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The Startup India Seed Fund Scheme (SISFS) was introduced in 2021 to provide early-stage startups with financial assistance for proof of concept, prototype development, product trials, and market entry. This scheme aims to mitigate early-stage funding challenges faced by entrepreneurs.
Benefits
- Up to ₹20 lakh for proof-of-concept development.
- Up to ₹50 lakh for product development, testing, and scaling operations.
- Funds provided as grants, debt instruments, or convertible securities.
Eligibility Criteria
- The startup must be recognized by DPIIT under Startup India.
- It must not have received more than ₹10 lakh in funding from any other source.
- Startups should be incorporated within the last two years.
- The business idea must address a market gap or social problem.
How to Apply
- Visit the Startup India portal.
- Apply under the SISFS section by submitting details about your startup and funding requirements.
- Submit supporting documents like your business pitch deck, prototype details, and financial projections.
- Approved startups will be connected with incubators for further funding and mentorship.
Business Plan or Obligations Required
- Detailed Prototype Plan: Startups must showcase a viable prototype or MVP (minimum viable product).
- Market Analysis: The plan should include a clear understanding of target customers and competitors.
- Scalability: Include milestones and strategies for scaling operations.
- Obligations: Use funds exclusively for activities outlined in the approved proposal.
