Startup India Seed Fund Scheme to give wings to Indian Startups
Union Minister Piyush Goyal launched the Startup India Seed Fund Scheme (SISFS) on 19 April 2021. The Scheme aims to provide easy availability of capital to entrepreneurs and startups which is essential in their early stages of growth as an enterprise.
PM Narendra Modi announced the Startup India Seed Fund Scheme on 16th January 2021 in his address of ‘Prarambh: StartupIndia International Summit’. The Fund which will be released under SISFS will provide capital support to startups for proof of concept, product trials, prototype development, commercialization, and market entry.
What is the Startup India Seed Fund Scheme?
For an Entrepreneur, getting the initial push for the startup is a stepping stone for the growth of a potential startup. For an idea to develop into a successful startup, experiments are necessary to check the sustainability of an idea, and that requires capital. Many great ideas are dropped due to the unavailability of initial capital. To ease things for entrepreneurs in this field, Startup India Seed Fund Scheme is being launched which will help startups in India to get that initial push which leads to huge fundings.
Department for Promotion of Industry and Internal Trade (DPIIT) rolled out Startup India Seed Fund Scheme with an outlay of INR 945 Cr. This fund will provide financial assistance to startups in their initial stages of growth. This Scheme will establish a robust startup ecosystem, especially for Tier 2 and Tier 3 cities of India, which lacks adequate funding in the initial stages.
In the next four years, the scheme is estimated to support around 3,600 entrepreneurs through 300 incubators across India.
Online Portal for Startup India Seed Fund Scheme
An online portal has been created for the scheme by DPIIT, which will allow incubators to apply for the funds under the scheme. An Experts Advisory Committee (EAC) has been created by DPIIT to execute and monitor the Startup India Seed Fund Scheme. Grants of up to Rs 5 Crores will be provided to the eligible incubators selected by the EAC.
The selected incubators will provide a fund of up to Rs 20 lakhs for validation of Proof of Concept, or prototype development, or product trials to startups. Investments of up to Rs 50 lakhs will be provided to selected startups for their initial growth. The detailed guidelines of the Startup India Seed Fund Scheme are provided on the Startup India portal (www.startupindia.gov.in).
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