“SEED Fund” for student startups to grow at BioNEST-PU

The BioNEST-PU already has approximately 5 startups/entrepreneurs at a graduating stage Chandigarh: BioNEST-Panjab University, Chandigarh has received a special funding- the “SEED Fund” (Sustainable Entrepreneurship and Enterprise Development Fund) valuing to Rs.1 Crore from Biotechnology Industry Research Assistance Council (BIRAC), informed Dr.Rohit Sharma, the Project Leader of BioNEST. 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 2016 with generous funding support received from BIRAC and Panjab University, Chandigarh. Since its inception, the BioNEST-PU till date has been successful in having more than 16 Innovators on-board as resident startups and/or entrepreneurs. Notably, the BioNEST-PU is one of the youngest bio-incubators in India, and is the only university-backed bio-incubator in the North India to have received this type of investment support for young startups. Dr. Rohit Sharma informed that Seed Fund investments are regarded as a critical support component in a strategic investment plan to help startups grow. The SEED Fund by BIRAC was launched with an agenda to provide Grant-in-aid assistance to BIRAC funded incubators. Through the SEED Fund, startups with new and innovative ideas and technologies will be supported with capital assistance through the bio-incubator. 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 startup and its potential market. The qualifying startups will further be supported to obtain funding from resources like angel funders, venture capitalists or commercial banks/financial institutions. He further informed that “The incubator has to hand-pick some startups 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 startup and its implementation. The SEED Fund will prove to be one of its kind support system for biotech startups to be made stand-alone entities in the actual market. The BioNEST-PU already has approximately 5 startups/entrepreneurs at a graduating stage and anticipates the entry of 2-3 young startups in the coming year- all of which and more, can be the potential beneficiaries of SEED Fund without having involved any third party support.