Industry

Policy for start-ups on the cards

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The Department of IT and BT is working towards a ‘Start-up Policy’, which would be the first such legislation for start-ups in the country, Director of Information technology and Biotechnology at the department Tanusree Deb Barma said here on Saturday.She was speaking at the launch of Escape Velocity Accelerator (EVA), a business accelerator to assist companies in the bio-economy sector with technology, mentoring and productisation. While the Start-up Act is in a draft stage, the Karnataka IT ITeS Innovation Incentives (i4) Policy already declares the enablers for start-up ecosystem, she later told The Hindu. Under the i4 policy, the Department of IT BT S&T acts as a single-window agency for clearances for startups.

Challenges

While the bio-economy ecosystem comprises a young and talented workforce, the challenges before the sector are many: a weak mentor network, poor angel and institutional funding and a lack of access to end-markets, said Anand Anandkumar, one of the founders of EVA and CEO of Bugworks.

The biotechnology industry, which is now worth $5 billion, can only hope to reach the $100-billion target set for it “through non-linear and disruptive innovation,” said Mr. Anandkumar. EVA hoped to ride this ‘perfect storm’ to spur acceleration in the bio-economy ecosystem, by providing hands-on mentoring, access to infrastructure and to bio labs at subsidised rates, he added.

The business accelerator was looking “to nudge companies to converge at the cusp of IT, engineering mobility, data analytics and bio innovation.” Innovation is critical for India, a country that bears 21 per cent of the global disease burden, said Vishal Bali of MedWell Ventures.

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Printable version | Jan 28, 2020 3:39:59 PM | https://www.thehindu.com/business/Industry/policy-for-startups-on-the-cards/article6229160.ece

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