About the Startup India Seed Fund Scheme (SISFS)
- Aim:To offer financial assistance to startups for product trials, proof of concept, prototype development, commercialization and market entry.
- Launched by:Department for Promotion of Industry and Internal Trade (DPIIT) with an cost of Rs. 945 Crore.
Some Eligibility Conditions
- A startup, acknowledged by DPIIT, integrated not more than 2 years agoat the time of application.
- Startups must not have received more than Rs. 10 lakh of monetary helpunder any other State or Central Government program.
- It will help an estimated 3,600 entrepreneurs through 300 institutions that help entreperneurs to help their business(incubotors) in the next 4 years.
- An Experts Advisory Committee (EAC),will be in charge for the overall monitoring and execution of the Scheme.
- Grants of upto Rs. 5 crore will be given to the eligible incubators choosen by the committee.
- The selected incubators will given grants of up to Rs. 20 lakh for prototype development or validation of proof of concept, or startups to product trials.
- Investments of up to Rs. 50 lakh will be offered to the startups for commercialization, market entry, or scaling up through debt-linked instruments or convertible debentures.
- It will support in developing a robust startup ecosystem in Tier 2 and 3 regions,as the smaller places in our country are often not given with appropriate funding.
- About Startup India Initiative
- It envisages establishment of a robust Startup ecosystem in the nationfor providing opportunities and nurturing innovation to budding entrepreneurs. It was launched in 2016.
- The action planof this initiative concentrate on following three areas:
- Handholding and Simplification.
- Incentives and Funding Support.
- Incubation and Industry-Academia Partnership.
Related Government Initiatives
- Startup Innovation Challenges:It is a remarkable opportunity for any startup to grasp their fund-raising and networking efforts.
- National Startup Awards:It seeks to reward and recognize outstanding startups and ecosystem enablers that are giving to economic dynamism by injecting competition and spurring innovation.
- Ranking of States on Support to Startup Ecosystems:It is an progressed evaluation tool aimed to build up the support of States and UTs to holistically construct their startup ecosystems.
- SCO Startup Forum:The first-ever Shanghai Cooperation Organisation (SCO) Startup Forum was set up in October 2020 to improve and develop startup ecosystems collectively.
- Prarambh:The Prarambh Summit aims to offer a platform to the startups and young brains from around the globe to come with new invention, ideas, and innovation.
Eligibility Criteria for Startups
- It must be acknowledged by DPIIT.
- The establishment of the business must not be more than 2 years old.
- The startup must be fit as per the Indian markets and a service provider or particular product.
- The enterprise should be a technology user. Also, its distribution model and business should be regulated and predetermined.
- Under Startup Scheme Education, Social Impact, Water Management, waste Management, Financial Inclusion, Biotechnology, Food Processing, Agriculture, Mobility, Energy, Healthcare, Defense, Space, Railways, Oil & Gas, Textiles, etc. Enterprises related with the sectors are included.
- Startups already getting loans under any other program will not get the gain of this scheme.
- As per the Companies Act, the stake in startups with an Indian incubator must be at least 51% to get the program benefits.
Eligibility Criteria for Incubators
- Incubators must be registered under one of the Companies Act 2013, Indian Trusts Act 1882, Companies Act 1956, Societies Registration Act 1860 to join the Startup India Fund program.
- Candidate incubator business should be running for at least 2 years or more.
- Incubators must have a seating capacity of at least 25 persons.
- Incubators should have at least 5 startups related at the time of application.
- Incubators must have a full-time Chief Executive Office, experienced in entrepreneurship capable and responsible team and business development.
- The incubator must be assisted by the state or central government.
How to apply online for SISFS Form 2021
Step 1- Go through the Official Website of Scheme i.e. seedfund.startupindia.gov.in.
Step 2- On the Homepage, select the Option Apply Now link under a menu option.
Step 3- After that, you have to hit on apply now under for incubator section and hit on create an account
Step 4- The Registration Form page will be visible on the screen.
Step 5- Now, you have to enter your password, name, email address, and mobile number
Step 6- After that, you have to hit on the register button and an OTP will address to your registered ID
Step 7- You have to enter the OTP into the OTP box and hit on submit button. It will divert to Startup India Portal.
Step 8- After that, you have to hit on the login option
Step 9- Enter your Password and Username. Hit on Login After the Robot Verification. It will divert you to StartUp India Persona Page.
Step 10- Select the Country and hit on the Incubator Box. Hit Next Button below which will divert you to incubator details form.
Step 11- The Application form will present on the screen.
Step 12- You suppose to enter your success stories, point of contact info, contact info, and basic info in this application form
Step 13- After that, you have to hit on save profile
Step 14- Now your profile will get off to a moderator for approval
Step 15- Again You have to login on to the portal
Step 16- Now you have to hit on apply now under the seed fund program
Step 17- The Application form will be appear on the screen.
Step 18- You have to enter all the required information in this application form like fund requirement details, incubator support detail, incubator team detail, general detail etc
Step 19- After that, you have to upload all the important documents
Step 20- Now you have to hit on submit
Step 21- By following this method, you can apply under the startup India seed funds program