Objectives of SISFS

The startup ecosystem in India generally suffers from capital inadequacy in the proof of concept development stage. The capital required by the startups at the stage of developing the proof of concept often makes or breaks a situation for startups with good business ideas.

Several innovative business ideas fail due to inadequate critical capital requirements at an early stage for prototype development, proof of concept, market-entry, product trials and commercialisation. Seed funding to such promising startups can have a multiplier effect for validating the business ideas of startups, ultimately leading to employment generation.

Eligibility Criteria for SISFS

The eligibility criteria for a startup and incubator to apply for the Startup India Seed Fund Scheme are mentioned below.

Eligibility Criteria for Startups under SISFS

  A startup recognised by the DPIIT and incorporated or registered not older than two years at the time of filing an application.

  Startups should have a business idea to develop a service or product with viable commercialisation, market fit and scope of scaling.

  Startups must use technology in their core service, product, distribution model, business model or methodology to solve the targeted problem.

  Startups that have received more than Rs.10 lakh of monetary support under any Central or State Government scheme are not eligible under this scheme. This amount does not include subsidised working space, prize money from competitions and grand challenges, access to labs, founder monthly allowance or access to prototyping facility.

  The shareholding of an Indian promoter in a startup must be at least 51% at the time of application to the incubator as per the Companies Act, 2013 and SEBI (ICDR) Regulations, 2018.

  A startup can obtain seed support in the form of grants and convertible/debt debentures, each one according to the scheme guidelines.

Application Procedure for Startups

The application procedure for availing the seed fund from the incubators by the startups under the SISFS are as follows:

  Go to the official Startup India Seed Fund Scheme website.

  Click on the ‘Login’ button on the top right-hand side of the homepage.

  The ‘Login’ tab will open. Click on the ‘Create an Account’ option at the bottom of the tab.

  The registration page of the ‘Startup India’ website will open.

  Enter the name, email ID, mobile number, password, confirm the password and click on the ‘Register’ button.

  An OTP will be sent to the applicants’ registered mobile numbers. Enter the OTP and click on the ‘Submit’ button.

  Go to the official Startup India Seed Fund Scheme website and click on the ‘Apply Now’ button on the right-hand side of the homepage.

  Select the ‘Apply Now’ button under the ‘For Startups’ option and log in using the username and password registered on the Startup India website.

  The application form will open. Enter all the details on the application form, upload the documents and click on the ‘Submit’ button.

  Upon clicking on the ‘Submit’ button, the application will be submitted for selection of the startup for seed funding under the SISFS scheme.

Incubation Support/Services:

  Technical expertise, business mentorship and IP facilitation support

  World-class office space

  State-of-art fab lab and rapid prototyping facilities

  Access to SRiXstartup ecosystem and workshops regarding entrepreneurship in SRiX

  Networking & Connections

  Further funding/incubation support after the prototyping stage.