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Government Grants, Funding Startup India Seed Fund Scheme (SISFS)
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Startup India Seed Fund Scheme (SISFS) by Vyapar Saathi: Simplifying Financial Assistance for Startups
Overview: The Startup India Seed Fund Scheme (SISFS) is designed to financially assist startups at critical stages like proof of concept, prototype development, product trials, and commercialization. With a corpus of Rs. 945 Crore to be distributed from 2021 to 2025, the scheme aims to channel funds through eligible incubators directly to startups in need.
Eligibility Criteria:
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For Startups:
- DPIIT Recognition.
- Incorporation of at least 2 years.
- A viable business idea for product/service development.
- A market-fit product with potential for scalability.
- Technology as a core aspect of the product/service.
- Focus on innovative solutions across various sectors.
- Limited pre-investment funding, not exceeding Rs. 10 Lakh (excluding prize money or subsidized workspace).
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For Incubators:
- Legal registration under Societies Registration Act, Indian Trusts Act, or Companies Act.
- Minimum 2 years of operational history.
- Adequate infrastructure with seating for at least 25 individuals.
- A portfolio of valid startups under incubation.
- Full-time dedicated staff including CEO, mentors, and support staff.
- Direct disbursement of seed funding without third-party involvement.
- Government assistance or a minimum of 3 years of operational history if not government-assisted.
- Hosting at least 10 startups in incubation with audited reports for the last 2 years.
Role of Expert Advisory Committee (EAC): The EAC, established by DPIIT, oversees the program development, monitoring, and evaluation of the scheme. It plays a crucial role in selecting eligible incubators and allocating a grant of up to 5 crores over three installments.
Fund Disbursement: Eligible startups will receive funding in the following manner:
- Up to Rs. 20 Lakh as a grant for stages like proof of concept, prototype development, and product trials.
- Up to Rs. 50 Lakh for market-ready product commercialization.
- The fund usage is strictly for the designated stages of startup development.
Why Vyapar Saathi for SISFS Assistance? Vyapar Saathi offers expert guidance in navigating the SISFS, helping startups and incubators meet eligibility criteria and secure funding. Our experienced team simplifies the application process, ensuring compliance with the scheme’s requirements. With Vyapar Saathi, startups can focus on innovation and growth while we take care of securing the essential seed funding.