Mapping the Journey of Young Bioentrepreneurs

Academic Background

Milind is Ph.D from Aghakar Research Institute, University of Pune

Motivation to Pursue Entrepreneurship

My motivation to become an entrepreneur has been to work independently and make a difference in the society. I believe that pursuance of the unexpected will be a game changer

Identification Business Opportunity

During working and reading about the problem, I realized I can use certain molecules to accelerate wound healing. I figured out that this area is quite neglected for new innovations and the market volume is huge

Portfolio

  • HEALRAP: It is our first registered innovative product. Our idea of making this product deals with a novel organic and inorganic nano-formulation for rapid wound healing and antimicrobial activity. HealRap is a product which was prepared with the help of naturally available material (having antimicrobial properties) and nanoparticles (wound healing properties) in a vesicle (formulation) to be used in bandages and sutures for wound care.
  • SILVOCLEAN: It is a disinfectant spray for hospital surface cleaning.

Commercialization Strategy

We carried out pre-market analysis by studying responses of real customers and then further engaging with the dealers who sell similar products. Silvo clean is available in the market since May 2017 and is quite a success with the customers

Products in the Pipeline

  • HEALRAP ADV: It is a combination gel which not only provides prevention of infection but also accelerated the rate of wound healing. We hope that in coming years we may be able to provide a complete solution for treating the complexities of the diabetic foot ulcer.
  • HEALRAP: It is a gel for wound healing
  • We are working on medical device on antimicrobial susceptibility for which a grant from DST has been sanctioned

Mentors

Dr. Manisha Deshmukh and Dr. Chandrashekar Mote

Critical Areas for Mentorship

Doctor’s outlook for providing any medical treatment

Funding Mobilized

Rs. 36.8 lakhs and Rs. 50 lakhs from DBT – BIRAC; Rs. 50 lakhs from NSTEDB and Rs. 10 lakhs from CIIE, IIMAhmedabad

Achievements

  • Part of “Cohort” at IIM- Ahmedabad
  • Won the Healthcare accelerator competition
  • Granted DBT - BIRAC’s SBIRI and BIG Grant

Entrepreneurial Journey – Nutshell

The journey so far has been quite interesting and full of excitement. The company has grown to a family of 7 people directly or indirectly involved with the venture. The R&D product has reached to pre-clinical investigative studies. The company is valued at $US 1 million. With the launch of Silvoclean by this year, we expect the revenues to jump exponentially

Lessons from the Journey

Initially, organizing the setup and joining hands with the right people was the biggest challenge. We strategized our hiring by following the “On same stage” policy, by which we recruited people who have the similar thoughtprocess making things easier. We struggled for investments, fortunately the science behind the technology was strong so the Government agencies gave us grants and that made it easy for the investors to follow

Road Ahead

In next 5 years, the products in pipeline will finish the regulatory pathway and will be in the market. We see the company in full force of its production and aim for sales targeting revenue of $US 1-2 million per annum. We want to progressively move in the market to capture atleast 10-20% market share. We also aim to start overseas operations in atleast 5 countries. We would also see the WeInnovate Biosolutions family to grow by 10 folds

Advice for Budding Entrepreneurs

  • Motivation: is the most important factor for success, one needs to be always ready to face the music. High motivation helps you think by clearing the background noise
  • Believe in your idea: If you trust your idea, you can clearly convey it to others. Making others understand your technology is an art and you will be good at it only if you have faith in your idea
  • Adaptability: Adapting to the new market demands and changing the strategy accordingly helps you sustain. There is no one rule of making your point. Adapt to the environment and you will get several dimensions to look at a particular problem and solutions to solve it.