BioNEST-PU Launches 2nd Call for Proposals under “SEED Fund” for Startups  

Chandigarh, July 24, 2023: BioNEST-PU is with a vision for empowering and nurturing young entrepreneurs in the northern region of the country. It has successfully on-boarded more than scores of Innovators through different programmes. Now under yet another initiative, BioNEST-PU has launched a Call for proposals under “SEED Fund” (Sustainable Entrepreneurship and Enterprise Development Fund) for selecting registered Start-ups working on innovative idea/s having established Proof-of- concept and a potential for commercialization. This call has been launched today by Prof. Renu Vig, the Hon’ble Vice Chancellor of Panjab University.
 

Under this scheme, BioNEST-PU will be providing financial assistance to the selected start-ups in the form of equity investment up to 30 lakhs that can be funded per start-up for a period of 2 years. The sanctioned amount valuing to INR 1 Crore has been funded by Biotechnology Industry Research Assistance Council (BIRAC) under the SEED fund scheme. Notably, the BioNEST-PU is one of the youngest Incubators and is one of the University-backed bio- incubator in the North India to have received this type of investment support for startups. The call will be open from today till 21 st August, 2023 and will be available at the Panjab University website.
 
Seed Fund investments are regarded as a critical support component in a strategic investment plan which helps in the growth of start-ups. The SEED Fund by BIRAC was launched with an agenda to provide assistance to BIRAC funded incubators. Through the SEED Fund, startups with novel innovative ideas and technologies will be supported with capital assistance through the BioNEST-PU. For an incubator set-up like the BioNEST-PU, the BIRAC’s SEED Fund would be a source to bridge the gap between the early stages of a student start-up and its potential market.

Dr. Rohit Sharma, the Project Leader of BioNEST said, “The incubator has to select some of the start-ups for equity or operational funding under the SEED Fund. BioNEST-PU will thus be supporting multiple startups through this funding”. Dr. Sharma also highlighted that the types of startups to be supported by the SEED Fund will be focused on the multiple disciplines as per the mandate. The SEED Fund will prove to be one of its kind support system for start-ups to make them stand-alone entities in the actual market.