Here’s What MSMEs Need To Know About SIDBI

Here’s What MSMEs Need To Know About SIDBI

MSMEs Of India

Huge achievements are built on the foundation of constant small changes in. A country’s economy is a dynamic of such big and small consistent changes. Various sectors strive to contribute their best share to the country’s GDP. Some of them are performing better than the rest. The others need aid and support to function at their optimal level. Apart from this, India is also progressing in the direction of becoming a self reliant country. Hence, the primary focus of the government is providing support to such innovative initiatives from smaller sectors that are on the lines of becoming self reliant. 

Micro, Small, and Medium Enterprises is one of the most promising sectors of the country. The Government frequently launches initiatives to aid this budding sector with financial assistance. SIDBI is one such initiative to help develop the MSME sector better. Let us understand SIDBI better and know about its various features.

What is SIDBI?

What is SIDBI

First things first, here is the SIDBI full form – Small   Industries Development Bank of India is established as a subsidiary entity of IDBI (Industrial Development Bank of India). It aims at providing much needed financial support to the MSME sector of India. It works along with other institutions to enable support for the targeted sector. It provides support in the form of direct and indirect lending. 

It helps the MSMEs with fund acquisition, market entry, product development, and commercialization. There are several SIDBI schemes and financial services for the small scale industries. The broader aim of SIDBI is to promote an increment of cash flow in the MSME market. It will also enhance the global performance of MSMEs.

Objectives of SIDBI

As you know the main aim of SIDBI is to strengthen the MSME sector, now let us look at the overall objectives of SIDBI.

  • Promote development in the MSME sector.
  • Enhance customer service and better functioning
  • Better management
  • Smooth coordination with the several institutions which are part of the process
  • Providing loans according to the unique needs of the MSMEs as financial assistance.
  • Increase the credit flow
  • Helping with the upgradation of technology
  • Encourage innovative ideas that can generate employment opportunities

Functions of SIDBI

  • Loan provision and financial assistance for MSMEs
  • Expansion of marketing mediums for small businesses
  • Refinancing loans that are lent by the PLIs to small scale industries
  • Support sustainable development and energy conservation in the MSME sector
  • Enabling technological upgradation for implementation of modernisation
  • Increasing the credit flow
  • Provision of loans through various financial institutions
  • Ensuring financial health across the industry
  • Provides Venture funding offer
  • Promoting employment generating activities

SIDBI Schemes

There are several schemes offered under SIDBI for direct loans to MSMEs. Let’s take a quick glance at these schemes:

  • SIDBI Make In India Soft Loan Fund for Micro, Small & Medium Enterprises (SMILE)
  • Loans under Partnership with OEM
  • Smile Equipment Finance (SEF)
  • Working Capital
  • Loan for Purchase of Equipment for Enterprise’s Development (SPEED)
  • SIDBI Trade Finance Scheme (STFS)
  • SPEED PLUS
  • Top-up Loan for Immediate Purposes (TULIP)
  • SIDBI – Retail Loan Scheme For Trade Finance (RLS)
  • SIDBI Term-loan Assistance for Rooftop Solar PV Plants (STAR)
  • SIDBI Assistance to Facilitate Emergency Response Against Coronavirus Plus (SAFE PLUS)
  • SIDBI Assistance to Facilitate Emergency Response Against Coronavirus (SAFE)

Benefits of SIDBI

Benefits of SIDBI

SIDBI provides assistance to MSMEs in numerous ways. It has a holistic approach to supporting and strengthening this sector. Here are some of the benefits of SIDBI schemes for entrepreneurs:

  • Customised Credits – Loans which are customised as per the need of the business. Funding businesses in the right way is the goal of SIDBI.
  • Lower Interest rates – SIDBI offers loans at attractive rates to the MSMEs since it is coordinated with several other banks and financial institutions.
  • A holistic approach – SIDBI provides overall support along with guidance and direction along with financial assistance.
  • No need for Collateral for Funding – Up to Rs. 1 Crore of Loans can be availed by the businesses from SIDBI without having to submit any type of collateral.
  • Transparent Procedure – the complete loan process and even the rate structure are transparent. There are no hidden charges implied in this process.

What Are You Waiting For?

