Commerce and Industry Minister Piyush Goyal has recently launched the Startup India Seed Fund Scheme (SISFS).
- The Fund aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization.
- An amount of 945 crore rupees corpus will be divided over the next 4 years for providing seed funding to eligible startups through eligible incubators across India.
- The scheme is expected to support an estimated 3,600 startups through 300 incubators.
- The SISFS will Secure seed funding, Inspire innovation, Support transformative ideas, Facilitate implementation, and Start startup revolution.
- This Scheme will create a robust startup ecosystem, particularly in Tier 2 and Tier 3 towns of India, which are often deprived of adequate funding.
Source: News On Air