Gen-Next Support for Innovative Startups Scheme

Gen-Next Support for Innovative Startups Scheme Latest News

Recently, the Ministry of Electronics and Information Technology through MeitY Startup Hub (MSH) has launched Gen-Next Support for Innovative Startups (GENESIS) Entrepreneur-in-Residence (EIR) Cohort 3.

About Gen-Next Support for Innovative Startups Scheme

• It is a flagship initiative of the Ministry of Electronics and Information Technology (MeitY) Startup Hub.
• It is designed to discover, support, grow and accelerate startups across India’s Tier-II and Tier-III cities.
• Focus: Through its Entrepreneur-in-Residence, Pilot (EIR), Investment and DeepTech funding components, GENESIS supports startups and innovators from early ideation and experimentation through to validation, investment and scale.
  • The EIR component specifically provides funding of up to Rs 10 lakh per startup to help innovators, students and entrepreneurs at the ideation and prototype stages develop their ideas into pilot-ready solutions.
• Financial Assistance: Total budget outlay of ₹490 crore,
• The scheme seeks to unlock the entrepreneurial potential of emerging regions and connect them more deeply with India’s growing innovation ecosystem.

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Key Facts about GENESIS EIR 3.0

• It will support innovations in areas including artificial intelligence and machine learning, Internet of Things, semiconductor and VLSI technologies, cybersecurity, blockchain, quantum technologies, and augmented reality, virtual reality, spatial and immersive technologies.
• Eligibility for GENESIS EIR 3.0
  • Applicants must be Indian citizens and may include entrepreneurs, innovators, researchers, students or founders and co-founders of early-stage startups.
  • The proposed innovation must be at Technology Readiness Level (TRL) 1-4, covering stages from ideation and proof of concept to prototype, MVP or early validation.
  • For incorporated startups, the company must be less than two years old as of the date of application and must be based in a Tier-II or Tier-III city.
  • Applicants are also required to ensure that the proposed idea or startup has not received financial assistance exceeding Rs 10 lakh under any Central or State government scheme.

Source: PIB