries and alternative fuels.

And if you next need a location, biotech parks are probably your next port of call.

There is quite a selection to choose from. The Agribusiness and Innovation Platform at ICRISAT offers fully furnished office spaces, cubicles, labs, trial plots and green house units.

Bioseed Research India Pvt. Ltd. was one of the earliest clients of the park, and have moved from lab to fields. With a strong focus on R&D they have been able to generate new traits in corn, rice, cotton, millet and other species.

Then there’s the IKP Knowledge Park, with about 84,000 sq feet of wet lab space. There is even a park for women. The Golden Jubilee Biotech Park for Women, looks at opportunities for women scientists and technologists. Ramya Karuppasamy, is an entrepreneur and is a food technologist, has found it a positive place to grow her business.

The Lucknow Biotech Park is an ‘Incubator plus’ park. Entrepreneurs or early stage companies with innovative research plan in the areas of health care, energy or industrial action are preferred. Prof. P.K. Seth is an enthusiastic and encouraging CEO, where approvals can occur in as short as 21 days.

If it the North-East that beckons you, head to the Guwahati Biotech Park. The park provides you labs, knowledge and local know-how to help you with opportunities in the region.

Institutes too have their own business incubators, like the Vellore Institute of Technology –Technology Business Incubator. The Center has a full management team and with extensive experience in entrepreneurship, product development and marketing. Facilities like HPLC, bioreactors and other lab equipments are available. Companies can get up to Rs. 50 lakhs in seed capital. Other active incubators include the MITCON Technology Business Incubator, the Periyar Technology Business Incubator and the SIDBI-IIT Business Incubator.

Encouragement is also available from venture capital and private equity firms like the SIDBI Venture fund, ICICI ventures and others. Most firms look for a good business idea and low risk, with a payback in about 5- 10 years.

State governments are now being very active in promoting life sciences. Gujarat, and Karnataka are amongst the more active, with significant initiatives being taken by Andhra Pradesh, Maharashtra, Tamil Nadu, Madhya Pradesh, Himachal Pradesh and Madhya Pradesh. Gujarat. In Gujarat for instance, developers of biotech parks are exempt from payment of stamp duty on the purchase of land. Biotechnology has also been declared as “Continuous Process Industry” – hence no mandatory power cuts as well as 24 X 7 availability of power is promised. In Karnataka - the industry is exempt from payment of entry tax on all inputs as well as capital goods, including captive generation sets during the implementation stage, which can be up to five years.

Being a global industry with products having international application, opportunities for Indian researchers abound around the world. The Australia-India Council Grants Program, for instance, encourages Indian researchers to partner with an Australian partner to avail of the assistance. Canada, France, UK and Germany are other active partners towards awarding funding and encouraging research in the area of life sciences. More than 200 funding opportunities exist for Indian researchers with grants totalling over Rs. 1000 crore.

The life sciences industry has its challenges of need for better regulation, human resources, and even more finance options. But its also important to be aware of the positive efforts of numerous current opportunities. And ensure that the positive efforts of the government, various organizations and the industry at large are fully utilized!