New Delhi, March 25 In a boost to the domestic startup ecosystem, 217 incubators have been selected with a total approved funding of Rs 916.91 crore under the Startup India initiative (till January 31), the government informed on Tuesday.
The government launched the Startup India initiative on January 16, 2016.
Under the initiative, incubators from both private sector and academic institutions are supported through the Startup India Seed Fund Scheme (SISFS), said Minister of State for Commerce and Industry, Jitin Prasada, in a written reply in the Lok Sabha.
The scheme provides financial assistance to eligible startups through incubators for proof of concept, prototype development, product trials, market entry and commercialisation.
The Experts Advisory Committee (EAC) of SISFS, evaluates and selects incubators for allocation of funds. SISFS is implemented from April 1, 2021.
“Under the Startup India initiative, the government constantly undertakes various efforts for the development and growth of startup ecosystem. All steps undertaken under the Startup India initiative are inclusive and support entrepreneurs from disadvantaged backgrounds, and rural and tribal communities,” said Prasada.
The flagship schemes namely, Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) support startups at various stages of their business cycle.
The government also implements periodic exercises and programmes including ‘States’ Startup Ranking’, ‘National Startup Awards’ and ‘Innovation Week,’ which play an important role in the holistic development of the startup ecosystem.
Digital platforms such as the Startup India portal and BHASKAR enable easy access to resources and startup ecosystem collaboration.
The minister said that the government is also encouraging corporates for supporting startups by way of mentorship, access to infrastructure, sharing resources and knowledge, assistance in market linkages and investor connect.
India is currently home to nearly 1.59 lakh startups., according to the recent Department for Promotion of Industry and Internal Trade (DPIIT) data.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor