Regulatory Information Facilitation Center
Venture Center has recently launched a Regulatory Information and Facilitation Centre (thanks to generous and far sighted support of BIRAC) recently to fill-in a very important information gap and source of uncertainty/ risk for startups developing regulated products in healthcare, agriculture and food/ nutrition.
The Regulatory Information and Facilitation Center (RIFC) is a joint initiative of Venture Center and BIRAC under the BIRAC Regional Bio-Innovation Center (BRBC) program. The RIFC aims to assist bio-entrepreneurs in planning, seeking and securing regulatory approvals. The RIFC plans to achieve this by providing information in an entrepreneur-friendly manner, providing access to experts and regulators, providing access to practical insights from other entrepreneurs, providing services and organizing relevant and useful events.
Initially, the RIFC will focus on medical products regulations and later expand to other regulated products. Key activities planned under the aegis of RIFC includes services to innovators and entrepreneurs, information resources, R Clinics (Regulatory Clinics) and workshops. An important contribution will be to provide startups with regulatory roadmaps so that they can use that for better planning of their businesses and reduce uncertainties during fund raising activities.
NIDHI Center of Excellence
The National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology (DST), Government of India has awarded Venture Center with the status of a NIDHI Center of Excellence. (NIDHI is the acronym for National Initiative for Developing and Harnessing Innovations — an umbrella programme conceived by DST). This award is accompanied by a grant for a 5 year duration to help Venture Center scale-up its activities and incubation program, upgrade certain facilities, and expand incubation programs and networks to reach global benchmarks.
Venture Center is very excited and grateful for this recognition and support since it allows Venture Center to act on some critical areas to maintain its momentum and growth. Venture Center proposes to add 40,000-50,000 sqft of new space. It will add new scientific support facilities and upgrade some others. Venture Center is also launching several new initiatives to be able to create a larger pipeline of incubatees and support a much larger portfolio of incubatees. Venture Center is also planning new verticals and incubation models. A key goal is also to a help startups go global and open up new networks especially with industry and business experts.