IKP to establish five incubation hubs in tier-2 cities of Karnataka

As per reports, the Hyderabad-based IKP Knowledge Park has so far raised around Rs 108 crore from various investors. to fund its proposed plan to establish five new incubators

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Bangalore: IKP Knowledge Park is a 200-acre premier Science Park and Incubator in Hyderabad and Bangalore. It is set up with the mission to create a world-class ecosystem for fostering leading-edge innovation in the country.

Having created an incubation facility in Bengaluru with an investment of Rs 8 crore, raised from Karnataka government, the IKP Knowledge Park based in Hyderabad is planning to establish five startup incubation hubs in tier-II cities of Karnataka. 

The science park has already raised close to Rs 108 crore and it is in the process of raising Rs 31 crore from the state government and other sources to setup these satellite centres over the next six months. The investors including Biotechnology Industry Research Assistance Council (BIRAC), Bill and Melinda Gates Foundation, US Agency for International Development, the Department of International Development of the UK, and the Department of Science and Technology have been the primary contributors so far.

ikpIKP promotes the advancement of technology-based innovators, entrepreneurs and small and large companies through customized space, shared equipment, incubation, mentorship, and funding. IKP has so far supported over 220 companies from seven countries, 80 percent of which are startups.

The India Innovation Fund (IIF) in association with IT industry body NASSCOM is planning to start venture capital funds open to global investors. The funds will be used for collaborative research and innovation in bio-pharma, life sciences, medical technology and healthcare. IKP plans to help facilitate that. 

BIRAC Regional Innovation Centre (BRIC) is another ongoing programme by the IKP to study the innovation capacity in a region and recommend policy interventions. Under this programme, it is focusing on four life sciences clusters in south India – Hyderabad, Bengaluru, Chennai-Vellore and Thiruvananthapuram-Kochi regions.

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