Karnataka govt grants Rs 10.70 cr to 26 startups in BT sector

Bengaluru, Press Trust of India, May 9 2017 The Karnataka Government today said it has granted Rs 10.70 crore to 26 startups in the BioTech 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) in the first tranche from IT, BT & Tourism Minister, Priyank Kharge here. The Department of IT and BT will support these startups todevelop 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. The Department of IT, BT said it intends to not only support with funding, but also become partner in their journey.