Rejections, Failures, Uncertainties and.... Success - Life Science Startups, are you ready?

Disclosure: Following are reflections of my personal thoughts, learnings and acknowledgements. Reference to IKP Knowledge Park and BIG Program is in my individual capacity.

I wanted to reflect upon my experiences, the arguments I have had, and all those short misunderstandings with Innovators due to unfavourable or unexpected outcomes during #BIG (Biotechnology Ignition Grant) application process, I am glad that many are resolved with mutual acceptance after both sides had open dialogues to understand each other. BIG is an Ignition grant to support Idea to PoC level Scientific Innovations that are Novel, can create an Impact, solving an Unmet need and possibly have a Sustainable business model. Typically 100-120 BIG projects supported in a year. This folder provides some reference material to complete the application https://bit.ly/visuIKPBIG and you may email [email protected] for support with filling the application. It is advisable to share a non confidential presentation about the project preferably in the template provided in the folder while requesting for support.

Many Startups and Innovators say we received enough feedback and we have everything. I want to share some useful information regarding the BIG Evaluation process, this is applicable to most of the innovation based programs. All the programs have a structured evaluation and it is important to understand the evaluation criterion to improve the proposal and pitch better rather than getting into arguments. We must understand that most of the people are trying their best to help you succeed. Entire process of BIG Application is online, Please visit https://www.birac.nic.in/login.php for submitting the application. BIG Program is implemented through BIG Partners and IKP Knowledge Park is one of the BIG Partner. Please contact us for support with application. Once the application is submitted, it is evaluated online by Subject Experts, Industry Experts, IP Experts and Investment Experts. Broad Selection Criteria for Online review process is done under the following broad categories 1) Novelty of innovation and possible IP generation potential 2) Technology proposed 3) Team strength 4) Potential Impact 5) Access and Affordability to end users and 6) Sustainability - Commercialization Potential. Work plan, Execution capability and commitment along with the Unmet need, Value Proposition, Business viability and Entrepreneurial nature of the Team and project are given importance as well. Making an impactful proposal is possible by considering the following points: Title (crisp) Introduction (with data) Team (expertise and commitment) Milestones (quantitative and clear) IP Strategy (claims) Budget (justification) Value addition (how this is beneficial?) Differentiation (how this is different from existing tech?) Addressing pertinent questions like: Is it - of Faster turnaround? -Sensitive? -Easy to use? -Cost benefit? along witrh a detailed Competitive landscape with feature wise comparison table would be helpful.

I must admit, I was unable to help everyone who applied for BIG to get the BIG grant but we tried our best to lead them to succeess. If someone was disappointed with our support (not the outcome), my sincere apologies and please write to us and we will do our best to support them. Furthermore, I want to discuss 2 specific examples of 162 BIG Awardees supported by IKP - Lamark Biotech and Mestastop Solutions. Founders of both the Startups are Scientists with excellent knowledge of the Science that they are working on. The reason for taking these examples are 1. They applied multiple times 2. Team was convinced of their pitch (I was also convinced) 3. Team felt they have answered most of the queries 4. Not successful in previous rounds and most importantly 5. Successful now! I am personally very attached with sincere teams that are trying to make a difference! So naturally I was equally upset if not more than the team when they were not selected earlier. I must mention that there were numerous iterations (Applicants felt little frustrated with suggestions, several inputs - Technology positioning, Business model and Feasibility and End user acceptance, though turned out to be useful after incorporating) and both teams responded positively taking most of the suggestions. Finally, we are glad they are successful in BIG 18 and our team enjoyed contributing to their developments in their journey. During the process both the teams were able to raise external funds which is a testament to their commitment and vision. All the innovators who are taking up the entrepreneurial journey, wishing you success and want you to be prepared for the journey ahead. I would like to add, IKP Knowledge park as BIG Partner helped 162 teams to secure BIG Grant and I am equally proud that a total of 92 teams received BIG Award during my 3 years mentoring at IKP Knowledge Park as BIG Partner of BIRAC (12th BIG Call -12, 13th BIG Call -11, 14th BIG Call -14, 15th BIG Call -15, 16th BIG Call - 16, 17th BIG Call -16, 18th BIG Call -8). Link to the BIG 18 results on BIRAC portal https://birac.nic.in/big.php These are only possible with Sincere Teams coming with Quality proposals and our Team support.

My Sincere thanks to our mentors who contribute significantly in guiding Innovators and to our dynamic IKP Team which is always available to help Innovators with their valuable time and critical inputs. I am mentioning the entire IKP team which is behind the support we are offering. Ms. Apoorva Bhatnagar (BIG Program Manager), Dr. Ambuj Chaturvedi (SVP, Mentor - Healthcare), Mr. Ranajit Sen (Startup Mentor), Mr. Vikraman Venu (SVP, Mentor - Technology), Dr. Hema Mohan (Senior Manager - Innovation & Research), Mr. Manish Kumar (Manager - IP & Licensing) Dr. Vithal Kumar (Manager - IP & Licensing), Ms. Harshada Wadkar (Manager - IP, Legal & Contracts), Mr. Pratik Yagnik (Manager - Incubation & Funding?), Dr. Srikrishna SR (Advisor - Healthcare), Dr. Bindu Nishal (VP, Agri Innovation), Dr. Sangita Sen Majee (Head- A-Labs, Biopharma expert), Dr. Priyankana Mukherjee (Senior Manager - BioNEST), Ms. Kriti Taneja (Chief Manager), Ms. Kirti Pandey (AVP), Dr. Raghunandan (Project Head - K-Tech Innovation Hub), Mr. Bhujanga Rao (CFO), Mr. MVP Varma (Chief Manager - F&A), Mr. Ravindra Y (Senior Manager - F&A). Most importantly, Deepanwita Madam, our Chairman & CEO, who inspires all of us everyday at IKP to be part of exciting journeys of Innovators and the freedom given to team to use their imagination to help Innovation Ecosystem.

Presently, I am heading Life Science Incubation at IKP Knowledge Park and looking forward to work more closely with Startups which are seeking support from us and will continue work with you all. IKP Knowledge Park has supported 800+ innovators so far across domains of Life Sciences and Engineering including 400+ projects that received funding support who in turn raised INR 2600 Cr.+ through private investments. All these are possible due to ecosystem of Innovators, Small, Medium and Large companies in our campus at Genome Valley. I consider your project as my project and will do whatever is necessary for you to move ahead. Frankly, I must admit, I do not know direct solution to every problem but I am certain, someone we know, will know or have tried solving the same or similar problem.

Peer learning facilitation from our network is guaranteed. Follow me on Twitter https://twitter.com/visu_bio for useful info related to opportunities across Innovation Ecosystem.