A bipartite graph is called a biclique if it is a complete bipartite graph and a biclique is called a balanced biclique if it has equal number of vertices in both parts of its bipartition. In this work, we initiate the complexity study of Biclique Contraction and Balanced Biclique Contraction. In these problems, given as input a graph G and an integer k, the objective is to determine whether one can contract at most k edges in G to obtain a biclique and a balanced biclique, respectively. We first prove that these problems are NP-complete even when the input graph is bipartite. Next, we study the parameterized complexity of these problems and show that they admit single exponentialtime FPT algorithms when parameterized by the number k of edge contractions. Then, we show that Balanced Biclique Contraction admits a quadratic vertex kernel while Biclique Contraction does not admit any polynomial compression (or kernel) unless NP ? coNP/poly. © 2023 Schloss Dagstuhl- Leibniz-Zentrum fur Informatik GmbH, Dagstuhl Publishing. All rights reserved.