Startup India Seed Fund Scheme (SISFS)

Seed fund scheme

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.

Features

  • 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.

Expected Benefit

  • 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

For Incubators

Step 1- Go through the Official Website of Scheme i.e. seedfund.startupindia.gov.in.

Seed fund scheme

Step 2- On the Homepage, select the Option Apply Now link under a menu option.

Seed fund scheme

Step 3- After that, you have to hit on apply now under for incubator section and hit on create an accountSeed fund scheme

Step 4- The Registration Form page will be visible on the screen.

Seed fund scheme

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

Seed fund scheme

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

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