It aims to offer financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization.
Starting 2021-22, over the next four years, Rs 945 crore corpus will provide seed funding to eligible startups through incubators. The scheme is expected to support about 3,600 startups.
Department for Promotion of Industry and Internal Trade (DPIIT) has set up an experts advisory committee to execute and monitor the scheme.
Grants of upto Rs 5 crore will be provided to the eligible incubators selected by the committee.
The selected incubators will provide grants of up to Rs 20 lakh for validation of proof of concept, or prototype development, or product trials to startups.
Investments of up to Rs 50 lakh will be provided to the startups for market entry, commercialization, or scaling up through convertible debentures or debt-linked instruments.
To promote virtual incubation for startups by enabling 300 incubators to support startups from all corners of the country.
The scheme impacts innovations in tier 2 and tier 3 regions of India.
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