Startups recognised by the DPIIT (division for promotion of trade and inner commerce), are owned 80% by Indians and haven’t availed greater than Rs 50 lakh by another Central authorities scheme are eligible to use.
As per the rules launched on Tuesday, funding by promoters and angel traders at applicant corporations should not less than match the grant quantity. The corporations should have know-how on the core of their enterprise, IN-SPACe mentioned, including that an consultants’ committee will determine on the modalities of how the grant is disbursed.
“IN-SPACe in its endeavour to develop a non-public house ecosystem within the nation is happy to announce a seed fund scheme aimed toward selling house know-how. This scheme is designed to assist house start-ups, these aimed to develop revolutionary house services and products that may enhance the standard of life of individuals and communities in India and world wide,” the company mentioned.
It added that eligible candidates embody early-stage start-ups with revolutionary concepts and initiatives that use house know-how to deal with up-stream/mid-stream and down-stream challenges within the House Sector.
“The seed fund will present monetary assist to chose candidates to assist them carry their concepts to life and get their initiatives off the bottom. This assist will embody entry to funding, mentorship, coaching, and networking alternatives. IN-SPACe will announce sector particular alternatives periodically,” it mentioned.
“We’re searching for initiatives that show a powerful understanding of the challenges within the sector and a transparent imaginative and prescient for the way house know-how can be utilized to deal with these challenges. Supreme candidates could have a transparent marketing strategy, a well-defined goal market, and an in depth implementation technique,” it added.