Proof-of-Concept funding is designed to facilitate the translation of innovations into commercial products by providing:
- Monetary support
- Commercialization resources, guidance, and services.
The purpose of the funding is to bridge an existing funding “gap” between government supported innovations that result from research and private sector supported translation of those innovations into commercial products. “Gap” funding is designed to facilitate the demonstration of a technology’s proof-of-concept, working prototype, or scale-up development to make that technology more attractive for private sector funding and partnering.
This program supports the economic development goal of the country by facilitating transformation of discoveries and technologies into useful products and services that benefit society. The medical Biotechnology Park helps launch the technologies into innovation pipeline, which is aimed at protecting, supporting, and launching ideas into global solutions.
For further information , please find the attachment.