Starting a business venture can be an exciting and challenging journey. India’s startup ecosystem is undergoing a revolution as entrepreneurs tackle complex problems and create innovative solutions. As important it is to have a great idea, it is equally crucial to have the necessary resources to turn that idea into reality. This is where government schemes for startups in India come into play. With the government’s focus on innovation and technology, there are various initiatives put forth to support new businesses. In this blog, we’ll take a look at some of these initiatives that Indian startups can tap into to secure financial support.
Nidhi Prayas:
With the emphasis to foster indigenously developed innovations and product in alignment with the nation’s “AtmaNirbharBharat Mission”, DST-NIDHI’s PRomoting and Accelerating Young and ASpiring technology entrepreneurs (PRAYAS) aims to support young innovators turn their ideas into PoC. The Department of Science and Technology launched Nidhi Prayas to support innovative entrepreneurs in their early stages. The scheme provides financial assistance for the development of early-stage ideas and prototypes. Startups can receive up to INR 10 lakhs for their projects. The program aims to encourage the development of new technologies and innovations. Know more about the schemes and their objectives : https://www.nidhi-prayas.org/#parentVerticalTab2|parentVerticalTab13
Startup India Seed Fund:
Honourable Shri Piyush Goyal on 19th April 2021 launched The Startup India Seed Fund Scheme. Startups can access funds from angel investors and venture capital firms solely after demonstrating their proof of concept. Furthermore, it should be noted that banks exclusively provide loans to applicants who have assets to offer as collateral. To enable startups to conduct proof of concept trials, it is crucial to furnish them with seed funding for their innovative ideas. The Startup India Seed Fund was introduced to provide financial assistance to startups in their early stages. This scheme offers financial help for proof of concept, prototype development, product trials, market-entry, and more. https://seedfund.startupindia.gov.in/
The Technology Development Board (TDB) scheme :
The Technology Development Board (TDB) scheme provides financial assistance to Indian industrial concerns and other agencies, attempting development and commercial application of indigenous technology, or adapting imported technology to wider domestic applications. The scheme aims to support innovation across different sectors by providing financial assistance to startups and small businesses. If you are a startup working on a new and innovative technology, this scheme can help you secure funding to take your product or service to market. The scheme offers up to Rs. 100 lakhs in financial assistance to eligible startups. http://tdb.gov.in/
The Innovations for Defence Excellence (IDEX) framework:
The Innovations for Defence Excellence (IDEX) framework, under the Defence Innovation Organisation (DIO), promotes the development of innovative solutions in the defense sector. For startups operating in the defense sector, this scheme offers a means to secure essential funding for developing cutting-edge technology used in national security. The scheme offers up to Rs. 1.5 crores in financial assistance to eligible startups. https://idex.gov.in/
Conclusion
These schemes are just a few examples of the various initiatives to support the growth of startups. We encourage you to explore these opportunities and take advantage of the financial assistance available. We wish you the best of luck in your entrepreneurial journey!
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