⇒ Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution Shri Piyush Goyal on 19 April 2021 launched the Startup India Seed Fund Scheme (SISFS).
The Scheme was announced by the Prime Minister, Shri Narendra Modi on 16th January 2021 while addressing the ‘Prarambh: StartupIndia International Summit’.
Aim:
The Fund aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization.
Experts Advisory Committee for the Scheme:
For the scheme, an online portal and Experts Advisory Committee has been created by DPIIT to execute and monitor the Startup India Seed Fund Scheme.
Grants Under Scheme:
- Grants of upto Rs 5 Crores shall be provided to the eligible incubators selected by the Experts Advisory Committee.
- The selected incubators shall provide grants of up to Rs 20 lakhs for validation of Proof of Concept, or prototype development, or product trials to startups.
- Furthermore, investments of up to Rs 50 lakhs shall be provided to the startups for market entry, commercialization, or scaling up through convertible debentures or debt-linked instruments.