Special Incubation Cell To Help Start-up and SMEs | SupportBiz


Special Incubation Cell To Help Start-up and SMEs

Four companies have been picked for the first phase

Chennai: IIT Madras has started a special cell to help biotechnology start-ups innovate products and launch them in market.

The joint initiative of BIRAC (Biotechnology Industry Research Assistance Council, Govt of India) and the IIT-M Bioincubator, aims to help start-ups and SMEs develop globally competitive products and launch them in the market successfully.

Bhaskar Ramamurthi, Director, IIT Madras inaugurated the facility at IIT-M's Research Park campus. A total of four companies -- Purius Nanasystems Pvt Ltd, FIB-SOL Lfe Technologies Pvt Ltd, Vital Bioscientific Solutions and Yaathum Biotech have been identified as the incubatees for the first phase.

Similiarly Madhya Pradesh government has initiated discussions with Kochi-based incubator Startup Village seeking its support and expertise in setting up a similar incubation facility in the state.

A high-level delegation led by M Selvendran IAS, managing director of Madhya Pradesh State Electronics Development Corporation (MPSEDC), held talks with Startup Village CEO Pranav Kumar Suresh and the management team at Startup Village in this regard.

The delegation also studied the method of functioning and other activities of the incubator. They also discussed the Kerala Government’s Student Entrepreneurship Policy which is aimed at promoting entrepreneurship culture among the youth in the state.

“We are very impressed by Startup Village’s functioning and are exploring the possibility of setting up a similar facility in Madhya Pradesh. We plan to seek support from the management and the technical team of Startup Village to devise a strategy to build a similar incubator in the state,” said Selvendran said after the visit.

“It is truly a recognition for Startup Village’s efforts over the last 30 months in creating an ecosystem which supports young entrepreneurs. We are in the process of bringing out a blueprint on creation of innovative ecosystems that can be adopted by states across India,” said Startup Village chairman Sanjay Vijayakumar.