The Minister of State in the Ministry of Commerce and Industry recently said that 656 Startups are supported by approved Incubators under Startup India Seed Fund Scheme (SISFS).
About Startup India Scheme –
- The aim is to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation.
- Nodal Department — Department for Promotion of Industry and Internal Trade, under the Ministry of Commerce & Industry.
- An Experts Advisory Committee (EAC) has been created by DPIIT to execute and monitor the Startup India Seed Fund Scheme.
- It is implemented with eﬀect from 1st April 2021 with a corpus of Rs.945 crores.
- Eligibility conditions for startups —
- A startup, recognised by DPIIT, incorporated not more than 2 years ago at the time of application.
- Startups should not have received more than Rs.10 lakh of monetary support under any other Central or State Government scheme.
- Individual entrepreneurs are not eligible to apply for support under the scheme. Only DPIIT-recognised startups can apply for this scheme.
- Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme.