LVPEI Incubator’s Startup Challenge Culminates with Announcement of Winners by Telangana IT Minister KTR
Hyderabad: The first-of-its-kind in the country, L V Prasad Eye Institute (LVPEI) Incubator’s Startup Challenge for startups in the eye care domain will culminate with the announcement of winners by the Honourable Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology, Govt of Telangana – Sri K T Rama Rao. The winners will be announced today during the finale event, 2:30 pm – 4:00 pm, at the institute’s Kallam Anji Reddy Campus at Banjara Hills in Hyderabad.
The other prominent guests attending the finale event include Mr Ajit Rangnekar, Director General at Research and Innovation Circle of Hyderabad (RICH); Mr BVR Mohan Reddy, Founder & Chairman, Cyient; and Mr Srinivas Rao Mahankali (MSR), CEO, T-Hub.
LVPEI Incubator’s Startup Challenge 2023:
o In January 2023, the L V Prasad Eye Institute-Incubator Startup Challenge began, inviting entries from eye care startups.
o From the competitive pool of applications received, 12 startups with innovations across medical devices, diagnostics, drugs and therapeutics were shortlisted.
o On April 14th, a boot camp was held for the shortlisted startups at the LVPEI BioNEST located in Poonirma and Ramam Atmakuri Centre for Technology in Kismatpur.
o The boot camp was an intensive training program for the participants, providing mentorship for enhancing their business plans and commercialization strategies under the guidance of industry mentors and an opportunity to network with investors, funders and clinicians.
o Start-ups then presented revised pitches to the jury, where they demonstrated their technology and products.
o Based on the following criteria, the top three winners have been selected: (a) Innovation quotient (b) Social and clinical impact (c) The merit of the business plan.
o The winners will receive:
· Winner: INR 5 lakhs and 12 months of free incubation at LVPEI
· 1st runner up: INR 3 lakhs and 6 months of free incubation at LVPEI
· 2nd runner up: INR 2 lakhs and 6 months of free incubation at LVPEI
“Our incubation activity complements LVPEI’s comprehensive engagement in translational research. Our first-of-its-kind hospital-based incubator provides a unique opportunity for ventures to embed themselves in our rich ecosystem and accelerate timelines to value accretive milestones. With the support of our sponsors Alcon and Bausch and Lomb and our network partners, our first Startup Challenge reflects the current global momentum in eyecare innovation and the potential for transformative impact,” says Dr Prashant Garg, Executive Chair of L V Prasad Eye Institute. We extend our thanks to KTR garu and the jury members and mentors of the Startup challenge for their support, adds Dr Garg.
“LVPEI is delighted to host the first-ever Startup Challenge for eyecare innovations. The cohort of finalists includes ventures from Spain and Israel in addition to cutting-edge innovations from India. With the Startup Challenge, we have created a global platform for the best eyecare innovations to gain recognition amongst clinical KOLs, industry and investors. In addition to cash prizes, the top three winning teams will benefit from free incubation and mentoring support from LVPEI. We wish all the ventures a journey of commercial success and social impact. Our BioNEST incubator will continue to handhold them through key milestones,” says Dr Ramesh Kekunnaya, Director of the Centre for Innovation at the L V Prasad Eye Institute.
L V Prasad Eye Institute envisions being a national Centre of Excellence for Innovators focused on ophthalmology. It will continue to organize many such collaborative initiatives to strengthen the eye care startup ecosystem in the country.
About LVPEI Incubator: Funded under the BioNEST program of the Biotechnology Industry Research Assistance Council (BIRAC), Government of India, LVPEI Incubator is the first hospital-based -Incubator and a ‘one-stop-partner’ for healthcare innovators to incubate their ideas, translate them to prototypes and advance through commercial milestones while leveraging the rich handholding ecosystem of the institution. The LVPEI Incubator housed at the institute’s Kismatpur campus in Hyderabad embodies LVPEI’s mission of delivering healthcare from “Bench to Bedside”. It serves as a fertile home for healthcare innovators across the spectrum of medical devices, diagnostics, digital technologies and biopharmaceuticals. They also benefit from the convergence of world-class clinical and research expertise within LVPEI. It is one of the few incubators in India to have comprehensive infrastructure for design, prototyping and validation, and fabrication capability of industrial grade. The facility can support high-end prototyping, clinical trial lot production and commercial batches for small-volume products.
About LVPEI: Established in 1987, L V Prasad Eye Institute (LVPEI), a World Health Organization Collaborating Centre for Prevention of Blindness, is a comprehensive eye health facility. The Institute has ten functional arms to its areas of operations: Clinical Services, Education, Research, Vision Rehabilitation, Rural and Community Eye Health, Eye Banking, Advocacy and Policy Planning, Capacity Building, Innovation and Product Development. The LVPEI Eye Care Network has 275 Centres spread across the states of Telangana, Andhra Pradesh, Odisha and Karnataka in India. The institute’s mission is to provide equitable and quality eye care to all sections of society. The LVPEI’s five-tier ‘Eye Health Pyramid’ model covering all sections of society right from the villages to the city, provides high quality and comprehensive – prevention, curative and rehabilitation – eye care to all. It has served over 34.14 million (3 crore 41 lakh people), with more than 50% of them entirely free of cost, irrespective of the complexity of care needed.
