The Research and Innovation Circle of Hyderabad (RICH) announces the launch of Cohort 2 of its Acceleration Initiative for Diagnostics (AID) program to help diagnostic start-ups reach maximum potential
Research and Innovation Circle of Hyderabad (RICH) is inviting applications from promising start ups and entrepreneurs for the second cohort of their start up accelerator program Acceleration Initiative for Diagnostics (AID).
The AID program was launched in January 2021, in response to the burgeoning diagnostics services industry in India, which, according to a study published in August 2020 was expected to grow at a CAGR of approximately 16% accounting to approximately Rs.802 billion ($ 12.3 billion). Designed as a multi-stakeholder alliance to identify and nurture the best start ups in the diagnostics space, RICH-AID is aimed at building a strong ecosystem of start ups, innovators, hospitals, clinicians, and mentors to help start ups get access to facilities, equipment and expertise. The program has been developed out of a perceived need to address the challenges faced by start ups in the rapidly growing med-tech domain—ranging from the inability to access equipment, clinical samples, and research expertise to a lack of mentorship and difficulties in outreach.
The first cohort received an overwhelming response, with over 75 applications from entrepreneurs and start ups across the med-tech ecosystem, across India, Canada, USA and South Korea. 10 of these applicants were shortlisted after a rigorous selection process and are currently being virtually incubated at AIC-CCMB.
Ajit Rangnekar, Director General of RICH, says, “AID was designed to leverage the unique mix of industry, hospitals, clinicians and mentors we have in Telangana, and Hyderabad in particular. With the first cohort we have been able to support the start-ups with valuable contributions ranging from access to test beds to help with navigating the regulatory framework and certification for diagnostic devices in India. We have also set them up for individualised mentor sessions with our experts to help them resolve specific challenges. And this is merely the first phase of our 5-year long association with the start-ups. We will continue to help them fast track to market. I want to invite more medtech start-ups to take full advantage of all the opportunities, such as preparation for funding from start-up schemes, excellent facilities, tailored expert support, that Telangana has to offer. Do apply for our second cohort of AID.”
As part of the Cohort 2, RICH is currently inviting applications from start ups, entrepreneurs, researchers, and academic institutions in the in vitro diagnostics sector for their AID program. The program is open to all start ups in the in vitro diagnostics sector with a completed proof of concept.
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 the Centre for Cellular and Molecular Biology (CCMB), with access to high quality laboratory facilities and equipment; Incubation at I-Venture@ISB with access to ISB network of 12500+ Alumni across 60+ countries and 400+ cities; 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 30 November, 2021.
RICH is an initiative launched by the Government of Telangana. RICH is designated as Hyderabad City Knowledge and Innovation Cluster, a Mega-Cluster initiative of the Office of Principal Scientific Advisor (PSA) to Government of India. RICH aims to create a knowledge base and drive innovation for addressing critical local i.e. city- and state-level problems. It involves solving complex challenges by creating collaborative networks by and between national research and academic institutions, industry, associations, start ups, civil society entities, state government, and central ministries.