Startup India Seed Fund Scheme (SISFS): An Overview:
This scheme is meant to provide financial assistance to start-ups in lines where a start-up has certain requisites such as proof of concept, prototype under development, commercial factors or any product under trials. The SISFS aims to disburse the seed funding via selected & eligible incubators whole primary role is to provide funding to eligible start-ups.
The total financial assistance for start-ups lies in a corpus worth Rs. 945 Crore. This corpus is to be distributed throughout 2021-2025.
For accessing the said corpus, start-ups need to have the following eligibility criteria:
1) For Start-Ups:
2) For Incubators:
Registered as a Legal Entity: Either registered under the Societies Registration Act 1860, or Trust registered under the Indian Trusts Act 1882, or Private Limited company registered under the Companies Act 1956, or the Companies Act 2013, or Private Limited company registered under the Companies Act 1956, or the Companies Act 2013, or statutory body created through an Act of legislature.
The EAC is founded by DPIIT, the DPIIT itself would be responsible for the overall program development & monitoring of the Scheme. It will also be responsible for the evaluation & selection of incubators for the Scheme.
This committee shall also be evaluating the grant for incubators which has a corpus worth 5 crores. This would be provided to a select number of incubators with the spread of 3 installments.
The eligible start-ups would receive the funds The Seed Fund shall be eligible by the incubator in the following stages:
Note: The fund shall not be used for any other purpose apart from stages as mentioned above & shall only be used for the purpose it has been granted for.
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