Under the Bio - Incubator Support Scheme (BISS), BIRAC has established several new, world-class bio - incubators around the country, including one at IIT- Madras. With the objective of fostering Indian biotech innovation and entrepreneurship, it aims to help startups develop globally competitive products and attain commercialization. Established in December 2014, IITM Bio-incubator (IITMBI) offers lab and office space, including equipment, technical support and centralized utilities for process and product development. It is housed in IIT Madras Research Park (IITMRP) and falls under the purview of IIT Madras Incubation Cell (IITMIC). Although it is currently administered as a “Project” within IIT through the Centre for Industrial Consultancy and Sponsored Research (IC&SR), it has its own Governing Council/ Advisory Committee, whose members include faculty of IIT Madras, industry experts and heads of other Bio-incubators.
In association with the IITM Alumni Association's Entrepreneurship Forum, IITM Incubation Cell (IITMIC) will provide mentorship from IITM Alumni who have knowledge
This is offered by IITMIC in areas of legal, accounting and company secretaryship. This can also include IPR services like patent mapping and patent applications.
Through IITMIC, incubatees can get access to funding from the Entrepreneurship Support Scheme of the IITM Alumni as well as other venture capitalists and DST.
A vast network of researchers, faculty, businessmen, industrialists, alumni, venture capitalists, governmental agencies and other service providers