Karnataka government has set an example by granting a total of Rs 10.7 cr to 26 innovative biotech start-ups.
“Keeping with its tradition to promote and nurture innovative ideas that can bring change in the society, the Department of IT and BT of will support these start-ups to develop ideas, technologies and products which can have significant impact on the lives of people,” said Priyank Kharge, Karnataka minister for IT, BT & Tourism.
The 26 winners of the Idea2PoC (proof of concept), an initiative organised by the Karnataka Startup Cell, Department of IT, received cheques up to Rs 50 lakhs (each) in the first tranche from the minister on Tuesday.
Idea2PoC, part of India’s first multi-sector Startup Policy, was implemented by Bangalore Bioinnovation Centre (BBC), a Section 8 company set up by KBITS to nurture and promote startups in the field of biotechnology.
“The Policy looks forward to nurture technology-based start-ups and product-based firms with the support of industry and investors. Further, this initiative is aimed to discover and encourage innovators who will need early stage funding to boost commercialization of research discoveries and help in validating proof of concept as well as assistance in certification, pilot scale manufacturing and relevant activities,” said Kharge.
“Our focus is to create a strong start-up ecosystem with ideation at the bottom of the pyramid. These are not relationships based on a single conference meeting, but ones that are forged through meaningful experiences we have gone through together,” said Gaurav Gupta, Karnataka Principal Secretary, Department of IT, BT.