The IIT Madras has established an incubator for biotechnology start-ups to foster Indian biotech innovation and entrepreneurship.
With the support of Biotechnology Industry Research Assistance Council, the IITM Bioincubator, a part of the incubation cell, will help start-ups and small and medium size enterprises develop globally competitive products for the market.
It offers lab and office space, equipment, centralised utilities for process and product development to help technologies mature and attain commercialisation. This opportunity is offered to researchers with nascent ideas who want to develop processes and commercialise their product, according to a press release from the IIT Madras.
Entrepreneurs can use this as a platform to gain technical advice from the expertise of the Institute’s faculty and researchers to realise business opportunities. Other support services like accounts and tax, company secretary-ship, legal, HR, audit, IP, access to funds, investors, mentors, advisers and consultants, training programs, and networking events are also made available In collaboration with the IIT Madras Incubation Cell. The Bioincubator will also provide training through workshops to develop skills.
Four companies have been identified as the incubatees for the first phase. Three of the companies have been started by doctoral students from the IIT Madras Biotechnology Department.
Identified companies:
1. Purius Nanosystems Pvt Ltd - Point-Of-Care Testing devices to conduct Single tests for Tuberculosis bacilli or multi-drug resistant TB, Malaria, Hepatitis B Virus or panel tests for HIV and Hepatitis B Virus.
2. FIB-SOL Life Technologies Pvt Ltd – development of low-cost bio-fertilisers
3. Vital Bio-scientific Solutions – development of a model to simulate a system's reaction to a drug
4. Yaathum Biotech - development of diagnostic test kits for make possible the identification of full range of drug resistant tuberculosis strains in a single test.