Budding entrepreneurs must make the most out of SIDBI! You can’t miss this opportunity to avail funding for your business at such attractive rates. To top it off, there are numerous other benefits that your business can enjoy along with the acquired credit. Now, are you wondering how to go about it?

Apply for SIDBI with Egniol Services today. We provide the best consultancy and assistance for startups. Our team of experts, helps you with the procedure of availing grants and funding Government schemes with all the necessary documentation. Contact Egniol Services today, to begin the application process. 

The 21st Call Of BIG BIRAC Is Out! Apply Now!

The 21st Call Of BIG BIRAC Is Out! Apply Now!

Need Of Government Support In Indian Biotech Industry

India has a diverse economy that consists of various industries. Simultaneous growth of all industries is what the government focuses on. Several industries are lagging behind and hence need a special approach. It is more about an equitable approach than an equal approach. 

Startups and new innovations are the key to faster growth and development for such industry niches. It not only is the answer to unemployment but also supports the notion of being a self reliant nation. India is one of the most startup friendly countries, it not only encourages innovations but also supports them with aid and grants for financial assistance. BIG BIRAC is one such funding programme for the biotech sector. The biotech sector of India has witnessed a steep growth in valuation in the past ten years and on top of that, the Pandemic added to it.

What is BIG BIRAC?

The BIG stands for The Biotechnology Ignition Grant and BIRAC stands for Biotechnology Industry Research Assistance Council. BIG is a flagship initiative for BIRAC. It works for the recognition and investment of innovative ideas. This is unique to the biotech sector and the ideas must be commercially convertible and should have a good enough potential.

This is to support individual entrepreneurs with their startups from almost start to finish. It provides assistance from the stage of ideation to proof of concept. Grant-in-Aid of up to INR 50 Lakhs is provided for an 18 months period by the BIRAC under the BIG scheme. It is the largest funding programme for early stage biotech startups that provides financial assistance to innovative ideas. 

What Is The Aim Of BIG BIRAC?

BIG BIRAC

The BIG scheme mainly aims to foster and nurture the entrepreneurial spirit to transform innovative ideas commercially. This is aimed at enabling the biotech startup economy to be competent enough for global competition. The bigger purpose of this scheme is to act as an impetus for the formation of enterprises.

Targeted Sectors

The targeted sectors of BIRAC under the BIG scheme are as follows:

  • Biosimilars & Stem Cells
  • Agriculture
  • Drugs including drug delivery
  • Industrial
  • Biotechnology and Secondary Agriculture
  • Bio-medical Devices & Diagnostics
  • Other related fields
  • Vaccines
  • Bioinformatics & Facilities

Who can apply?

  • Individual Entrepreneurs
  • who hold a graduate degree in any discipline
  • Research Scholar
  • Scientists
  • Startups registered as a company
  • Startups registered as LLP incorporation

What Is The Selection Process?

What Is The Selection Process of BIRAC

A three tier process that consists of 

  • online review, 
  • presenting before the Technical Expert Panel (TEP) and 
  • final selection done by the Expert Selection Committee (ESC)

Out of these, the online review stage and the TEP are under the management of BIG Partners. ESC is where all the TEP recommended proposals from all the BIG partners gather and then the process is further carried out.

Latest Updates

So far, through several calls, the BIG BIRAC funding has successfully impacted the sector in the following ways

  • 6000+ Proposals received
  • 120+ IPs Filled
  • 5 Networking BIG conclaves
  • INR 250 Crore Committed
  • 50+ Products developed
  • 100+ Women Entrepreneurs supported
  • 125 New Startups
  • 500+ Projects Supported
  • 75+ received follow-on funding
  • More than 750 ideas already supported

Apply For BIRAC Grant 2022

The BIG 21st Call for Biotechnology Ignition Grant is out for all the innovators! It aims at igniting new ideas and supporting budding entrepreneurs with excellent potential. Do you have an innovative idea with a strong motive and a vision to provide for the gap of an unmet need? Then you can be one of the BIRAC startups! 

Apply for the BIRAC grant 2022 to avail yourself of the support and mentoring from the Government. Contact Egniol Services at the earliest in order to begin your application process. Egniol Services provides consultation and complete assistance for startups to apply for Government grants and funding schemes. Our team of experts, helps you with all the necessary documentation and guides you through the procedure of application. To apply for BIRAC grant, get in touch with our experts today.

