Small Business Innovation Research Initiative (SBIRI) is launched under the Department of Biotechnology, Ministry of Science and Technology. The main aim behind the Small Business Innovation Research Initiative is to encourage small and medium scale industries to take up risk in innovative R&D in the biotech sector. The Department of Biotechnology has induced a scheme to fund small businesses or startups’ projects for creative research initiatives. Startups and small business enterprises contribute immensely to the economy of India by providing employment and enhancing productivity.
A tint of innovation can affect the efficiency and productivity of small business organizations. Bringing innovative ideas into the business scenario shall help it remain in the competition and respond to changes. Without tools that boost its growth and development, a business enterprise is a mere legal entity with no scope of progressing further. Hence, SBIRI is an important mechanism to foster the small scale industries to do better in the market front.
The Small Business Innovation Research Initiative was launched in 2005 to boost public-private partnerships in India. Business Innovation Research Initiative is the first effort of this sort initiated in the direction of biotechnology. SBIRI has proved to be an essential platform for the target organizations in product and process development. The scheme enables small and medium enterprises to opt for the innovation and risk-taking element to enhance productivity. The sole objective of the Small Business Innovation Research Initiative is to bring the private industry, public institutions, & the government under one roof to promote the research and innovation in the Indian Biotech Sector.
The projects supported by the Small Business Innovation Research Initiative scheme have given a superior result in the form of products. The products discussed in the plan have already come to the market and pave their way for commercialization. SIBRI is a unique mechanism that has consistently prioritized early phase funding for the high risk involved in innovative research in small and medium companies led by innovators to get them involved in developing products and processes that have high collective relevance. Under the Small Business Innovation Research Institute, the two primary essential components are Risk-taking and innovation in doing business.
India’s government has taken the initiative to support the small and medium enterprises in the progress of achieving their entrepreneur goal. The Small Business Innovation Research Initiative is a launchpad for small and medium businesses to induce innovation and risk-taking. The government has called for private organizations engaged in modern biotech activities like research and development, production and commercialization, etc. to contribute to India’s economy. Aatmnirbhar Sena provides round the clock assistance to small and medium enterprises in availing the benefits of the scheme and making people aware of its pros and cons. We have been working relentlessly in the overall process of business establishment and development in this field.