BIC 2022 Terms and Conditions

Are you up for the challenge, If YES, CLICK HERE to apply

Introduction

The Bio Innovation Challenge 2022 is a Business Challenge organized by Mizoram University BioNEST (Bio-Incubators Nurturing Entrepreneurship for Scaling Technologies) and is intended to attract, identify, and nurture bio-entrepreneurs working on novel and scalable business ideas with significant commercialization potential.

We understand that, more than ever, a strong and vibrant economy in our region requires continuous innovation and the creation of new entrepreneurs leveraging on our rich bio-diversity. Early stage companies evolve over time to become major employers in the community and encourage a culture of entrepreneurship and innovation – key ingredients for economic growth and development.

Many innovative business ideas fail to take off due to the absence of this critical capital required at an early stage for proof of concept, prototype development, product trials, market entry and commercialization. BIC 2022 intends to provide for opportunities to validate business ideas of many startups, leading to employment generation through creation of bio-companies.

This challenge is more than just a pitch competition but will involve programs to help ease the transition from a research laboratory to market. It aims to attract ideas related to problems in bio-sciences sector and how they can be solved with the help of social intervention enhanced by research and technology.

The Bio Innovation Challenge 2022 will provide the following major opportunities:

  1. Engage innovators in developing innovative proposals for solutions that stimulate and increase the possibility of using bio-resources to stimulate economic growth.
  2. Accelerating the development of their solution through training and mentoring process.
  3. Assessing the solution with a final pitch day.
  4. Provide a micro seed fund to help develop their ideas into working prototype with laboratory/incubation assistance from MZU BioNEST.

Focus Area

            The Bio Innovation Challenge 2022 will focus on the following areas. These areas chosen based on the capacity of the bio-incubation centre and may be extended based on requirements and capacity of the centre

  • Bamboo Products
  • Aromatic and Medicinal Products
  • Ginger & Turmeric Processing
  • Mycology
  • Fuel & Fibre
  • Sustainable Bio-Resource Development

Who can apply?

The Bio Innovation Challenge 2022 is an open challenge and anyone can enter.  The start-up must have a business idea to develop a product or a service with a market fit, viable commercialization, and scope of scaling.

  • No restriction on team sizes, SHG/Cooperatives/Society etc- are also encourage to apply.
  • No restriction on educational background or age- Anyone with an entrepreneurial spirit!
  • Research scholars and students are encouraged to enter the challenge.

How to apply

                Aspiring entrants to the challenge may fill up the form available at www.mzubionest.org. The entries submitted will be screened, crosschecked and a list of final participants will be published.

Stages

            The challenge is a series of activities/stages to enable the aspiring bio-entrepreneur to develop their ideas and concepts into commercially feasible solutions. The applications received will be screened initially for viability and technical feasibility. A mentor will be assigned to transform these ideas into a functional business plan. These mentors may be sought from Mizoram University BioNEST Mentor List and other external sources. Apart from the mentor-mentee interaction, a group mentoring program will be organized.

            The mentoring program will help develop a business pitch which will be presented to a panel of jury. Apart from the individual mentoring program, targeted group mentoring for the following would be conducted including the following:

  1. Orientation and Personality Development: This session is intended to orient the participants for the challenge and also for their new venture. The personality development program will be conducted in workshop mode to enhance their creative intelligence.
  2. Proposal Development: This session will provide basic skills to the participant and enable them to prepare their business proposal. It will cover all major aspect of the business planning process.
  3. Networking with other Entrepreneurs: This networking session is to provide a platform to the participants to interact with other entrepreneurs with the intent to share experiences in developing new ventures.
  4. Research to Business: Translating scientific research and publications into business proposal is of utmost importance especially in bio-prospecting and bio-resource development. This session will provide the necessary skills to enable the participants to access, read, interpret and apply research findings into their business proposals.
  5. Instrumentation Training (as per requirements): The participants may be required to work with certain laboratory equipment and instruments to develop their ideas into a working prototype. This session will introduce the working and functioning as well as operation of such instruments. The training will be conducted based on the requirements of the participants.
  6. Pitch Coaching: The coaching session will enable the participants to prepare a pitch deck effectively.
  7. Investor Pitch/Meet: The participants in the final stages will be provided an opportunity to pitch to a panel consisting of potential investors/mentors who can help in the transition of ideas into products or scale up existing businesses.

The panel of jury will comprise of the following

  1. Nominee of MZU BioNEST
  2. Nominee of Mizoram University
  3. A nominee from the Entrepreneurship Development Centre, GoM
  4. A domain expert from Industry
  5. A domain expert from academia
  6. Any other relevant Stakeholder

            The selected entrants will be fostered into MZU BioNEST as pre-incubatee with funding support to enable them accelerate their venture.

