The Small Business Innovation Research Initiative (SBIRI) is a new scheme launched by the department to boost public-private-partnership effort in the country. The distinctive feature of SBIRI is that it supports the high-risk pre-proof-of-concept research and late stage development in small and medium companies lead by innovators with science backgrounds which is unique in nature to support private industries and to get them involved in development of such products and processes which have high societal relevance. SBIRI has a unique process for generating ideas by bringing users and producers of technology together. It has a direct focus on producing products and has a sense of urgency for producing defined results that only private sector engagement can produce. National consultations will be held after every three to six months to generate ideas in different sectors of biotechnology namely medical, agriculture, food, industry and environment.
- strengthen those existing private industrial units whose product development is based on in-house innovative R&D
- encourage other smaller businesses to increase their R&D capabilities and capacity
- create opportunities for starting new technology-based or knowledge-based businesses by science entrepreneurs
- stimulate technological innovation
- use private industries as a source of innovation and thereby fulfill government objectives in fostering R&D, and
- increase private sector commercialisation derived from Government funded R&D.