The Ministry of Commerce and Industry vide its notification dated 21st January 2021 has published the Startup India Seed Fund Scheme (SISFS)’ to provide financial assistance to start-ups for proof of concept, prototype development, product trials, market entry and commercialization.
A startup, recognized by DPIIT, incorporated not more than 2 years ago at the time of application shall be eligible to apply under this scheme and the other eligibility criteria includes that the Startup must have a business idea to develop a product or a service with market fit, viable commercialization, and scope of scaling and should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted.
Preference would be given to startups creating innovative solutions in sectors such as social impact, waste management, water management, financial inclusion, education, agriculture, food processing, biotechnology, healthcare, energy, mobility, defence, space, railways, oil and gas, textiles, etc.
Further the 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.
Online Applications will be invited from incubators across India to participate in the scheme on https://www.startupindia.gov.in or any other platform specifically designated for the purpose.
