The biotech park is expected to facilitate research and enable bio-entrepreneurs to commercialise their research findings, validate products, contract sequence services and provide other services like training on commercial basis. The initial capital for building the infrastructure in the park is expected to come from Technology Development Board, Department of Biotechnology, Venture Capital Funds, Emerging Technologies Fund etc, Mr N Madhavan Nambiar, chairman and managing director of Tidco, said after signing of the MoU. The proposed park would include a bio-resource centre, with an incubator and a common tenancy area with required facilities. It will provide complete technical and other services, technology networking, contract research work, product validation, patent rights documentation, commercialistion etc.

Cornell University, a world leader in life-sciences area, conducts research programmes in agriculture, veterinary and human healthcare sciences. Various wings of the university are engaged in the management of biotechnology park, incubator services, technology transfer etc. Dr KV Raman, who signed the MoU on behalf of the Cornell, said the ``university will provide technical support and collaboration for establishment of the biotechnology park in Chennai and also subsequent support to it in technology transfer, mentoring, collaborative and contract research initiatives, human resource training etc.