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BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL
BIRAC LEAP (Launching Entrepreneurial Driven Affordable Products) Fund
The Entrepreneurship Development Center (Venture Center) is hosting a fund under the scheme "LEAP (Launching Entrepreneurial Driven Affordable Products) Fund" of the Biotechnology Industry Research Assistance Council ("BIRAC LEAP Fund")
BIRAC LEAP Fund is meant to provide capital assistance to startups with new and meritorious ideas, innovations and technologies. This would enable some of these start-ups to pilot/commercialize their products/technologies. Thus the proposed funding support is positioned to act as a catalyst in bringing technologies/products forward piloting/commercialization and reducing their gestation period to commercialization.
Quantum of financial assistance to one start up will be up to Rs 100 lakh
The BIRAC LEAP fund at Venture Center emphasizes:
- Alignment with Venture Center's Focus areas more specifically Biotech/Biomed
- Product offerings (vs service offerings)
- IP-rich enterprises
- Strong knowledge components in enterprises
The BIRAC LEAP fund is only for Indian start ups with minimum 51% ownership by Indian citizens (does not include OCI or PIO).
Here is a list of make/break criteria for applicants:
- There must be at-least one dedicated entrepreneur involved in the venture
- There must be a formal business plan
- The idea and team should be technically sound
- The venture and the team must have high ethical & professional standards
- The venture must have a strong technology/knowledge component
- EHS requirements must be met
- The team should show potential and credibility for raising money in future
- The venture must be registered as a private limited company, or must be in the process of registration
- The amount of funding requested must be less than Rs 100 lakh
- The entrepreneur(s) must be willing to share equity in the venture
Applications for the seed fund will be reviewed based on criteria such as (but not limited to):
- Is amount of funding requested enough to reach critical milestone?
- Does the venture have a clear, potentially significant/singular value proposition
- How big/fast growing is the potential market?
- Are target customers clearly identified?
- How credible is the technology? (Is PoC credible in the opinion of subject-matter experts?)
- Are there regulatory/certification/policy risks?
- What are the sources of sustainable competitive advantage (eg. novelty, patentability, etc.)?
- What is the quality of the business plan (revenue model, product roadmap, market segments, etc.)?
Typical terms for seed funding:
- Selected startup should be resident incubatee of Venture Center at the time of BIRAC LEAP fund investment
- Investment mode: Equity ownership in a private limited company
- Investment amount: Up to 100 lakh
- BoD representation: 1 Board Nominee Director and/or observer of Venture Center
- Reporting: Bi-annual presentation to LEAP Fund committee + Annual financials/MIS
Application deadline is 21st April 2019.
Incubatees and other Interested start-ups are encouraged to contact Venture Center for further information at email@example.com / 020 25865877/78/76