Even more critical is availability of right mentors and right advice at key stages of incubation. (Photo Courtesy: www.abcnewsradioonline.com)
It is currently funded by Biotechnology Industry Research Assistance Council (BIRAC), and incubates start-ups in the area of biotechnology.
In his special interview to BioSpectrum, Prof Guhan Jayaraman, department of biotechnology, Bhupat and Jyoti Mehta School of Biosciences, IIT-Madras, sheds light on how the government, industry and academia can collaborate together in revolutionizing the birth of biotech start-ups era.
Q: What is the incubation model that you follow at the centre?
Prof Guhan: Start-ups who are interested in being incubated have to apply through the website with a brief proposal. They will be called for a presentation before the Bioincubator Screening Committee consisting of academics, entrepreneurs, scientists from industry and medical institutions.
The committee selects them based on five criteria: Technical merit of the proposal, business strategy for commercialization, team expertise, availability of seed-funding or venture capital and compatibility with the infrastructure and space available in the bioincubator.
The selected companies are allowed to incubate for an initial period of 2 years which is extendable, depending on progress and financial sustainability of the incubated company and other assessment criteria.