The innovation award was instituted in the year 2004 for the young scientist less than 35 years of age. The applicants should have created a product of applied value or generated a product of utility for the welfare of the society. The proposal should demonstrate novelty and practical application while capturing the eyes of entrepreneurs and being able to attract venture capital investment. “In addition, with the objective of promoting investigative spirit in the school children, BioAsia Young Minds Award was instituted in the year 2009. Ten best of the proposals for the innovation awards and five best proposals for the young Minds Award will be invited to demonstrate their innovations at the conference venue,” said Mr. T Appa Rao IAS, Chairman, Organising Committee of BioAsia 2012 and Principal Secretary to GoAP, Industries and Commerce.
ILS is committed to promote entrepreneurship and has already created 4 entrepreneurship driven companies which have used innovative Scientific thought process and business skills to plunge in the ocean of entrepreneurship driven business. “Awards at BioAsia have been extremely successful in identifying and recognizing young talents, and we are very happy to partner with FABA on this activity. Through this partnership, ILS intends to identify talents and mentor them for a successful entry into the business world. As for the young minds Award participants, ILS would set-up a counseling cell to guide them appropriately to get the right kind of education to carry forward the intellectual spark in them,” said Dr. Javed Iqbal, Director, ILS.
While the BioAsia Innovation Award comprises prize money of Rs.1,00,000/-