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Start -up India Seed Fund Scheme (SISFS) was approved by the Government of India. The scheme aims to offer financial assistance to start-ups for various stages, including proof of concept, product trials, prototype development, market entry & commercialization.
SISFS allows the start-ups to grow and helps in raising the investments through the scheme. The seed fund is disbursed only to eligible start-ups through eligible incubators across India.
In this article, we will discuss the Start-up India Seed Fund Scheme in detail.
A start-up is a venture started by entrepreneurs to develop a product or service. The first and primary challenge for a start-up is to have funding to support its ideas of business. To receive funding, the start-up must have a business proposal and the financials to present.
The start-up needs funding for all the process to be followed. To get funding from Start-up India Seed Fund Scheme, one must have a detailed business plan and financials.
The purpose of needing funds for a start-up is:
The Government of India has approved the Start-up India Seed Fund Scheme (SISFS) for the next 4 years, starting from 2021-2022. Its implementation will be from 1st April 2021.
The scheme aims to offer financial assistance to the start-ups for various stages, including proof of concept, product trials, prototype development, market entry & commercialization.
A total of Rs. 945 Crores will be divided over the next 4 years through eligible incubators across India for seed funding to eligible start-ups. The scheme is expected to support 3600 start-ups approximately.
The following are the benefits of start-ups:
The eligibility criteria for start-ups are:
A start-up incubator is a joint program designed to help and support new start-ups. They help entrepreneurs solve a few problems, namely, seed funding, mentoring, training, etc. the sole objective is to help the start-ups grow their business.
The eligibility criterion for incubators is:
DPIIT will constitute an expert advisory committee (EAC) which will be responsible for monitoring and overall execution of the Start-up India Seed Fund Scheme. EAC will assess & select the incubators for the allotment of Seed Funds, monitor its progress, and take all the necessary measures for effective utilization of funds to fulfil the Start-up Scheme object.
Each incubators applying for the Start-up Scheme will constitute a committee ISMC (Incubator Seed Management Committee) consisting of experts to evaluate & select start-ups for seed funding. EAC will approve the composition of each ISMC. The selection of start-ups will be through an open, fair and transparent process.
ISMC shall select the start-ups based on their application & presentation within 45 days of receipt of application. The applicants will be able to track their progress on the Startup India Portal on a real-time basis. If an applicant is rejected, he may apply fresh.
A start-up is a venture started by entrepreneurs to develop a product or service. The first and primary challenge for a start-up is to have funding to support its ideas of business.
The Government approved start-up India Seed Fund Scheme (SISFS) of India. It aims to offer financial assistance to the start-ups for various stages, including proof of concept, product trials, prototype development, market entry & commercialization. This allows the start-ups to grow and helps in raising the investments through the scheme. Until now, the government has identified 41,061 start-ups in India.
Read our article:Registration of Startup in India: A step by step Guide
Completed BA LLB from JEMTEC, School of Law, Greater Noida (Affiliated to GGSIP University, New Delhi). I have an experience of about 2 years in various fields of corporate laws, but I have a keen interest in researching on legal issues and to gain knowledge. I always strive to bring the best to work on what I do.
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