Call open for BIRAC LEAP (Launching Entrepreneurial Driven Affordable Products) Fund
The Entrepreneurship Development Center (Venture Center) is hosting a fund under the scheme “LEAP (Launching Entrepreneurial Driven Affordable Products) Fund” of the Biotechnology Industry Research Assistance Council (“BIRAC LEAP Fund”)
BIRAC LEAP Fund is meant to provide capital assistance to startups with new and meritorious ideas, innovations and technologies. This would enable some of these start-ups to pilot/commercialize their products/technologies. Thus the proposed funding support is positioned to act as a catalyst in bringing technologies/products forward piloting/commercialization and reducing their gestation period to commercialization.
Quantum of financial assistance to one start up will be up to Rs 100 lakh
The BIRAC LEAP fund at Venture Center emphasizes:
- Alignment with Venture Center’s Focus areas more specifically Biotech/Biomed
- Product offerings (vs service offerings)
- IP-rich enterprises
- Strong knowledge components in enterprises
The BIRAC LEAP fund is only for Indian start ups with minimum 51% ownership by Indian citizens (does not include OCI or PIO).
- Preferred category of startups: Science and technology-led deeptech startups; Inventive enterprises
- Preferred industry or market sectors: None
- Preferred stage: None
- Ticket size: Up to 100 lakhs
- Preferred instrument: Equity
- Investment philosophy: Create more resources for early stage science-led startups; Patient investors but realize that exits help direct funds to more startups; Co-investment by other investors is encouraged; Venture Center support should help the startup hit some key milestones.