BFI Biome Virtual Network Program

23.04.2024

BFI Biome Virtual Network Program

Why in the news?                          

           Centre for Cellular and Molecular Platforms (C-CAMP) has joined the Block chain for Impact (BFI) Biome Virtual Network Program to accelerate transformative healthcare solutions.

About BFI Biome Virtual Network Program:

• It will nurture cutting-edge biomedical science and innovation and accelerate the impact of transformative scientific advances in moving the needle for key healthcare challenges in India.
• It has a robust pipeline of biomedical innovations in several critical areas such as infectious disease diagnostics, antimicrobial resistance, cell therapy, immune-oncology, regenerative tissues, and digital health tech to name a few.
• It unites incubators and research institutes under a single umbrella. It fosters collaborations among the stakeholders in the translational pipeline, the process of transforming research discoveries into real-world applications.
• Through this program, BFI will allocate over $ 200,000 over the course of three years, leveraging C-CAMP’s expertise to develop essential programs for healthcare-based startups.

What is C-CAMP?

• It is an initiative supported by the Department of Biotechnology and has been a catalyst of cutting-edge research and innovation in the life sciences since 2009.
• It is mandated to promote entrepreneurship and innovation. It has created and fostered an entrepreneur-friendly culture in and around the Academic/Research environment through its involvement in Seed Funding Schemes for Startups.      
• It is also a member of the Bangalore Life Sciences Cluster (BLiSC). They facilitate Bioscience Research and Entrepreneurship by providing Research, Development, Training and Services in state-of-the-art Technology Platforms.     

About Seed Funding Scheme for Startups:

• It is a flagship scheme launched in April 2021 under the Startup India initiative.
• Aim: Financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization.
• It is implemented with effect from 1st April 2021 for the period of 4 years with a corpus of Rs.945 crores.
• Nodal Department: Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry.

Funding of the scheme:

• An Experts Advisory Committee (EAC) has been created by DPIIT to execute and monitor the SFS.
• The EAC will select eligible incubators who will be provided grants of upto Rs 5 Crores each.
• In turn, the selected incubators will provide startups with up to Rs 20 lakhs for validation of Proof of Concept, prototype development, and product trials to startups.

Eligibility criteria for Startups:

• A startup recognized by DPIIT incorporated not more than 2 years ago at the time of application.
• The startup must have a business idea to develop a product or a service with a market fit, viable commercialization, and scope of scaling.
• The startup should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted.
• Startup should not have received more than Rs 10 lakh of monetary support under any other Central or State Government scheme.
• Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme.               

                                                                     Source: The Hindu