 "IIT-M launches Biotechnology Incubator")
The Incubation Cell of IIT-M is currently incubating 30 start ups a year and with the launch of the Incubator and one more incubator to join soon, this is expected to go up to 50 companies a year, said Ashok Jhunjhunwala, faculty-in-charge, IIT-M Research Park and Co-Chairman of IIT-M Incubation Cell.
The Biotech incubator is aimed at heling start-ups and SMEs develop globally competitive products and launch them into the market successfully, said the institution. The biotech start ups require a longer time to break even, at least 10 years, compared to an IT start up which might break even in 3-4 years, said Srikumar Suryanarayanan, CEO, Sea6 Energy, an expert in Biotech sector in the country.
The start ups in the sector would also require costly equipments compared to other start up businesses, to take up their projects properly, he added. The Biotechnology Industry Research Assistance Council, a public sector enterprise, is currently offering support to start ups and SMEs in the sector and currently support 120-130 companies including oveer 100 enterprenuerial ideas.
Four start ups - Purius Nanosystems Pvt Ltd which is working on point-of-care testing devices for single tests for Tuberculosis Bacilli, Malaria, Hepatitis B Virus or panel tests for HIV, FIB-Sol Life Technologies Pvt Ltd which develops low-cost bio fertilisers, Vital Bioscientific Solutions which develop model to simulate a system reaction to a drug and Yaathum Biotech which develops diagnostic test kits to identify full range of drug resistant TB strains in a single test - has been identified as the incubatees for the first phase.