Government launches equity fund for biotechnology

The government has launched BIRAC AcE Fund aimed at addressing the pressing needs of accelerating the growth of entrepreneurs in the field of biotechnology. The fund will be operated by Biotechnology Industry Research Assistance Council (BIRAC) with incubators and business accelerators as its partners. With this move, the government has taken a major step towards changing the landscape of the biotech start-up ecosystem in the country. “This is important and a major decision wherein the government will be a partner in equity funding for start-ups,” said Y S Chowdary, minister of state for science & technology, adding that a help-desk is proposed to be set up in his ministry for people wanting to know of these schemes.
 
BIRAC was established under the aegis of the department of biotechnology, ministry of science & technology, government of India as a public sector undertaking three years ago and is mandated to foster and promote innovation research in biotech industries specially start-ups and SMEs. Today, BIRAC has more than 100 young entrepreneurs, nearly 250 companies and start-ups and 15 incubators supported as an important part of the innovation ecosystem of the country.