Hyderabad: Research and Innovation Circle of Hyderabad (RICH), an initiative of GoI and Telangana State government, announced the list of its first cohort of ten startups selected 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.
The initiative aims to create a knowledge base and drive innovation for addressing critical State-level problems. It involves solving complex challenges by creating collaborative networks by and between national research and academic institutions, industry, associations, startups, civil society entities, State government, and central ministries. AID programme, announced on January 28 2021, received 76 applications from entrepreneurs and startups from in-vitro diagnostics sector across the med-tech ecosystem.
The shortlisted startups are Aidia Health, Aikenist Technologies, Briota Technologies, Enrich Bioscience Inc, Healthkon, Medtra Innovative Technologies, Medzak Healthcare, Onward Assist, Primary Healthtech, Sparcolife Digital Healthcare Technologies.
The startups will receive benefits over the coming six months, including incubation at Atal Incubation Centre of (CCMB) Centre for Cellular and Molecular Biology, access to test beds 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 connects with potential investors and industry organisations.
RICH has onboarded over 20 mentors encompassing various expertise areas such as, venture capitalists, doctors and healthcare professionals, leaders in business, technology, operations, manufacturing, sales and communications, and regulatory experts among others. The shortlisted startups will also receive an acceleration grant of Rs 2 lakh each.
“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,” said Ajit Rangnekar, Director General, RICH.This 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.
The entries were evaluated by a panel constituting thematic experts and industry leaders, namely Dr Aman Iqbal, Founder and Global Partner, CEO, Vantage Enterprise, Dr Ambuj Chaturvedi, Senior Vice President, IKP Knowledge Park, Dr Chinnababu Sunkavalli, Robotic Surgical Oncologist, Apollo Hospitals Hyderabad and Founder, CEO and Director of GRACE (Global Research And Cancer Education) Foundation, and Dr Radha Rangarajan, Chief Scientific Officer at HealthCubed.
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.
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