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An initiative of Bharatiya Vidhya Bhavan's Sardar Patel Institute of Technology

Sardar Patel Technology Business Incubator

 Supported by Department of Science and Technology - Government of India
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Sardar Patel Technology Business Incubator

 Supported by Department of Science and Technology - Government of India
incubation

ABOUT

The Government of India's Startup India initiative aims to foster innovation and offer aspiring entrepreneur's ample opportunities by nurturing a strong startup ecosystem within the country. On January 16, 2016, the Hon'ble Prime Minister unveiled an Action Plan consisting of 19 action points to drive the Startup India initiative. This comprehensive plan outlined a strategic roadmap for establishing a favorable environment that supports the growth of startups in India. Startup India Seed Fund Scheme (SISFS), provides crucial financial assistance to early-stage startups, assisting them in their initial phases of development. The Social Impact Seed Funding Scheme (SISFS) is a transformative initiative aimed at fostering positive change in society by supporting and nurturing social impact startups. SISFS recognizes the immense potential of startups dedicated to creating a lasting social impact and provides them with the necessary seed funding and resources to bring their innovative ideas to life.

Objectives

  • The Indian startup ecosystem grapples with a lack of sufficient capital during the seed and 'Proof of Concept' development stage. This capital scarcity often poses a decisive moment for startups with promising business ideas.
  • Unfortunately, numerous innovative business concepts fail to gain momentum due to the absence of crucial early-stage funding. This funding is essential for proof of concept, prototype development, product trials, market entry, and commercialization.
  • Providing seed funds to these promising cases can have a transformative impact by validating the business ideas of numerous startups, ultimately leading to job creation.

Eligiblity Criteria

  • A startup, recognized by DPIIT, incorporated not more than 2 years ago at the time of application
  • Startups must have a business concept that aligns with the market, exhibits commercial viability, and has the potential for scalable growth, thereby ensuring eligibility.
  • Startups must integrate technology into the fundamental aspects of its core product, service, business model, distribution strategy, or methodology to effectively tackle the targeted problem.
  • Priority will be given to startups that are working on revolutionary solutions in sectors encompassing social impact, waste management, water management, financial inclusion, education, agriculture, food processing, biotechnology, healthcare, energy, mobility, defense, space, railways, oil and gas, textiles, and more.
  • Startups should not have obtained monetary assistance exceeding Rs 10 lakh from any other government scheme at the Central or State level. This excludes prize money received from competitions and grand challenges, subsidized working space, founder monthly allowance, access to labs, or access to prototyping facilities.
  • As per the Companies Act of 2013 and SEBI (ICDR) Regulations of 2018, it is a requirement for Indian promoters of the startup to possess a minimum of 51% shareholding when submitting their application to the incubator for the scheme.
  • Any startup will not receive seed support more than once.

Facilities Provided

Access to Tech Lab

Plug-and-Play Dedicated Office

Accesss to Startup-Toolkit

Access to Prayas Shala

Access to our Events & Webinars

Access to our Talent Pool

Access to Top-Class Mentors

Benefits

  • A prototype grant up to INR 20 Lakhs for validation of Proof of Concept, or prototype development, or product trials.
  • An investment of up to INR 50 Lakhs in the form of convertible debentures or debt or debt- linked instruments for market entry, commercialization, or scaling up.