An Equity Fund to Address to Accelerate the Growth of Entrepreneurs, in the field of Biotechnology Launched

The Minister of State for Science & Technology and Earth Sciences Shri Y.S. Chowdary today announced launching ofBIRAC AcE Fund. The Equity Fund is aimed at addressing the pressing needs of accelerating the growth of entrepreneurs, in the field of Biotechnology. This fund will be operated by Biotechnology Industry Research Assistance Council (BIRAC) a Public Sector Undertaking under the Department of Biotechnology, Ministry of Science & Technology, Government of India with Incubators and Business Accelerators, as its partners. Speaking on the occasion of the third foundation day of BIRAC in New Delhi today, the minister expressed hope that this major step taken by the Government would dramatically change the landscape of the Biotech startup ecosystem in the country. He said that this is important and a major decision wherein the Government will be a partner in Equity Funding for Start Ups. The Minster also mentioning several budgetary provisions that are aimed at encouraging self employment and start ups said that a help-desk is proposed to be set up in his ministry for people wanting to know of these schemes.