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.
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).