Team GBIOFIN with the students at an event!
Having started with an initial capital of Rs three lakh from their personal savings, three students , Nimish Gopal from IIT Roorkee, Asif Razzaq belonging to Integral University, Lucknow and Vaibhav Shah from Mumbai University, contributed equally while simultaneously working part time to fund their idea. Behind the establishment of their company GBIOFIN, was an aim to create awareness among students, to let them know the importance of this field, the opportunities in it. Interestingly the name GBIOFIN stands for 'Gate to Biotech Industry Organizations and Foundations in India'.
From an initial step of simple Facebook Group in September, 2011 being at college to launching an official website office in Mumbai within months on January, 2012, the company has certainly created a niche for itself. It claims to be currently holding approx fifty student partners across the country. According to Nimish Gopal, co-founder and director, GBIOFIN "Since then we have been bootstrapping ourselves. The best part of our organization has been we are guided and being mentored by the best professors, scientists and industrialists in Biotech Sector from around the world. Preaching the philosophy of creating jobs and Biopreneurship is our Hallmark!"
The business model of GBIOFIN is based on the memberships, tie ups with various institutes and working on revenue share basis, The services with nominal registration fees, conducting workshops and conferences. "We have been able to break even the revenue. Also our flagship program of GEIC has got the tremendous response so far which helped us to bootstrap. We boast of helping 500+ students directly through our programs so far. We have not yet received any support from the govt. or National governing bodies but are hoping that with our results and the work done the day is not far when we will be acknowledged, mentions Vaibhav Shah, another co founder and director of the company.
Multitasking and collaborating is the mantra
In this period of one and half years company has gained a lot in terms of brand value with the unique services and innovative ideas that have been implemented for the welfare and growth of biotech sector. Company has opened two offices, one each in Mumbai and Delhi and planning to expand into other cities as well. The company has gained good volume of external advisors from India and abroad which include Dr Shailendra Vyakarnam, director, Judge Business School, Cambridge university, Ms Chanda Zaveri, founder of Actiogen and Skin Healix, USA.