Listen Up, Innovators! Startup Karnataka Organises Idea2PoC_ ELEVATE 2022

Listen Up, Innovators! Startup Karnataka Organises Idea2PoC/ ELEVATE 2022

Fundings From The State

Our economy never falls short of exceptional talent and creative innovations. What usually results as a drawback is the lack of support and resources to back these innovative ideas. The Indian Government of India is therefore quite thoughtful when it comes to supporting small businesses and innovative startups. There are several ways through which the government extends a helping hand to such innovative startups. Idea2PoC/ Elevate 2022 is one such funding program.

What is the Idea2PoC/ Elevate 2022 Program?

This funding program aims at recognizing innovative startups in Karnataka. These Karnataka startups will receive Government support to elevate their business under Idea2PoC/Elevate 2022. This would help them in the growth and development of their products and solutions. 

The Karnataka Government has already catalysed the innovation and entrepreneurship drive in Karnataka through various measures of Karnataka startup funding facilities and policies. The Department of Electronics, IT, BT, and S&T of the Government of Karnataka launched the Elevate- Idea2PoC scheme with a vision to recognize and aid budding innovative startups. It is a one-time grant of up to Rs. 50 Lakhs provided as early-stage funding. It helps innovative startups to develop their prototype and work on market development etc. 

Aims Of Mission Startup Karnataka - Idea2PoC/ Elevate 2022

Aims Of Mission Startup Karnataka - Idea2PoC_ Elevate 2022

The Elevate – Idea2PoC scheme of Mission Startup Karnataka is an initiative that has been launched to fulfill the following aims :

  • The startups Karnataka should have a comprehensive entrepreneurship platform
  • Mentoring made accessible
  • Opportunities to grow their network
  • Provide Funds
  • Idea Validation
  • Incubation assistance
  • Detailed sessions on accounting, legal, and emerging tech

The Evaluation Process in Startup Karnataka

The evaluation process for the challenge is planned in a very detailed and extensive manner. The Government here is the facilitator who connects the industry experts to the budding entrepreneurs. A simple timeline of the process looks like this – pitching innovative startup ideas followed by shortlisting pitches selected for the Karnataka Government Startup Funding aid for Startup Karnataka.  

There is a detailed process of evaluation which is divided into 4 stages. The main objective of this rigorous process is to search for the most deserving winner. At each stage, each startup will be evaluated for various parameters on a total of 100 marks by the Jury. The Additional Chief Secretary, Department of Electronics, IT, BT and S&T, Government of Karnataka, is the chairman of the Idea2PoC Evaluation Committee. Along with that other industry representatives from IITB, ABLE, NASSCOM, STPI, IESA, and ABAI are on board as the Committee.

Eligibility to apply for Startup Karnataka

Let’s dive into the details of eligibility criteria for Elevate Kalyana Karnataka – 2022, AMRITA – 2022 and ELEVATE UNNATI – 2022.

Elevate Kalyana Karnataka – 2022 Eligibility

  • Only startups from Bidar, Kalaburagi, Raichur, Yadgir, Ballari, Vijayanagara, and Koppal districts can apply to Elevate Kalyana Karnataka 2022.
  • An entity registered/incorporated in Karnataka or is registered as a partnership firm or a limited liability partnership as per the respective Acts.
  • The Total revenue generated (as turnover) since the date of incorporation should not be more than INR 100 crore.
  • Should not be older than 10 years from the date of incorporation or registration.
  • One of the Directors/Partners must be from Kalyan Karnataka and should hold a minimum of 51% share in the company.
  • Should possess HK/KK/371(J) Certificate if the startup belongs to Kalyan Karnataka. Must be incorporated in Karnataka.
  • The Director/Partner who belongs to the Kalyan Karnataka must be a part of the startup business for a minimum of 3 years from the day they start receiving the benefits from the Department.
  • Terms and conditions of ownership should be intact and must not be modified to his or her advantage throughout the project course.

