Startup India Seed Fund Scheme
AIC IIIT KOTTAYAM Foundation is selected under SISFS (Startup India Seed Fund Scheme) in 2021, SISFS is a government initiative with a stated objective to build a strong ecosystem for nurturing innovation and start-ups in the country that would drive sustainable economic growth and generate large scale employment opportunities. A startup will be eligible to get an amount up to 50 Lakh INR. AIC IIITK is building a start-up ecosystem which builds a bridge between the entrepreneurs and innovation from local to national and international market. The Central Government of India approved the ‘Start-up India Seed Fund Scheme (SISFS)’ on 21st January, 2021 to provide financial assistance to start-ups for:
- Proof of concept
- Prototype development
- Product trials
- Market entry
The aim of this scheme is to provide financial assistance to start-ups via corpus of INR 945 crore that will be disbursed through selected incubators across India in 2021-25.This would enable these start-ups to reach a level where they will be able to raise investments from angel investors or venture capitalists, or seek loans from commercial banks or financial institutions.
The eligibility criteria for a start up to apply under SISFS are as follows:
- Any start up recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) which has been incorporated under a period of two years at the time of application.
- The Start-up must have a business idea to develop a product or a service with market fit, viable commercialization, and scope of scaling.
- The Start-up should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted.
- Preference is given to start-ups creating innovative solutions in sectors such as social impact, waste management, water management, financial inclusion, education, agriculture, food processing, biotechnology, healthcare, energy, mobility, defence, space, railways, oil and gas, textiles, etc.
- Start-up should not have received more than INR 10 lakh of monetary support under any other Central or State Government scheme. This does not include prize money from competitions and grand challenges, subsidized working space, founder monthly allowance, access to labs, or access to prototyping facility.
- Shareholding by Indian promoters in the start-up should be at least 51% at the time of application to incubator for the scheme, as per Companies Act, 2013 and SEBI (ICDR) Regulations, 2018
- A start-up can receive the seed support only once each as per provisions of the scheme.
- Any additional criteria as may be decided by the Experts Advisory Committee (EAC)
The selection process of the start-ups which receive the seed funding is through an open, transparent and fair process, comprising:
- An online call for applications shall be hosted on an ongoing basis on the Start-up India portal.
- Applicants can apply for seed fund to any three incubators selected as disbursing partners for this scheme in order of their preference.
- All applications received will be shared online with respective incubators for further evaluation.
- The applicant may be asked to submit details on team profile, problem statement, product/service overview, business model, customer profile, market size, quantum of funds needed, projected utilization plan for funds, etc.
- Pressing need for the particular idea/innovation in the market: whether there is a need for the idea proposed or not? This depends on the market size, what market gap is it filling, does it solve a real-world problem?
- Feasibility: Feasibility and reasonability of the technical claims, methodology used/ to be used for proof of concept and validation, roadmap for product development
- Potential Impact: Customer demographic and the technology’s effect on these, national importance
- Novelty: unique selling proposition of the technology, associated intellectual property
- Team: Strength of the team, Technical and business expertise
- Fund Utilization Plan: Roadmap of money utilization
- Presentation and Overall assessment
As the world is navigating and pivoting the unfolding of the new socio-economic landscape, the Indian start-up ecosystem too is flourishing acting as a key driver for creating a ‘self-reliant India’.
The Indian government too intends to provide an all-inclusive vision for a vibrant and vigorous start-up movement.https://seedfund.startupindia.gov.in/
Mr. Vishnu Prasad A.R- Project manager
Email : email@example.com
CHANGE YOUR BOOTSTRAP STARTUP WITH GOVERNMENT GRANTS… AIC IIIT KOTTAYAM SISFS APPLICATIONS IS OPEN……