Established in year 2009, KIIT Technology business Incubator (KIIT- TBI) is the first bioincubator in the state of Orissa and one amongst twelve others supported by the Biotechnology Industry Research Assistance Council (BIRAC) accross India. With support from the National Science and Technology Entrepreneurship Development Board (NSTEDB), department of science and technology (DST), it was registered as a section 25 (non-profit) company in the same year.
The KIIT-TBI has a broader vision and mission of transforming research developments into commercially-feasible technologies for the benefit of society. It works on a mission to inspire young minds and nurture the bio-entrepreneurs to enable them to establish small, medium bio-enterprises. It provides the necessary infrastructure, technical and scientific inputs, mentoring and networking for the start-ups. Additionally, it is working on capacity building program to create awareness and to promote bio-entrepreneurship.
The bioincunator focuses mainly on biotechnology, information and communication technology (ICT) and engineering sector. Recently in Feburuary 2013, KIIT-TBI received funding support from DBT-BIRAC under the BioIncubator Support Scheme (BISS) to strengthen its bioincubator facilties.
The objective behind its establishment is the promote bio entrepreneurship and to provide a platform or support system for translating ideas to develop products or services that may lead to business. The biotech industries in the state of Orissa are at a very early stage of development and somehow the ecosystem is not yet developed. Therefore, the biotech R&D innovations and inventions and academia-industry technology transfer leading to licensing and new product development are a major gap here. This was the driving factor for the establishment of KIIT-TBI.