About Startup India
Startups may network, use free tools and resources, and engage in programmes and challenges on India’s largest online entrepreneurship platform.
The government of India’s flagship initiative, Startup India, aims to build a strong ecosystem that supports the formation of new businesses, resulting in long-term economic growth and large-scale job creation. The government thinks that this programme would enable enterprises to flourish via innovation and design.
Since the initiative’s introduction on January 16, 2016, a number of projects have been launched to promote the Hon’ble Prime Minister’s goal of India being a country of job creators rather than job seekers.
With the Startup India initiative recognising enterprises and many entrepreneurs taking advantage of the advantages of starting a business in India, these programmes have propelled the startup culture.
What is Startup India Seed Fund Scheme?
Having easy access to financing is critical for entrepreneurs in the early phases of their business’s development.
Startups can only get funding from angel investors and venture capital companies when they have shown their concept. Similarly, banks only lend to applicants who have assets to back up their claims. Seed capital is critical for firms with new ideas to undergo proof of concept trials.
The DPIIT has established the Startup India Seed Fund Scheme (SISFS) with a budget of INR 945 crore to help entrepreneurs with Proof of Concept, prototype development, product testing, market entrance, and commercialization. In the next four years, it expects to help 3,600 entrepreneurs through 300 incubators.
On the 16th of January 2021, the Hon’ble Prime Minister of India unveiled the initiative in his Grand Plenary address at the Prarambh: Startup India International Summit. The programme was notified on 21.01.2021, with the approval of the EFC and the Hon’ble Finance Minister.
The Seed Fund will be distributed to qualifying entrepreneurs through incubators throughout India.
Objectives of Startup India Seed Fund Scheme
In the seed and ‘Proof of Concept’ development stages, the Indian startup ecosystem suffers from a lack of finance.
For businesses with strong company concepts, the funding necessary at this point might be a make or break issue.
Many new company concepts fail to take off because they lack the necessary funding for proof of concept, prototype development, product testing, market entrance, and commercialization at an early stage.
Seed funding provided to such promising situations might have a multiplier effect, resulting in the validation of many company ideas and the creation of jobs.
An Experts Advisory Committee
The Department for Promotion of Industry and Internal Trade (DPIIT) has formed an Experts Advisory Committee (EAC) that will be in charge of the entire implementation and monitoring of the Startup India Seed Fund Scheme.
The EAC will assess and choose incubators for Seed Fund allotment, monitor progress, and take all required steps to ensure that funds are used efficiently to achieve the goals of the Startup India Seed Fund Scheme.
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