The Startup India Seed Fund Scheme (SISFS) provides funds to startups and companies to help launch new businesses. They can use the money to test their ideas, build a prototype, test the product, start selling and succeed. The Government of India wants to help new entrepreneurs and give them opportunities to succeed.
He plans to create a good environment for new businesses. Startup India’s seed fund program provides early stage funding to new businesses. To apply under this scheme, you must have complete information about the scheme like application, eligibility, documents, incubator eligibility and application etc.
Startup India Seed Fund Scheme Objective
In India, there is not enough money to start new companies and develop ideas. This is a big problem because even good business ideas can fail without adequate funding. Many new and creative ideas do not have a chance to succeed because they do not have the money to launch and build a prototype product to test the ideas. Funding for these new companies can help them prove whether their ideas are good or not, as well as help create new jobs. The main purpose of this money is to help new companies turn their ideas into real products that people can buy.
| Scheme Name | Startup India Seed Fund Scheme 2023 |
| Start Date | 16 January, 2016 (Start Up India scheme) 21 January, 2021 (Seed Fund Scheme) |
| Objective | Funding for New Startups and Business |
| Beneficiary | Entrepreneur |
| Announcement By | Prime Minister Narendra Modi |
| Budget | 945 Crore Rupees |
| Status of Scheme | Active |
| Launched By | Central Government |
| Subsidy | 50 Lakh Rupees |
| Category | Government Schemes |
| Startup India Website | Official Link |
| SISFS Website | Official Link |
Features of Startup India Seed Fund Scheme 2023
- On January 16, 2016, Prime Minister Shri Narendra Modi announced a 19-point action plan to make the Start Up India scheme a success. Startup India SID Fund Scheme is one of them. After the practical demonstration of the prototype, it is easy to get money from angel investors, venture capitalists, banks, etc.
- The Ministry of Industry and Domestic Trade Promotion (DPIIT) has constituted an Expert Advisory Committee (EAC). responsible for the operation and oversight of the entire Startup India Fund program.
- An Expert Advisory Committee (EAC) evaluates and selects an incubator for seed fund allocation
- DPIIT aims to provide financial support to startups for proof of concept, prototype development, product testing, market entry and commercialization.
- The goal of the system is to provide 945 million to 3,600 companies over the next four years
Startup India Seed Fund Scheme Benefits
- The Government of India has launched the Startup India Seed Fund Scheme 2023 to help launch and grow new businesses.
- This scheme helps incubators with funds of up to Rs 50,000 to help start-ups grow.
- The government gives money to “incubators” and they give money to start new businesses.
- This money is not used to make the first version of anything, to test the product, to sell it or to get people to buy it.
Startup India Seed Fund Scheme Eligibility
For Startup
A new business noticed and approved by DPIIT, which started less than 2 years ago when they applied.
Visit this link to get recognition from DPIIT
Startups need to come up with a good idea to make or do something that people want to buy. They also need to be sure that they can sell it and make money, and that they can grow their business in the future.
New companies need to use computers and other gadgets to solve a problem in which they can help.
We will choose new businesses that help others, taking care of waste and water, teaching people about money, farming, making food, using science to help health, energy, transportation Come up with good ideas to help people and the environment in areas such as using Protecting our country, exploring space, driving trains and making clothes.
A new business cannot get more than Rs 10 lakh from other government programs. But they can still get rewards, cheap space to work, money for the person starting the business, and space to build their product.
As per the rules for starting a company in India, the person or group considering for the company should own at least 51% in case of seeking help from the incubator programme.
If someone wants to start a new business, then he can get help from the government to start it. The government can give them loans to use which they can repay later. It all depends on the rules made by the government.
For Incubators
The incubator should be a type of organization that is recognized and permitted by law. It can be a group of people registered as a society, a trust, a private limited company or a special organization created by the government.
The incubator needs to be in operation for at least two years when you apply for the scheme.
There should be enough space for at least 25 people to sit in the incubator.
The incubator should have at least 5 startups that are being helped and supported when one applies.
An incubator needs an executive who knows how to start and grow a business, and a team that can help new businesses with such important things as money, legislation, and hiring people. They need to work hard and be in charge.
The incubator should not be given money to help start a business from a private company. Rather help should be taken from the government.
If govt is not helping then the place where new business grow it should work for three years and at least 10 different startups are using it and also they should show last 2 years report .
Expert Advisory Committee (EAC) can make some additional rules if it wants.
Documents for Startup India Seed Fund Scheme 2023
- GST Number
- Aadhaar Card
- Email ID
- Mobile Number
- Lease Agreement
- Bank Account
- Detailed Report of the Scheme
- Passport Photo
Application for Startup India Seed Fund Scheme
For Startups
- Go to the official website of Startup India Seed Fund Scheme. – Click Here
- Home page will open.
- On that page you have to click on Apply Now.
- Now you have to click on Apply Now under Startup section.
- The form will appear in front of you.
- All the details like name, email address, mobile number, etc. have to be entered in this form.
- You have to upload all the given documents.
- After this you have to click on submit.
- After doing all this you will be able to apply as a startup under the Startup India Seed Fund Scheme.
For Incubators
- Go to the official website of Startup India Seed Fund Scheme.- Click Here
- Home page will open.
- On that page you have to click on Apply Now.
- Click on Apply Now under the Incubator section.
- You have to click on Create an account.
- A new page will appear in front.
- Name, email id, mobile number and password have to be entered on this page.
- After that click on the register button.
- An OTP will be sent to the registered ID.
- OTP will now have to be entered in the OTP (ONE Time Password) box.
- Click on submit.
- Now you have to click on Login.
- Now choose your country and click on the input letter box.
- Next option has to be clicked.
- The application form will appear.
- In this form you have to enter your information, contact information and success stories.
- Now click on save profile.
- Now the profile will be sent to the moderators for approval.
- Now you have to login to the portal again.
- Click on Apply Now button under Seed Fund Scheme.
- The application form will appear.
- Details have to be entered in this form like general details, incubator team details, incubator support details, fund requirement details etc.
- All the required documents have to be uploaded.
- Click on the submit button.
- Now Startups will be able to apply under India Seed Fund Scheme.
Conclusion
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