AMRITA - 2022 (OBC) Eligibility for Startup Karnataka

  • An entity registered/incorporated in Karnataka or is registered as a partnership firm or a limited liability partnership as per the respective Acts.
    The Total revenue generated (as turnover) since the date of incorporation should not be more than INR 100 crore.
  • Should not be older than 10 years from the date of incorporation or registration.
    Startups/Entity on the lines of innovation, development, or products/process/service improvement or is it a scalable business model and has a good potential for employment generation and wealth creation.
  • One of the Directors/ Partners must be from the OBC community and has a 51% share in the business.
  • The Director/Partner who belongs to the OBC community must be a part of the startup business for a minimum of 3 years from the day they start receiving the benefits from the Department.
  • These Directors/Partners must have a valid digital caste certificate issued by the Revenue Department of the Government of Karnataka along with a valid RD number.
    Terms and conditions of ownership should be intact and must not be modified to his or her advantage throughout the project course.

ELEVATE UNNATI - 2022 Eligibility

  • An entity registered/incorporated in Karnataka or is registered as a partnership firm or a limited liability partnership as per the respective Acts.
    The Total revenue generated (as turnover) since the date of incorporation should not be more than INR 100 crore.
  • Should not be older than 10 years from the date of incorporation or registration.
    Startups/Entity on the lines of innovation, development, or products/process/service improvement or is it a scalable business model and has a good potential for employment generation and wealth creation.
  • One of the Directors/ Partners must be from the OBC community and has a 51% share in the business.
  • The Director/Partner who belongs to the OBC community must be a part of the startup business for a minimum of 3 years from the day they start receiving the benefits from the Department.
  • These Directors/Partners must have a valid digital caste certificate issued by the Revenue Department of the Government of Karnataka along with a valid RD number.
    Terms and conditions of ownership should be intact and must not be modified to his or her advantage throughout the project course.

How To Go About Startup Karnataka Registration Process?

The startup companies in Karnataka and the budding entrepreneurs with their innovative startup business ventures must register for the idea2PoC/ Elevate Program organized by the Startup Karnataka (Government of Karnataka) to avail of the assistance provided by the government. It is an excellent opportunity for all innovative startups to gain initial momentum for their growth and development.

Egniol Services assists SMEs, startups, entrepreneurs, etc in the process of applying for such Government Grants and Funds. Contact Egniol Services to begin the process of Startup Karnataka Registration for your business today. Call the experts at Egniol to know more about the Karnataka Startup Mission and its details.  

Register Your Business As An LLP Company To Enjoy These Benefits

Register Your Business As An LLP Company To Enjoy These Benefits

Have You Incorporated Your Company?

Have you thought about incorporating your company? If not then you must give it a thought. There are numerous benefits of incorporating your company. But before beginning with the process have you decided which entity you are going to register your company as? There are several types of company incorporation. We suggest you go for an LLP Company.

What is LLP Company?

What is an LLP Company

Let us begin with understanding the meaning of LLP Company. LLP Company full form – Limited Liability Partnership has three keywords in it, out of those the first two are self-explanatory and the third one depicts the partnership aspect of the entity. Basically, an LLP Company is an entity that holds the traits and features of both the partnership firm and the company. 

LLP Companies in India are regulated under the Limited Liability Partnership Act, 2008. An LLP Company requires a minimum of 2 partners in order to incorporate while having no limit for the maximum number of partners. If there are more than 2 partners then there need to be 2 main designated partners out of which at least one of them should be a resident of India.

Characteristics Of LLP Company

These features make an entity an LLP Company in India.

  • A separate legal entity.
  • The liability of each partner is limited to the contribution made by the partner.
  • Low cost of forming an LLP company.
  • Decreased compliance and regulations.
  • Does not require a minimum capital contribution.
  • Minimum 2 partners required to incorporate an LLP Company.

Advantages You Can Avail Being LLP Company

  • Low-Cost Registration

The formation of an LLP Company does not require much investment. In comparison to other companies, the cost of registering an LLP Company is lower than others.

  • Less Compliance

An LLP Company follows a lesser compliance burden and requires to submit just a couple of statements viz. Annual Return and Statement of Accounts & Solvency.

  • Limited Liability

Limited liability of the partners involved. It is limited to the contribution made by the partners. The partners are not liable personally for any losses incurred but are limitedly liable for the contribution made by them.

  • Doesn’t require a minimum capital contribution

A minimum capital contribution is not required for an LLP Company. It can be started without any minimum capital.

  • Separate Legal Entity

An LLP is a separate legal entity and is distinct from its partners. The signing of contracts happens under the name of the LLP which increases the trust of stakeholders. It also ensures that only the name of LLP is used even when sued.

