If you want to know everything about Startup India Seed Fund Scheme (SISFS), this article is for you. You can get the information after reading this article. Startup India Seed Fund is one of the optimum schemes for Indian entrepreneurs.
It is designed by honorable prime minister Narendra Modi in January 2016. It is a resourceful idea to make stronger our ecosystem. After cultivating this article, we know about objectives, advantages, criteria and how to apply this scheme.
What is Startup India Seed Fund Scheme
DPIIT is made Startup India Seed Fund Scheme in 2016. It aids to make financially strong in the early age of business. Whoever doesn’t have financial back support and can not take a loan from the bank, but in this scheme, you get financial assistance through proof of concept.
It aids in prototype development, market-entry, product trails, etc. DPIIT expense nearly INR 915 crore. 3600 entrepreneurs get a wide range of economic support. It is not only for entrepreneurs but also for three incubators in the following four years.
Objectives Of Startup India Seed Fund Scheme
- The government main objective is to help financial support entrepreneurs.
- Many start-ups discontinue their innovation ideas because of economic crises. After this scheme, it decreases.
- Employments generate by this marvellous scheme.
Experts Advisory Committee (EAC) –
An Experts Advisory Committee (EAC) has been made up Department for Promotion of Industry and Internal Trade (DPIIT). Everything is evaluated and monitored by DPIIT which gives the main output of this scheme. They always notice going on start-up of India.
Department for Promotion of Industry and Internal Trade (DPIIT) is given 100% to implement this scheme. Some of these members are Shri H.K. Mutual, Shri Shashank Priya, Shri Anil Agrawal, etc.
Some of the members are discussed below –
- An eminent individual serves as Chairman.
- DPIIT’s or his representative’s financial advisor
- DPIIT’s Additional Secretary, Joint Secretary, Director, and Deputy Secretary
- Biotechnology Department Representative (DBT)
- Delegate from the Department of Science and Technology (DST)
- Ministry of Electronics and Information Technology Representative
- Indian Council of Agricultural Research (ICAR) representative (ICAR)
- NITI Aayog representative
- At least three expert members from the Department of Public Instruction and Technology (DPIIT) were nominated by the Secretary.
- Investors, professionals in the field of R&D, and technological experts are all part of the startup ecosystem.
- entrepreneurship and other forms of development and commercialisation
These members are monitored by every startup that is optimal for this scheme.
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Eligibility criteria of applying this scheme
There are two phases of criteria there. One is a start-up and the second is the incubator. After analysing this article, you can understand how many criteria are on start-up and incubator?
Criteria Of Start-up –
- DPIIT is a recognised start-up that does not have incorporated more than two years at the moment of application.
- Start-up has to chance to grow and make strong going to any difficulties. If any start-up has a growth chance, that’s time they get this financial assistance.
- Start-up has good problem solution power because many enterprises fall lack problem solutions power. They can use technology to distribute, product model, problem solutions.
- DIIPT is more consider innovative creation like water management, finance management, waste management, oil, textile, agriculture, food processing and education, etc.
- Any start-up can not get any financial assistance more than ten lakh from any other central or state scheme. It is excluded prize money from any competition, subsidised working space, lab allowance, founder allowances, access to prototyping allowances.
- Any Indian shareholder promoter has at least 51% at the period of application as per the Companies Act, 2013 and SEBI (ICDR) Regulations, 2018.
- Any start-up can not get financial assistance more than once each para 8.1 (i) and 8.1 (ii) respectively.
Criteria for incubators –
Some criteria are discussed below –
- Incubator has a legal entry –
- A society is recorded under the society registration act.
- A trust is recorded under the trust registration act.
- A private company is recorded under the company act.
- A start-up body builds by the legislature.
- Incubators have the operation for two years at the period of application.
- The incubator should be at least 25 seats individual for getting this scheme.
- Incubator has under five start-ups and maintains it properly at the period of application.
- Incubator has chief executive officer, experience business development and entrepreneurs, financial and human growth. Whoever incubators have problem-solving power, can get it.
- Incubators can not give or share money with any third party. If anyone does this, they get punished.
- Incubators have to be assisted by the central or state.
- If anyone does not assist, they have to follow this rule.
- Any incubators have to maintain physically separate ten start-ups at the period of application.
- It should be three years operational during the period of application.
- It has two years of audited reports last two years.
- If anything is needed, Expert Advisory Committee decides it.
I hope, you comprehend are criteria for applying this Startup India Seed Fund Scheme (SISFS). The government gives this Golden opportunity for those who are needed this.
I hope, this article is illuminating for everyone who needs Startup India Seed Fund Scheme (SISFS). Due to a lack of financial assistance, Many entrepreneurs can not take big steps for their startup. They have skilled workers, good management, problem-solving power but no one gives them financially back support. India is a developing country that needs startups, entrepreneurs that can be helped for making a financially strong India.
A startup is not only for entrepreneurs but also it is for employees. Employment is generated by startups. Many startups idea is very innovative and unique if they get this financial assistance, they become a successful startup. In this article, you can understand, who are regulating the scheme and their members? What is the norms of the Startup India Seed Fund Scheme (SISFS) on startup or incubator?
If you obtain every norm, hurry up apply this Startup India Seed Fund Scheme (SISFS). It may be one of the optimum golden opportunities for your startup.