Karnataka grants Rs 10.70 crore to 26 startups in biotech sector
The department of IT and BT will support these startups to develop ideas, technologies and products.bengaluru Updated: May 09, 2017 18:29 IST
The Karnataka government on Tuesday said it had granted Rs 10.70 crore to 26 startups in the biotechnology sector to bolster innovation.
The 26 winners of the Idea2PoC (proof of concept), an initiative organised by the Karnataka Startup Cell, received cheques ranging upto Rs 50 lakh each from IT, BT & tourism minister Priyank Kharge.
The department of IT and BT will support these startups to develop ideas, technologies and products which can have significant impact on the lives of people, a release said.
Idea2POC offers entrepreneurs a holistic support system to explore, develop and launch their best ideas.
“The scheme is designed to identify, mentor and fund enterprising biotech startups in Karnataka who can create a deep social impact on the lives of people of Karnataka,” Kharge said.
Idea2PoC was implemented by the Bangalore Bioinnovation Centre (BBC), set up by Karnataka Biotechnology and Information Technology Services (KBITS), to nurture and promote startups in the field of biotechnology.