  • Taxation
    There are certain tax benefits for an LLP Company in India.

Thinking Of Limiting Your Liabilities?

You must be thinking about registering your business as an LLP Company. Wondering how to go about it? You can easily register your company as an LLP with Egniol Services. All these benefits are just a call away. 

We at Egniol provide services to small and medium-sized businesses for their growth and developmental needs. Egniol is the one-stop solution for all your business needs. Contact us to apply for the registration of your business as an LLP Company. 

What Is Atal New India Challenge 2.0

Innovators Apply For Atal New India Challenge 2.0 Now

What Is Atal New India Challenge 2.0?

Did you know, your company could get assistance from the government for standing out of the crowd and delivering a meaningful impact? This assistance is provided under flagship programs of the government. These are the most important programs that aim at addressing the major challenges of the nation. 

The Atal New India Challenge program was launched on 28th April 2022, by the Atal Innovation Mission. It is in accordance with the NITI Aayog. The aims and goals of Atal New India Challenge 2.0 are mainly based on technological innovations. The innovations which solve the State’s sectoral challenges and are relevant to societal issues.

Aims Of The Program

Atal New India Challenge 2.0 is aimed at incentivizing innovations that fall under the areas that are critical for the growth and development of the Nation. Dr. S. Chandrasekar, Secretary, DST, assured that the government will support the innovations which are revolutionary and motivate the startups to work towards difficult challenges while launching Atal New India Challenge. He talked about the sectors which are in dire need of startups such as Agriculture and Health with other difficult sectors like Chemicals and Pesticides.

Atal New India Challenge 2.0 primarily aims at addressing the Commercialization Valley of Death which supports the innovators to grow through the risks of resource access for the testing, pilot, and market establishment. Atal India New Challenge pushes prototype stage innovations and the shortlisted startups get the support to reach the commercialization stage over a time period of around 12-18 months with funding up to INR 1 crore. Along with the funding, another associated support is also provided by the AIM innovation ecosystem.

Challenges

 

The Atal New India Challenge 2.0 Program aims at 18 challenges mainly from these Sectors along with an open invitation category:-

  • Agriculture – Millet
  • Post 
  • Women Centric 
  • Drinking water and Sanitation
  • Renewable Energy and Clean-Tech
  • Education

Agriculture - Millet

Challenge 1

Primary Processing – A solution required to elevate the efficiency of millet processing viz. Dehulling, Separation, Polishing, etc. The solution should be such that it retains nutritional value while being effective at the same time.

Challenge 2

Decentralized Processing – Lack of machinery/ Infrastructure that enables decentralization process for small scale. It should be affordable and user-friendly for farmers, FPOs, and consumers.

Challenge 3

Shelf-Life Augmentation – Need a solution to elongate the shelf life of millets, processed grains, flours, etc. It should aim at making it on par with the competing crops.

Challenge 4
Supply Chain Linkages – A solution for market linkage that improves the supply of inputs (HYV Seeds, etc) and outputs (distribution, etc).

Post

Challenge 1
Digital Address System – Require Use Cases Applications (APIs) that interact with digital address central infra in the upcoming time for diverse use cases of digital address.

Women Centric Challenges

Women Centric Challenges in Atal new india challenge

Challenge 1

Innovation for Women Hygiene – Need Sanitary napkins that are low cost, eco-friendly and sustainable compostable. Along with that, innovation for the detection and recovery of UTI and toilet concept for women while traveling.


Challenge 2

Innovation for Women Safety – Safety Gadgets, better life-saving applications, and tech for safety for violence against women.


Challenge 3

Professional Networking Opportunities for women – ‘women only’ business networking app/self-help groups, support women-led startups.


Challenge 4

Innovation for working mothers – electric breast pumps which are silent and made for on-the-go and child safety-related innovations.


Challenge 5

Lifestyle of Rural Women – Easing out the life of rural women by developing innovation for water collection and supporting them in their knowledge of natural resources management.

Winners Get Up To INR 1 Crore Of Funding

The Atal New India Challenge program has rolled out great advantages for the innovators out there. Each winner of the ANIC is eligible for funding of INR 1 crore which is divided into 2 parts – Grant-in-AId and Equity Investment. The Grant-in-Aid is of up to INR 80 lakhs and is a non-returnable grant. The Equity Investment is up to INR 20 Lakhs and 2% of the equity of the startup must be held by the government.

