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FITT Organises a workshop for innovation in Biotechnology and healthcare sector

While most of us are totally engulfed in the venture-capitalist propaganda, hardly do we understand how much of our shares they eat up. For a grant of ten to twenty lakhs, they usually take a five to ten percent share, and we all know how much twenty lakh actually means in the sector of innovation and development.

This is partly due to the information gap between FITT, the foundation for innovation and technology transfer, an ‘industrial interface organization’, and the students studying here. This gap is wide and not narrowing as of now. But, with this article, we aim to narrow just that, providing an opportunity to more students for funding without venture capitalists eating away too much for what they pay us.

FITT, in its workshop talked about two major funding opportunities: the Biotechnology Ignition Grant, otherwise known as BIG, a grant worth up to fifty lakhs, and Pfizer – IIT Delhi Innovation and IP Program, or PIDIIP, a popular, speedy and reliable grant, again worth up to fifty lakhs, both being awarded to innovation in healthcare and biotechnology sector.

With BIG being an indirect subsidiary of the Indian government, it focuses on developing the biotechnology sector in India, providing funding and mentorship to selected models

BIRAC believes that the “bio-innovation capital” of the nation would come from novel ideas which have a commercialisation potential and that evolve out from start-ups or academic spin-offs. BIRAC’s strategy is therefore to support the numerous exciting ideas which have an unmet need for funding and mentorship. This strategy is fulfilled through a grant funding scheme called Biotechnology Ignition Grant (BIG) which is available to scientist entrepreneurs from research institutes, academia and start-ups. The Applicant must be either an incubatee or have a registered company with a functional R&D laboratory to be eligible for this grant. The scheme is designed to stimulate commercialization of research discoveries by providing very early stage grants to help bridge the gap between discovery and invention.”


Biotechnology Ignition Grant Scheme, a funding opportunity from BIRAC


Pfizer, on the other hand, is an American pharmaceutical company which has teamed up with FITT, IIT Delhi. It provides Resident Incubation and IP support for technology ideas relating to medical/Health biotechnology, Medical devices/Biomaterials/ Diagnostics which may involve inter-alia.

The Pfizer-IIT Delhi Innovation and IP Program is a collaborative incubation accelerator - co-created by Pfizer and Foundation for Innovation and Technology Transfer (FITT) at the Indian Institute of Technology Delhi (IIT Delhi).

The Program will provide - funding, resources, expertise and infrastructure – to propel India’s healthcare innovations from idea to IP.

Pfizer funding through this program will provide an unencumbered grant of up to Rupees 50 lakhs to each innovator – selected through an appropriately drawn up process.

Patents obtained as a result of the incubation shall belong to the innovators, who will be free to commercialize them as they desire.”

PIDIIP Program, a funding opportunity sponsored by Pfizer

These opportunities, discussed in the workshop, are of course just two of the multitude of funding opportunities available from FITT, which has long supported all types of innovation that might be useful to the society, or a great entrepreneurship design.

More details at: http://bsp.iitd.ac.in/pdfs/fitt.pdf

 

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