The Biotechnology Industry Research Assistance Council (BIRAC) has
launched an equity fund “BIRAC AcE Fund” to address to accelerate the
growth of entrepreneurs, in the field of biotechnology. The equity fund is aimed at addressing the pressing needs of accelerating the growth of entrepreneurs, in the field of biotechnology. This fund will be operated by BIRAC, a public sector undertaking under the department of biotechnology, ministry of science & technology, Government of India with incubators and business accelerators, as its partners.
The minister of state for science & technology and earth sciences Y S Chowdary announced the launch of–“BIRAC AcE Fund” on March 19.
Speaking on the occasion of the third foundation day of BIRAC in New Delhi yesterday, the minister expressed hope that this major step taken by the government would dramatically change the landscape of the biotech start-up ecosystem in the country. He said that this is important and a major decision wherein the government will be a partner in equity funding for start-ups. The minster also mentioning several budgetary provisions that are aimed at encouraging self employment and start ups said that a help-desk is proposed to be set up in his ministry for people wanting to know of these schemes.
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