Research and Innovation Circle of Hyderabad (RICH) is inviting applications for their start-up accelerator program from promising start-ups and entrepreneurs wishing to fast-track their diagnostic product to market.
According to experts, the diagnostics services industry in India is expected to grow at a CAGR of approximately 16%, exceeding Rs 1 lakh crores by 2022. The COVID-19 pandemic has provided a boost to this market, with companies experiencing surging demands for technologies ranging from telemedicine to rapid testing kits and precision medicines for life-threatening diseases. For start-ups in the medical diagnostic space, the post-COVID world provides a unique opportunity to solve the latent and stated health and wellbeing needs of millions of people across the world.
Hyderabad, capital of the state of Telangana, is a hotspot of innovation, especially in the field of med-tech, and is best suited to take on this initiative. Dubbed the “Pharma Capital of India,” Hyderabad contributes to roughly 35% of the country’s pharmaceutical output. Hyderabad is also home to India’s largest med-tech park and coronary stent manufacturing facility, a large number of research institutions, and over 15 life science incubators and other supporting facilities set up by the state. It is expected that this scientific-entrepreneurial ecosystem will help the start-ups grow.
Backed by the Government of Telangana, and the Office of Principal Scientific Adviser to the Government of India – RICH aims to transform the scientific startup ecosystem, by focusing on enabling inventions and innovations to reach the market. “Innovation in Science has demonstrated its ability to transform the world. In Diagnostics, Indian scientists, engineers, and data experts are rapidly innovating new products that can help humanity to identify and overcome many diseases expeditiously. We will give the best among them, the full complement of support to help them succeed” says Ajit Rangnekar, Director General, RICH.
AID is conceived by RICH as a multi-stakeholder alliance whose goal is to identify and nurture the best start-ups in the diagnostics space. Mentored by an expert panel of entrepreneurs, scientists, inventors, and innovators; supported by the Centre for Cellular and Molecular Biology (CCMB), Hyderabad – AID is expected to help start-ups overcome all hurdles – both conceptual and infrastructural – to realize their full potential.
As part of the AID program, RICH is currently inviting applications from start-ups, entrepreneurs, researchers, and academic institutions in the in vitro diagnostics sector for their accelerator program. The program is open to start-ups with a completed proof of concept, and rewards are priceless!
The applications will be evaluated by a panel constituting thematic experts and industry leaders. The most promising start-ups selected by the panel will gain the golden opportunity to undergo incubation at premier research institutes like CCMB, with access to high quality laboratory facilities and equipment; one-on-one mentorship from the top technical and business experts in the industry; access to hospital test beds for samples, testing, and validation; potential investors and industry connects; and seed grants to start-ups that successfully graduate from the cohort! In short, RICH will support these start-ups with the guidance and mentorship to accelerate their growth and ultimately open doors to the industry.
The deadline for applications to the AID program is 17 February 2021.