Apply Today

Listen up, innovative startup owners! Are you ready to make the most out of this program? Gear up and apply before the deadline. Are you trying to figure out how to go about this? You can apply with the assistance of Egniol Services. Our professionals deliver a hassle-free procedure of application for your business. 

Our professionals will be engaged in a start-to-finish process of your application. Contact Egniol services to know more about the other aspects like eligibility and timeline. Write to us or call us to apply for the Atal New India Challenge 2.0 program today. 



Venture Capital Assistance Scheme – Startup India - Egniol

Venture Capital Assistance Scheme – Startup India

When it comes to agriculture, the venture capital assistance program has been a godsend.

The agricultural sector in India is the largest private sector in the country. As people’s eating habits shift across the country, there is a great need for reasonably priced food products, which means that the industry has a great deal of room to expand.

The agricultural industry in India is a success thanks to the way it was framed. India’s economy relies heavily on agriculture. The agricultural sector provides income for more than 70 per cent of rural households. The agricultural industry in India is vital to the country’s economy. About 60% of the workforce and 17% of GDP come from agriculture. As a result, the Indian government has a pressing obligation to support the agricultural sector in every possible way.

What exactly is a Venture Capital Assistance Scheme?

What exactly is a Venture Capital Assistance Scheme

Scheme administered by the Small Farmers Agri-business Consortium; also known as the Venture Capital Assistance Scheme. The success and prosperity of farmers and their agricultural enterprises are the intended outcome of this plan. Loans to farmers whose projects meet the criteria set out by the Venture capital assistance scheme will help them acquire the necessary funds to see those projects through to fruition. It’s one of the country’s finest initiatives to promote agricultural entrepreneurship. To make up for funding shortfalls, the program provides zero-interest loans to the agricultural sector.

A program like this is a huge boon to people and communities that want to pursue agriculture as a profession and launch their businesses. With the help of the scheme, agribusiness entrepreneurs can get financial backing for their ventures. With the help of the Project Development Facility, potential investors can get the funding they need to create detailed project proposals that can be taken seriously by financial institutions.

Who Can Apply?

The following individuals are eligible to receive funding from the Venture Capital Assistance scheme:

  • Individuals.
  • Farmers.
  • Partnership/ Proprietary firms.
  • Producer Groups.
  • Self-help Groups (SHG)
  • Companies
  • Agri-export units.
  • Agriculture graduates taking up agri-business projects.

Institutions Eligible for Financing in Venture Capital Assistance Scheme

Nationalised banks, SBI & its Subsidiaries, IDBI, SIDBI, NABARD, NCDC, RRBs, and other State Financial Corporations are all examples of banks and financial institutions regulated by the Reserve Bank of India that have more than 50% ownership by the Central or State Government.

Goals of the Venture Capital Assistance Scheme

The scheme’s primary goals in providing funding for startups are as follows:

  • To assist and aid entrepreneurs in establishing an agribusiness venture that is acceptable to banks and other financial institutions.
  • With the right policies in place, we can help steer agricultural entrepreneurship in the right direction.
  • To entice private Venture Capital Assistance Scheme into agribusiness endeavors.
  • Facilitate agribusiness initiatives’ backward linkages.
  • To schedule training sessions and guarantee regular visits from Agribusiness owners.
  • The current state and national SFAC must be fortified.
  • The Project Development Facility is being used to encourage farmers to form SHGs.

The purpose of the Venture Capital Assistance Scheme is to help agribusinesses across the country succeed. Farmers must be prioritized for the time being, and they must be given every chance to improve their situation so that they can help the agricultural sector and the Indian economy as a whole. All that needs to be done is for people to learn about these scams. We at Egniol are committed to assisting you with everything you need to avail the benefits of the venture capital assistance scheme because our team of experts is just a click away.

Gujarat Industrial Policy Assistance For Start-Up Innovation

Scheme For Assistance For Start-Ups/Innovation

The state government of Gujarat has put significant effort into not only fostering employability but also launching startup incubators and accelerators to help the state’s young people learn business and management skills. For this reason, the State Government has implemented a policy of financial aid targeted specifically at new businesses. This article examines the Scheme for Assistance to Startups in Gujarat and its features, including its benefits, eligibility requirements, and application process.

