What is Startup India Seed Fund Scheme ?

What is SISFS?

• Aim: provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialization.
• Nodal Department: Department for Promotion of Industry and Internal Trade, under the Ministry of Commerce & Industry.
• An Experts Advisory Committee (EAC) has been created by DPIIT to execute and monitor the Startup India Seed Fund Scheme.
• It is implemented with effect from 1st April 2021 with a corpus of Rs.945 crores.
• Eligibility conditions for startups:
  • A startup, recognized by DPIIT, incorporated not more than 2 years ago at the time of application.
  • Startups should not have received more than Rs.10 lakh of monetary support under any other Central or State Government scheme.
  • Individual entrepreneurs are not eligible to apply for support under the scheme. Only DPIIT-recognized startups can apply for this scheme.
  • Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme.

 

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Q1) What is the Start-Up India Initiative?

Launched on 16th January, 2016, the Startup India Initiative is a flagship initiative of the Government of India intended to catalyse start up culture with the objective of supporting entrepreneurs, building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers. These programs are managed by a dedicated Startup India Team, which reports to the Department for Industrial Policy and Promotion (DPIIT).

Source: 656 Startups Supported by Approved Incubators under Startup India Seed Fund Scheme (SISFS)