“SEED Fund” for selecting Startups launched at BioNEST-Panjab University
Chandugarh, August 25, 2021: The BioNEST-Panjab University has received a special funding from BIRAC - the “SEED Fund” (Sustainable Entrepreneurship and Enterprise Development Fund) which was launched today with an advertisement for selecting registered Life Science Start ups with innovative ideas having a potential for commercialization. Financial assistance in the form of equity investment up to 30 lakhs can be funded per start-up for a period of 2 years along with incubation support. Notably, the BioNEST-PU is one of the youngest bioincubators in India, and is the only university-backed bioincubator in the North India to have received this type of investment support for young startups.
Seed Fund investments are regarded as a critical support component in a strategic investment plan to help start-ups grow. The SEED Fund by BIRAC has been launched with an agenda to provide assistance to the incubators funded by them.Through the SEED Fund, startups with new and innovative ideas and technologies will be supported with capital assistance through the bioincubator. For an incubator set-up like the BioNEST-PU, the SEED Fund would be a source to bridge the gap between the early stages of a student start-up and its potential market. The qualifying start-ups will further be supported to obtain funding from resources like angel funders, venture capitalists or commercial banks/financial institutions.
Dr.Rohit Sharma, the Project Leader of BioNEST said, “The incubator has to hand-pick some start-ups for equity or operational funding under the SEED Fund. BioNEST-PU will thus be supporting multiple startups through the medium of this funding.” Dr. Sharma also highlighted that the types of startups to be supported by the SEED Fund will primarily be focused on the pre-defined thrust areas of the incubator that include- bioprocess technology, biopharmaceuticals, medical devices and food and agriculture biotechnology. The funding decision at BioNEST-PU shall primarily be based on the evaluation of the Business Plan of the start-up and its implementation. The SEED Fund will prove to be one of its kind support system for start-ups to be made stand-alone entities in the actual market.
As a key step in empowering and nurturing young biotech entrepreneurs in the northern region of the country, the BioNEST-PU was established in the year 2017. Since its inception, the BioNEST-PU till date has been successful in having more than 20 Innovators on-board as resident startups and/or entrepreneurs.