The growth of an enterprise is mainly concerned with the easy availability of sufficient capital. Lack of financial resources is the significant reason behind the failure of implementation of business ideas. Taking this point into consideration, the Indian Government has introduced Startup India Seed Fund Scheme 2021 to curb this condition. Through this finance-based Scheme, the Government is all set to provide financial assistance to budding entrepreneurs.
In order to construct a robust startup ecosystem in India, the Government of India commenced Startup India Seed Fund Scheme on January 16, 2016, so that numerous opportunities will be provided to emerging Indian entrepreneurs so that they can work on the development of their enterprise. The announcement to bring this Yojana into existence was made by our honourable PM Mr. Narendra Modi. Under this scheme, financial assistance of about Rs. 50 lakh will be delivered to the startups at an initial level via incubators.
The Central Government has moved ahead and allocated a budget of Rs 945 crore for this Yojana. This fund will be utilized for proof of concept, product trial, Market entry, prototype development, and commercialization. Through this Startup India Seed Fund Scheme 2021, the Government is striving to provide ample funds to incubators. The incubator will be coming forward to provide these necessary funds to the startups further. In the next four years, about 3600 entrepreneurs via 300 incubators will reap benefit from the startup India seed fund scheme 2021.
The expert advisory committee will take a step ahead and review the overall progress of the startup India seed fund Yojana with the picked incubators. Under this Yojana, for the purpose of goal evaluation, the incubators would have to provide the report as indicated by the expert advisory committee. In case if the incubator is not fulfilling its responsibilities as per the prescribed standards, then the expert advisory committee will utilize its power to discontinue the seed fund aid. If the incubator is utilizing the fund for various purposes, then quick legal steps will be taken against such an incubator.
The department for the promotion of industry & internal trade has composed an expert advisory committee (EAC) liable for implementation, execution as well as monitoring of startup India seed fund scheme 2021. Department for promotion of industry & internal trade will be the prime agency for the implementation of the Yojana. This committee will check the details furnished by the incubators and go ahead with picking the best incubators to allow the seed fund. This committee will be accountable for monitoring the advancement of the incubator. The expert advisory committee has got the power to take all the essential actions so that the funds can be employed efficiently. The expert advisory committee comprises the following members:-
All the startups that are decided to get the advantage of this scheme are expected to present details on the above parameter to the respective incubators. The incubator is needed to give the information conveyed by the startup via the online dashboard and also display this information to the expert advisory committee on a quarterly basis. Other than that, the incubator is also expected to publish the return on investment of the startup.
Through Startup India Seed Fund Scheme, all the eligible startups will enjoy the benefits of the seed fund as follows:-
Incubators all over India will receive an invitation to engage in the startup India seed funds scheme 2021 either through the official portal or through any other stage which will be particularly created for this purpose.
The following points are to be noted down while choosing the incubator-
Expert Advisory Committee has the right to make modifications in the guidelines of the election of incubators on a timely basis. The expert advisory committee will also observe the development of the grant. Incubators can go ahead and apply for Startup India Seed Fund Scheme 2021 anytime in the year.
The incubator seed management committee consists of the following members:-
The necessary documents are showcased below-
Then, you would have to opt for your category, which is as follows:-
Startup India Seed Fund Scheme is one of the finest moves by the Indian Government in modern time where the unemployment rate is high in the country, and people are planning to dive into the sea of startups. At Aatmnirbhar Sena, we are raising awareness concerning the startup India Seed Fund Scheme so that young and growing entrepreneurs can gain financial benefits via this Yojana.