The Indian Institute of Technology (IIT) Madras - South India's premier engineering and research institution - has established an incubator for biotechnology start-ups to foster innovation and entrepreneurship in the southern region of India. The incubator was inaugurated on December 11, 2014 by Mr Bhaskar Ramamurthi, Director, IIT Madras.
The bio-incubator is said to be ideal for budding entrepreneurs who need a nurturing environment to help bring their product to market and for companies who need a platform for trying new processes or technologies. The bio-incubator is open to researchers with a promising idea for a product that can be commercialized as well as start-up companies seeking to scale-up and enter the market.
The IITM Bio-incubator is funded by the Biotechnology Industry Research Assistance Council (BIRAC), under the Bio-Incubator Support Scheme (BISS) of the Department of Biotechnology, India. IITM bio-incubator has been established with a primary objective of fostering Indian biotech innovation and entrepreneurship and it aims to enhance R&D capabilities of start-ups and SMEs in order to develop globally competitive products.
The incubator offers lab and office space, high-end equipment, scale-up facilities, technical support and centralized utilities for process development to help technologies mature and attain commercialization. It is offered to researchers with nascent ideas, who want to develop processes and to commercialize their product, and also as an R&D base for companies to try new technologies. It is a platform for entrepreneurs to gain technical advice and researchers to realize business opportunities.
The incubator can also be used to provide training and workshops to develop skills related to development and commercialization of the product.