Association of Biotechnology Led Entrepreneurs (ABLE) is working to create a possible synergy among small and medium biotech enterprises in the country which can feed on each other's expertise.
The Union government, through the Department of Biotechnology, has been aggressive in encouraging the growth of the sector but it has been difficult to encourage exchange of expertise between firms. This is where ABLE has played an arbitrator's role. It has been the nodal point for companies to voice their views and organize symposia on funding and other issues.
Venture Capitalists are ready to cover risk for a scientifically viable idea. It is not just private funding models, but programmes like Small Business Innovation Research (SBIR) programme from the DBT, which are available to support innovation. But the biggest worry today among financers is lack of innovative ideas, he pointed out.
ABLE would like to see novel concepts develop into new products either at research institutes, university labs or industry. There should be more space for innovation. Under the National Biotechnology Strategy, the Biotechnology Industry Research Assistance Council is formed to create an innovation chain that links the institutes and industry to nurture and scale up novel indigenous concepts.