SCHEME FOR ASSISTANCE FOR STARTUPS/ INNOVATION GUJARAT INDUSTRIAL POLICY 2020

The key objective of the Gujarat Industrial Policy, 2020 is to encourage R&D, start innovation and entrepreneurship. Hence, the new scheme is being introduced in order to support startups and innovation at different levels of a startup cycle.

Eligibility: Any individual/group of individuals having innovative idea/concept and recommended by approved Nodal institution will be eligible to get recognized as a startup under this scheme. The assistance under the scheme will be provided for innovative projects in any sector or any faculty/branch of science/ technology/ engineering/ agriculture/ healthcare and no innovation worth its name is restricted from availing assistance just because of its being into a particular sector, making this a sector agnostic scheme and provided that the startups which are availing incentive as a ‘startup’ in any other ‘startup scheme’ of Government of Gujarat will not get incentives under this scheme.

Available Assistance under Gujarat Industrial Policy 2020:

• Assistance up to INR 30 lakhs as a seed support to the startups
• Sustenance allowance of INR 20,000 per month to the startups and INR 25,000 per month to women led startups for a period of one year
• Assistance up to INR 1 lakh per startup for obtaining training in soft skills on reimbursement basis
• Additional assistance up to INR 10 lakhs for the startups generating significant impact on the society.
• Assistance up to INR 3 lakhs to enroll and participate for national/international recognized acceleration program
• For mid-level Pre-Series A funding of startups, a separate fund under Gujarat Venture Finance Limited (GVFL) for smaller ticket funding between INR 50 lakh to INR 3 crore
• Additional 1% Interest Subsidy, maximum up to 9% on term loans to applicants under the provisions of scheme for assistance to MSMEs.

Number of startups benefitted under the scheme: 23

For More Details: https://startup.gujarat.gov.in/scheme-for-assistance/scheme-one

STARTUP INDIA SEED FUND SCHEME

Startup India Seed Fund Scheme (SISFS) aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization. This would enable these startups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions.

Scheme Eligibility:

• A startup, recognized by DPIIT, incorporated not more than 2 years ago at the time of application.
• The startup must have a business idea to develop a product or a service with a market fit, viable commercialization, and scope of scaling.
• The startup should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted.
• Startup should not have received more than INR 10 lakhs 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 facilities.
• Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme, as per Companies Act, 2013 and SEBI (ICDR) Regulations, 2018.
• A startup applicant can avail seed support in the form of grant and debt/convertible debentures each once as per the guidelines of the scheme.

Number of startups benefitted under the scheme: 06

For More Details: https://seedfund.startupindia.gov.in/

SUPPORT FOR ENTREPRENEURIAL AND MANAGERIAL DEVELOPMENT OF           MSMES THROUGH INCUBATORS

The main objective of the scheme is to promote & support untapped creativity of individuals and to promote adoption of latest technologies in manufacturing as well as knowledge based innovative MSMEs (ventures) that seek the validation of their ideas at the proof of concept level.

Grant-in-aid to Host Institute for developing and nurturing the ideas up to max. Rs. 15 Lakh per idea. Preferably, the duration of the project/idea is one year, however, the same can be extended depending upon the circumstances. For students, the contribution will be Nil and for MSMEs/others, contribution will be 15 % of total project cost.

Number of startups benefitted under the scheme: 03

For More Details: https://my.msme.gov.in/inc/Giudeline.aspx

AMBEDKAR SOCIAL INNOVATION AND INCUBATION MISSION

With a view to promoting innovation and enterprise in SC students studying in higher educational institutions, Government of India is launching the Ambedkar Social Innovation and Incubation Mission (ASIIM). Under the ASIIM initiative, 1,000 SC youth would be identified in the next 4 years with start-up ideas through the Technology Business Incubators (TBIs) in various higher educational institutions. Innovators will be funded @ Rs. 30 lakhs in 3 years as equity funding so that innovator can translate their start-up ideas into commercial ventures. Successful ventures would further qualify for venture funding of up to Rs.15 Cr from the Venture Capital Fund for Scheduled Castes.

Number of startups benefitted under the scheme: 04

For More Details: https://www.vcfsc.in/asiim/index.html