Govt of India Approves ‘Startup India Seed Fund Scheme’
The Central Government has approved the Rs 945-crore ‘Start-up India Seed Fund Scheme’ (SISFS), which aims to provide financial assistance to start-ups for the product trials, market-entry, proof of concept, prototype development and commercialization.
The Rs 945 crore Startup India Seed Fund Scheme (SISFS) will become operational from April 1 of this year till 2025 and this will be disbursed through selected incubators across India, according to a gazette notification by the government. The scheme will be implemented by the Department for Promotion of Industry and Internal Trade (DIIT). The funds under the scheme will be disbursed through the selected incubators across the country. The startup will receive seed support only once.
Eligibility criteria for startups
The incubator should be operational for at least two years on the date of application to the scheme.
The incubator must have facilities to seat at least 25 individuals. The incubator must have at least five startups undergoing incubation physically on the date of application.
The incubator must have a full-time Chief Executive Officer, experienced in business development and entrepreneurship.
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