Karnataka govt grants Rs 10.7 cr to bolster 26 BioTech start-ups

The Karnataka Government said it has granted Rs 10.70 crore to 26 start-ups in the BioTech sector to bolster innovation. The 26 winners of the Idea2PoC (proof of concept), an initiative organised by the Karnataka Startup Cell, received cheques ranging upto Rs 50 lakh (each) in the first tranche from IT, BT & Tourism Minister Priyank Kharge.

The Department of IT and BT will support these start-ups to develop ideas, technologies and products which can have significant impact on the lives of people, a release said.

“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,” Kharge said.

Idea2PoC was implemented by the Bangalore Bio-innovation Centre (BBC), set up by Karnataka Biotechnology and Information Technology Services (KBITS) to nurture and promote start-ups in the field of biotechnology. The Department of IT, BT said it intends to not only support with funding, but also become partner in their journey.

Source: Times of India