The International Crops Research Institute for the Semi-Arid Tropics (Icrisat) is looking at incubating at least 40 agri based innovative startups this year, by providing them with technology, consultancy and networking opportunities, said SM Karuppanchetty, Icrisat’s CEO — agri business incubator.

In its bid to aid the ventures with funding, Icrisat has also tied up with venture capitalists such as VenturEast, Acumen, Song Investors and Omnivore and angel investor, Hyderabad Angels.

The agri business incubation (ABI) programme is in partnership with the department of science and technology, government of India.

“The initiative is aimed at promoting such ventures through technology development and commercialisation, mainly focusing on seed, bio fuel, and agri-biotech startups. We also aid them to fetch funding,” said Karuppanchetty.

This year, startups include innovations like a hydraulic digger which reduces the work load and cost of equipment, cooking oil sprays, low fat snacks from nutritive crops such as sorghum and seed efficiency techniques among others. ABI classifies ventures into five categories — farm, seed, agri-biotech, biofuel and innovative ventures.

Financial assistance to the innovators is also provided through the TePP (technopreneur promotion programme) grant fund or the ministry of micro, small and medium enterprises (MSME). This year, for instance, for ventures between the idea stage and prototype development, it can facilitate ten clients from Rs 0.75 lakh to Rs 15 lakh per client through the TePP grant.

Also, using the MSME fund, where MSME funds innovative ideas in agriculture and allied sectors through business incubators, it will incubate ten innovators ranging from Rs 2-6 lakh per client. This apart, through the TDB grant (technology development board of the department of biotechnology), it can invest Rs 5-20 lakh per client within the corpus of Rs 50 lakh.

Apart from technology consultancy to refine designs, the initiative also helps startups in patent registrations, statutory clearances from government bodies and test marketing, handholding them for three to five years.

“We also help the venture in marketing wherein we promote their products through websites and exhibitions and help in getting business deals. We also provide networking platforms for the clients,” he said.

Icrisat has also tied up with 73 mentors ranging from retired professionals from government agriculture departments to managers from retail chains to agribusiness professionals. Going forward, ABI plans to expand operations into Africa through this approach.

“We are also working on providing soft-landing support for NRI firms who want to set up base in India and vice versa, where we partner with institutions abroad to help set up base for our incubate,” said Karuppanchetty.