Goyal launches Startup India Seed Fund Scheme

Union Commerce & Industry Minister Piyush Goyal. (File Photo)

New Delhi: Union Commerce & Industry Minister Piyush Goyal on Monday launched the Startup India Seed Fund Scheme (SISFS).

The Fund aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization, said the Ministry press release.

Rs. 945 Crore corpus will be divided over the next 4 years for providing seed funding to eligible startups through eligible incubators across India. The scheme is expected to support an estimated 3,600 startups through 300 incubators, the release added.

The Scheme was announced by Prime Minister Narendra Modi on January 16, 2021 in his address at ‘Prarambh: StartupIndia International Summit’.

Goyal said that this scheme is being launched within three months of its announcement, which is one of the fastest in the recent times.

He said that times are tough, but our resolve is strong, and never before has it become more important for us to empower our startups.

The Minister said that the SISFS will Secure seed funding, Inspire innovation, Support transformative ideas, Facilitate implementation, and Start startup revolution.

He said that this Scheme will create a robust startup ecosystem, particularly in Tier 2 and Tier 3 towns of India, which are often deprived of adequate funding.

Goyal said that he would like to especially encourage innovators from rural areas to come forward and benefit from this scheme.

The Minister said that Startup India Seed Fund Scheme will act as a bridge between ideas and their implementation.

“Independent & ambitious thinking in the Startup ecosystem will encourage entrepreneurship and create a culture that will recognise innovation,” Goyal said.

The detailed guidelines of the Startup India Seed Fund Scheme are provided on the Startup India portal.

The online portal created by DPIIT, for the scheme, will allow incubators to apply for funds under it.

An Experts Advisory Committee (EAC) has been created by DPIIT to execute and monitor the Startup India Seed Fund Scheme, the release said, adding that grants of upto Rs 5 Crore shall be provided to the eligible incubators selected by the EAC. (PR)

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