Union Minister of Commerce & Industry Piyush Goyal Launched the startup India Seed Fund Scheme(SISFS) on April 19,2021.
Purpose of SISFS Scheme :
*The main objective this scheme,It aims to provide Financial Assitance to startups for proof of Concept,product trails,prototype development,market entry and commercialization.Duration of this scheme is 4 years.its strats from 2021-22.
*Then,SISFS scheme aims to build an Robust Startup ecosysytem in Tier-2 & Tier-3 towns of india which are suffering due to inadequate funding.
Components of SISFS Scheme :
Monitoring & Executing Agency :
DPIIT(Department for Promotion of Industry and Internal Trade) created the Experts Advisory Committee (EAC)
Grants:
*Investment of INR 5 Crore to eligible Incubators selected by EAC.
*INR 20 Lakhs to startups for validation of Proof of Concept,or Prototype development,or product trails.
*Investment of INR 50 Lakh for startups for market entry,commercialization,or scaling up through convertible debentures or debit-linked instruments.
Important Notes :
*Prime Minister Narendra Modi announced by the scheme on January 16, 2021.Further,The StartupIndia International Summit’ which was held to commemorate the 5th Anniversary of Startup India initiative.
*SISFS will Secure for seed funding, Inspire innovation, Support transformative ideas, Facilitate implementation and Start Startup revolution in India.
*It aims to promote virtual incubation for startups by enabling 300 incubators to support startups from all over India.