The Union Government of India has led to another initiative called Start Up India Seed Fund Scheme. The main objective of this scheme is to help budding entrepreneurs to start their businesses. This initiative is for the aspirants who have proof of concept, prototype development, product trials, market entry, and commercialization. The government claimed that this initiation would help the startups raise investments from angel investors or venture capitalists and avail of the loans from the commercial banking institutions.
The interested applicants can apply for the Startup India Seed Fund Scheme Online on the official portal
Start Up India Seed Fund Scheme
This article explains the online process to apply for the Start Up India Seed Find Scheme, Complete Details, Online Form, Eligibility Criteria, and Official Notification.
Complete Details about Start Up India Seed Fund Scheme (SISFS)
Let us see the complete details about the Startup India seed Fund Scheme launched by Union Minister Piyush Goyal.
- The central commerce ministry has announced the scheme with a budget of a whopping 945 Crore.
- The prime objective of initiating this scheme is to create a robust startup ecosystem, especially in the non-metros.
- The scheme is expected to support an estimated 3,600 startups through 300 incubators.
- Under this scheme, the government supports the startups with financial support.
- The fund sanctioned by the government will benefit 3600 startups, especially in tier 2 and tier 3 centers.
- The financial aid is to the aspirants who provide the proof of concept, prototype development, product trials, and market entry.
- The selected startups will get grants up to Rupees 5 Crore from the government.
The minister said the SISFS would “secure seed funding, inspire innovation, support transformative ideas, facilitate implementation and start a startup revolution.”
How to Apply Online for Startup India Seed Fund Scheme
Let us see the online process to apply for the Startup India Seed Fund Scheme launched by the union government of India.
- The government will call the online applications from the aspirants.
- Click Here to get directly redirected to the Registration Form as shown below.
- Register yourself on the portal using the Name, Email ID, Mobile Number, Password , Confirm Password.
- It then successfully creates the account on the Startup India Portal.
- Go to Home Page and Login Using the Credentials.
- It then takes the online applicant to the user dashboard below.
Seed Fund Scheme Online Application Form 2021
- Enter the Details of the Startup in the first section, contact number in the second section, category details in the next section and then enter your interests as shown in the form.
- The online applicants can select any of the three incubators according to their choice of preference.
- All applications received will be shared online with respective incubators for further evaluation.
- Moreover, the candidates applying to the scheme should submit details about team profile, problem statement, product/service overview, business model, customer profile, market size, the quantum of funds, etc.
- Then, the incubators will shortlist the candidates who fulfill all the eligibility criteria.
- The selected applicants should give a presentation before the ISMC.
- After the presentation, the startups have to mention the progress on the startup India Portal.
- All the selected startups will receive seed funding from the government as per the choice of preferences of the applicants.
- Please note that the rejected applicants have an opportunity to re-apply again.
Note : The online registration process here is for the startups. However, the applicants can also register themselves as the Incubators, individuals and apply for the Start India Seed Fund scheme.
Eligibility Criteria for Startups
Let us see the eligibility criteria that a startup should fulfill to get eligible for the Seed Funding Scheme from the government.
- A startup should be recognized by DPIIT, incorporated not more than two years ago at the time of application.
- The startup must have a business idea to develop a product or a service with the market fit, viable commercialization, and scope of scaling.
- A startup should be using technology in its core product or service, business model, distribution model, or methodology to solve the targeted problem.
- Preference would be given to startups creating innovative solutions in social impact, waste management, water management, financial inclusion, education, agriculture, food processing, biotechnology, textiles, etc.
- Startup should not have received more than Rs 10 lakh of monetary support under any other Central or State Government scheme. This does not include prize money from competitions and grand challenges, subsidized working space, founder monthly allowance, access to labs, or access to prototyping facility.
- Shareholding by Indian promoters in the startup should be at least 51% when applying to the incubator for the scheme, as per the Companies Act, 2013 and SEBI (ICDR) Regulations, 2018.
Eligibility Criteria for Incubators
Let us see the eligibility criteria that incubators should fulfill to get eligible for the Seed Funding Scheme from the government.
- The incubator should be operational for at least two years on the date of application to the scheme.
- The incubator must have facilities to seat at least 25 individuals.
- The incubator must have at least five startups undergoing incubation physically on the date of application.
- Incubator must have a full-time Chief Executive Officer, experienced in business development and entrepreneurship, supported by a capable team responsible for mentoring startups in testing and validating ideas and finance, legal, and human resources functions.
- The incubator should not be disbursing seed funds to incubates using funding from any third-party private entity.
- The incubator must have been assisted by the Central/State Government(s).
India Seed Fund Scheme Official Notification PDF
The interested applicants can find out the official notification of the Seed Fund Scheme. The applicant can visit the official notification and go through the complete details about the scheme.
Click Here to get directly redirected to the Official Notification Advertisement of the India Seed Fund Scheme.
Start Up India Seed Fund Scheme FAQs
What is the total budget that the government has allotted under the Startup India Seed Fund Scheme?
The Union Government has allocated a whopping Rs 945 Crore to the startups, especially in the non-metro cities.
Is the online application form for the Seed Fund Scheme live on the Startup India Official Portal?
Yes, the scheme has been very recently announced by the government, and the online application is available online on the Startup India Portal.
What are the estimated number of startups that will get benefit under the Startup India Seed Fund Scheme?
As many as 3600 startups will get benefited under the Startup India Seed Fund Scheme.
What is the URL of the Start UP India Seed Fund Scheme launched by the Union government?
The URL of the Start UP India Seed Fund Scheme launched by the Union Government is https://www.startupindia.gov.in/.