What is Startup India Seed Fund Scheme ?

CalendarToday
timer
1 min read
What is Startup India Seed Fund Scheme ? Blog Image

Overview:

The Minister of State in the Ministry of Commerce and Industry recently said that 656 Startups are Supported by Approved Incubators under Startup India Seed Fund Scheme (SISFS).

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).

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