Important Dates

Last Day of Registration23rd April 2022
Publication of 1st List26th April 2022
Scientific Training9th-12th May 2022
Management Training18th-20th May 2022
Mentoring Process21st May – 3rd June 2022
Investor Meet/Pitch6th & 7th June 2022
Final Pitch Day9th & 10th June 2022
Declaration of Final Result14th June 2022

Benefits to Participants

The Bio Innovation Challenge 2022 envisions the creation and promotion of new ventures in the focus areas mentioned above. No cash prizes will be awarded to the winners but will be provided as Seed Fund to the pre-incubatees with an innovative idea to conduct proof of concept trials. This seed fund may provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization. This would enable these start-ups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions.

The seed fund allotted from MZU BioNEST is Rs. 4,00,000/- and the centre may seek partnership with other members of the entrepreneurial ecosystem to generate more seed fund to support more start-ups. The fiscal incentive is intended to provide a small amount of financial support to develop idea into a prototype and final product. Apart from the fiscal incentives, Non-Fiscal Incentives will include Incubation and IP support from MZU BioNEST, Consultation Support from the Mentors etc-

The amount of seed fund to be allotted to the participants will be subjected to the discretion of the Panel of Jury and the decision of the panel shall be final. It is advised that the amount of seed fund allotted to the suitable participants be decided based on the following criteria

  • Is there a need for this Idea?
  • Feasibility
  • Potential Impact
  • Novelty
  • Team
  • Fund Utilization Plan
  • Presentation/Pitching
  • Support required from the Incubation Centre

The seed fund thus allotted will be released in tranches. Each startup will be required to be in communication with the incubator team and share updates with them at least once in 15 days. These updates should be shared on the with all stakeholders at least on a monthly basis. In case of milestone-based disbursements, startup shall submit the interim progress update and utilisation certificate to initiate the release of subsequent installment of grant. Startup shall also submit final report and utilisation certificate at the end of the project duration.

Rules for Participation

  1. Submittal of Concepts (initial ideas): All concepts ready for submission should be submitted through an online portal. The application should include necessary information about the concept and the participant, including a description of the concept, its relation to the value chains and a brief overview of the experience and competences of the team members.
  • Screening of Concepts: A screening of concepts will be made by the organisers to select the most promising concepts to be accepted to enter the challenge. Participation selection is based on evaluating the submissions in accordance to their relevance, perceived potential and capacity based on the submitted information.
  • Mentoring Program: All selected participants must attend the mentoring program as designed by the organisers.
  • Evaluation: The participants in the challenge will be evaluated at a final event by a jury comprising of members as listed above. The decision of the Jury is final and binding.
  • Utilization of Seed Fund: The seed fund provided is not a prize money but may be utilized as seed money to develop their ideas/concepts into working prototype/sample. It may be used to purchase required small instruments and consumables, hire temporary research/technical staff, engaging technical and managerial consultants, paying incubation rental and testing/validation services, firm registration and other allied activities. All expenditures should be confirmed with the seed fund provider.
  • Induction as Pre-Incubatee: All seeded start-ups are required to be inducted into MZU BioNEST as pre-incubatees. Other participants may also apply for the pre-incubation programme at the centre. The tenure of pre-incubatee is 6 (six) months from the time of induction and may be promoted to incubatee after successful completion of the pre-incubation programme. The pre-incubatee are also required to pay a pre-incubation fee of Rs. 300/- per month and will include access to Furnished Office Space; Shared resources such as Meeting rooms, Conference rooms, Pantry;  Office productivity equipment: Photocopier, Scanner, Projector, video audio, conferencing facilities and Laboratory: MZUBioNEST Laboratory with Equipment and software tools etc-
  • Right of ownership: The participant shall retain ownership of all Intellectual and Industrial Property Rights (including Moral Rights) in and to its Intellectual Property used and/or incorporated in the developed Concept, including documentation, submitted to the challenge. By entering the challenge, the participant acknowledge and agree that any of the organisers may have and/or may be developing or commissioning materials and/or ideas similar or identical to a concept. The participant waives any claims participant may have resulting from any similarities to other participant’s concept.
  • IPR infringement: By submitting a concept into the challenge, the participant confirm that all material and other information provided with concepts are free of intellectual property right infringement and, if a third party is involved, that the participant has secured permission to use such materials. The organisers reserve the right to amend, cancel and withdraw any and all rewards of the participant where the intellectual property rights of third parties are infringed.
  • Confidentiality: The participant may provide the organisers with information of a confidential nature relating to the ideas submitted in the challenge. Further, the organisers may for the purpose of facilitating the challenge provide the participant with information of a confidential nature relating to its operations. Each party must agree to take such measures as may be reasonably required to maintain confidentiality.
  1. Right to cancel: The organisers reserve the right to cancel, terminate, modify and suspend the challenge at their absolute discretion and without any liability whatsoever to any participant or third party connected with the participant or concepts. If the participant wants to cancel their participation in the challenge, they are obligated to inform the organisers without delay, also providing an explanation for their cancellation. Once the evaluation prior to the Final Event is performed, withdrawal by the participant is not possible.
  1. Privacy: For the participant to be able to participate in the challenge, the Organisers need to process personal data of the participant, e.g. name, e-mail, phone number and photos. These data will not be used by the organisers for any other purpose.

Are you up for the challenge, If YES, CLICK HERE to apply