The State government on Tuesday granted ₹10.7 crore to 26 biotechnology startups. This grant is part of the government’s move to promote and nurture innovative ideas that can bring about a change in society. The startups received grants ranging from ₹25 lakh to ₹49 lakh to develop various solutions.
According to a press release from the government, the Department of IT and Biotechnology will support these startups to develop ideas, technologies and products that can have significant impact on the lives of people.
The grants are part of the Idea to Proof of Concept Grant Scheme (Idea2POC) of the Karnataka Startup Policy 2015–20. Idea2PoC was implemented by Bangalore Bioinnovation Centre, a company set up by KBITS to nurture and promote startups in the field of biotechnology.
Minister for IT and Biotechnology Priyank Kharge handed over cheques up to ₹50 lakh to the startups as the first tranche of the funding.
“Idea2POC offers entrepreneurs a holistic support system to explore, develop and launch their best ideas. The scheme is designed to identify, mentor and fund enterprising biotech startups in Karnataka who can create a deep social impact on the lives of people of Karnataka,” said Mr. Kharge.
In March, the government selected eight tech-based startups in the tourism sector to develop ideas and products that will help promote and enhance the potential of the State.
The State unveiled its startup policy in November 2015 with the an aim of nurturing 20,000 technology-based startups and 6,000 product-based firms.
