One of the biggest hindrances of a hi-tech, innovative start-up is making your idea into a reality, making a prototype. While an IT or automation start-up may not have as many restrictions, a biotechnology start-up sure does. For you to have the prototype and conduct the most basic, preliminary tests, it all calls for a fully functional Wet lab something close to a 20 Million worth of investment. The instruments required and their cost, as well as availability, stands as a big roadblock between you and your dream. Five years back, getting funding was a cakewalk if only your idea was good enough in today's date. Now, it holds no value unless you have a working prototype and a few 100 customers ready to buy it.
Given this situation, getting a technology partner is the way to go. With the booming start-up ecosystem and government's initiatives and the countries' leading educational institutions opening up the opportunities, an institutional tie-up or collaborating with one such institute or connecting with an accelerator seems only natural. For starters, it gives your start-up the basics of "roti, kapda, makkan." Thus, finding the perfect fit for an institutional partner could actually open a lot many avenues for you.
Many colleges today have institutional opportunities (depending upon what is the right fit for your start-up). In addition to that, there are other angel investors and private firms too opening up the doors for you. Pradeep Gupta, who was also awarded the best mentor at the National Entrepreneurship Awards 2016, has opened the Electropreneur Park, another accelerator for the electronics start-ups to have the right kind of hardware resources. While some partners/accelerators can provide you with the right kind of infrastructure, others support you with the right kind of "best in the business" kind of mentors.
Becoming a part of one of eminent institutions/partners has its own challenges. The bigger challenge is to find the right kind of incubator that fulfills your requirements in the best possible way. While they all have a lot to offer, it is all a matter of having the right fit! And, of course, a killer idea and a superb execution plan!
Completed his MBA from IIM- Calcutta, and Doctorate from World Records University, UK, Puneet Gupta is the Founder and CEO of Clensta, a biotechnology-based shareholding company with IIT-Delhi having its residency at the Biotechnology Business Incubation Facility at IIT-Delhi. He has extensive experience in building relationships with upper-level decision makers and is extremely customer-focused and performance-driven.