LVPEI Incubator’s Startup Challenge culminates in Hyderabad

New Delhi: 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 culminated with the announcement of winners by the Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology, Government of Telangana – K T Rama Rao. The winners were announced during the finale event 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:

• In January 2023, the L V Prasad Eye Institute-Incubator Startup Challenge began, inviting entries from eye care startups.

• From the competitive pool of applications received, 12 startups with innovations across medical devices, diagnostics, drugs and therapeutics were shortlisted.

• On April 14^th, a boot camp was held for the shortlisted startups at the LVPEI BioNEST located in Poonirma and Ramam Atmakuri Centre for Technology in Kismatpur.

• 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.

• Start-ups then presented revised pitches to the jury, where they demonstrated their technology and products.

• 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.

The winners will receive INR 5 lakhs and 12 months of free incubation at LVPEI. 1^st runner up: INR 3 lakhs and 6 months of free incubation at LVPEI. 2^nd 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.

“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.