RICH shortlists first cohort of startups under AID programme
The Acceleration Initiative for Diagnostics programme has been developed to address the challenges faced by startups in the med-tech domain.
Hyderabad: Research and Innovation Circle of Hyderabad (RICH) shortlisted its first cohort of startups under the Acceleration Initiative for Diagnostics (AID) programme, designed as a multi-stakeholder alliance to identify and nurture the best startups in the diagnostics space.
RICH-AID is aimed at building a strong ecosystem of startups, innovators, hospitals, clinicians and mentors to help startups get access to facilities, equipment and expertise. The programme has been developed out of a perceived need to address the challenges faced by startups 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 programme will also help boost Hyderabad, contributing roughly 35 per cent of the country’s pharmaceutical output, as the “Pharma Capital of India,”. RICH-AID will leverage the existence of India’s largest med-tech park, a large number of research institutions, and over 15 life science incubators and other supporting facilities set up by Telangana.
Ajit Rangnekar, director general, RICH, said, “The Covid-19 pandemic has underlined the need for accelerated research in diagnostics followed by a rapid go-to-market for such innovations which can help us deal with such medical emergencies.”
“In Hyderabad we already have a fertile ecosystem of industry, hospitals, clinicians and mentors. With the AID programme we hope to bring all of these together in a manner which can best help young innovators convert their ideas into viable business propositions. This cohort is just the first of many such startups we hope to engage with and help transform the diagnostics space not just in Hyderabad but across India,” he added.
Originally announced on the 28th of January 2021, the AID programme saw an enthusiastic response from entrepreneurs and startups across the med-tech ecosystem. A call for startups in the in-vitro diagnostics sector to sign up for the AID Programme attracted 76 applications received from India, Canada, USA, and South Korea.
The entries were evaluated by a panel constituting thematic experts and industry leaders. The selection of the final startups for the AID Programme was on the basis of a number of criteria such as solution USP, technical strength, usability and scalability, readiness, validation, fit for purpose, commercial roadmap, among others.
The 10 shortlisted startups include Hyderabad-based Aidia Health, Healthkon, Onward Assist and Sparcolife, Bengaluru-based Aikenist Technologies, Pune-based Briota Technologies, Kochi-based Medtra Innovative Technologies, New-Delhi-based Medzak Healthcare, Guwahati-based Primary Healthtech and Toronto-based Enrich Bioscience.
The short-listed start-ups will receive benefits over the coming six months, including incubation at AIC-CCMB (Atal Incubation Centre – Centre for Cellular and Molecular Biology), access to testbeds under the Project Tej scheme at partner hospitals, access to test samples, and validation support.
They will also, based on their specific requirements, receive one-on-one mentorship from the top technical and business experts in the industry and vital connections with potential investors and industry organizations. The startups will also receive an acceleration grant of Rs 2 lakhs each. RICH has on boarded over 20 mentors encompassing various expertise areas.
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