hey shall be offered grants of up to ₹20 lakh for prototype development, validation of proof of concept, or product trials. Furthermore, investments of up to ₹50 lakh shall be provided to startups for start-up commercialization, market-entry, or scaling up through debt-linked instruments.
The government of India has unveiled a Start-up India Seed Fund Scheme (SISFS) to financially support early-stage start-ups across 300 incubation centres. The fund will help for proof of concept, product trials, prototype development, making the products market-ready. The announcement was made 3 months after the government declared its intention to roll out the same. The fund will benefit around 3,600 start-ups particularly in tier-2 and tier-3 cities.
Grants of up to ₹5 crores shall be provided to incubators declared eligible by an expert committee. They shall be offered grants of up to ₹20 lakh for prototype development, validation of proof of concept, or product trials. Furthermore, investments of up to ₹50 lakh shall be provided to startups for start-up commercialization, market-entry, or scaling up through debt-linked instruments.
In January 2021, at the Startup India’s international summit, ‘Prarambh’, PM declared he is trying to create a start-up system in India, which will be based on the mantra ‘of the youth, by the youth, for the youth’.
Source: Business World
