A Memorandum of Understanding (MoU) to set up Bio Incubator in Goa has been signed between Directorate of Industries, Trade and Commerce (DITC), Goa University (GU) and Goa State Industries Association (GSIA) on Tuesday the 10th February 2010 at Hotel Mandovi, Panaji Goa. Bio Incubator will be run by all the three parties having defined scope and obligations.
The MoU was signed in the presence of the Chief Minister, Shri Digambar Kamat, by Mr. Sanjit Rodrigues, Director, Directorate of Industries, Trade & Commerce, Govt. of Goa, Mr. Mohan Sangodkar, Registrar, Goa University and Mr. Atul P. Naik, President, GSIA. Officials from Government of Goa, Goa University, Education Institutions, NIO, Press & Media, Executive Committee Members of GSIA were present for the function.
The purpose of the Bio Incubator is to provide an opportunity to prospective entrepreneurs to develop, test and process their ideas/projects at a laboratory level at reasonable cost. Bio Incubator will provide laboratory space and equipped labs for would be entrepreneurs/graduates to translate their research ideas into commercialisable technologies as well as for upgradation of existing technologies without risking huge investments on building and equipments.
Bio Incubator facility will be very useful for technically competent Small and Medium scale enterprises (SME’s) and entrepreneurial scientist technocrats. This will help the start up companies to tide over the financial crunch due to non availability of financial assistance at initial stage. Such a ready to use facility would expedite the technology development process as it would reduce the time and capital required for setting up of such testing facilities.
The Government of Goa has made a budgetary provision towards setting up of Bio Incubator in the State of Goa during the current year and the provision shall continue till the expiry of the MoU. The MoU shall be valid and effective initially for a period of 5 years from the time of execution and can be extended for a further period of 5 years at a time as may be agreed between the Parties.
The Bio Incubator facility will be set up on Goa University campus and GU will provide necessary space, material and technical human resources. DITC shall provide the required financial assistance and GSIA shall liaise with potential entrepreneurs,graduates, educational institutions engaged in Biotech fields, corporations and industries engaged in Biotech to maximize the use of Bio Incubator facilities in Goa.