Bio-incubation allows harnessing of the entrepreneurial potential of startups by providing access to infrastructure, mentoring as well as networking platforms that the startups could use during their fledgling days. It helps the young entitites to survive by providing them specialised support services during the critical period of a business venture i.e. the start-up phase.
While the Bioincubators are able to support the “Space, Services and Knowledge” requirements of startups, wide gap exists in financial support required by a technology driven start up in the initial phase. BIRACs initiative -Sustainable Entrepreneurship and Enterprise Development Fund (“SEED Fund”) primarily aims to address this need through the Incubators.
The basic idea of SEED Fund is providing Capital assistance to startups with new and meritorious ideas, innovations and technologies. This would enable some of these start-ups to graduate to a level where they will be able to raise investments from angel/Venture capitalist or they will reach a position to seek loans from commercial banks /financial institutions. Thus the proposed seed support is positioned to act as a bridge between promoters investment and Venture/Angel investment. This is not an investment scheme, but, rather a support scheme to enable start-ups and incubator to attain sustainability.