The 'biotechnology ignition grant' (BIG) programme was announced by secretary in the Department of Biotechnology M K Bhan.
The grant will support developing discoveries into marketable product or intellectual property, he said.
Entrepreneurs, students, academicians and scientists with industry research experience or researcher from academia are eligible for the grant.
Biotechnology Industry Research Assistance Council would invite proposals for the grant at least twice a year and the scheme will be implemented through BIG partner across the country.
The partners such as IKP knowledge park, Hyderabad, Centre for Cellular and Molecular Platforms, Bangalore and Foundation for Innovation and Technology Transfer, New Delhi would provide mentoring and hand-holding activities related to mobilising resources, legal and contracts, etc.
Proposal submission would start tomorrow and would close on July 15.