The Scheme for Assistance for Start-Ups/Innovation was launched on 07/08/20 and is going to be operational for 5 years, that is until 06/08/25 because Startups and innovation are essential to economic expansion. In addition to creating jobs, they focus on smarter, generation-next solutions that foster economic vitality by fostering innovation and competition. Gujarat has attained a prominent position in the national startup ecosystem due to its inherent strength of pervasive entrepreneurial spirit.

Several startups have expanded their operations/products on both a national and international scale as a result of the expansion of the network of nodal institutions made possible by the Gujarat Industrial Policy of 2015. The primary goal of the Gujarat Industrial Policy 2020 is to promote research and development, innovation, and entrepreneurship. Therefore, the new scheme is being implemented to support startups and innovation at various stages of the startup life cycle.

Benefits of Financial Support for Start-Up/Innovation

Benefits of Gujarat Industrial Policy Financial Support for Start-Up_Innovation
  • Under this program, the innovator will receive a monthly subsistence allowance of Rs. 10,000 for one year.
  • Mentored startups will receive up to Rs. 5 lakh in annual funding.
  • The cost of raw materials/components and other related equipment for the innovative process will receive up to Rs. 10 lakh in financial assistance, pending approval by the screening committee.
  • An institution will provide mentorship services to assist the innovator.
  • The innovator may visit the institution to utilise startup-specific facilities.
  • As per government approval, a selected innovator will have free access to universities/libraries/government research labs of excellence/small and medium enterprises/public sector undertakings to clarify his innovative concept/ideas.

Criteria for Eligibility

Any individual or group of individuals with an innovative idea or concept are eligible to apply for financial assistance through the programme if they meet the criteria outlined in the eligibility requirements. To qualify as an institution that can provide assistance and mentor innovators, a business must either be a university or an educational institution, an incubator, a public or private research and development institution, or another type of establishment

Assistance Provided for:-

A. Support for Innovation:

  • The institution will provide mentorship services to the innovator.
  • The institution will permit the innovator to utilize its available facilities for Start-Ups.
  • A one-year sustenance allowance of Rs. 10,000 will be provided to the innovator whose project is recommended by the institution and approved by the Committee.
  • The institution will receive up to 5 Lakhs in assistance for mentoring services.
  • Upon committee approval, up to Rs. 10.00 Lakhs will be provided for the cost of raw materials/components and other related equipment required for the innovative process of the development of a new product.
  • The government will provide selected innovators with free access to universities/libraries/government laboratories/centers of excellence/government research and development corporations (GIDC)/centers of excellence (CoE)/public sector undertakings (PSUs) to gain greater insight into their innovative ideas/concepts.

B. Support after the Idea/Concept has been brought to market.

Up to Rs. 10.00 lakhs in marketing/publicity assistance will be provided for the introduction of an innovative product to the market.

C. The project will be eligible for additional benefits under MSME schemes.

How To Apply for the Scheme for Assistance for Start-Up/Innovation? 

In addition to promoting employability, the state government of Gujarat has also launched startup incubators and accelerators to help the state’s youth acquire business and management skills. For this reason, the State Government has enacted a policy of financial assistance for new businesses. And we at Egniol are available to assist you with our team of experts to apply for the Scheme for Assistance for Start-Up/Innovation under the state government of Gujarat, all you need to do is get connected with us. 

prism scheme and Its importance in the present day

PRISM Scheme And Its Importance In The Present Day.

Innovation in technology is essential for progress. Our government has implemented the PRISM scheme to support new ventures, SMEs, and innovators in order to compete in the global tech race. With this plan, they can gain access to much-required funding.

Scientific startup companies have seen significant growth recently. The PRISM program was developed by the government to encourage the adoption of scientifically sound technological strategies. PRISM is an acronym that stands for Promoting Innovation in Individuals, Startups, and MSMEs.

What Exactly Is the PRISM Scheme?

what exactly is the prism scheme

Technology advancement was prioritised with the launch of the “Technopreneur Promotion Programme” (TePP) in 1998–1999. After more than two decades, this programme has been revised and is now known as the Program for the Promotion of Innovations by Small and Medium-Sized Enterprises (PRISM). The goal of this programme is to help an individual innovator become a prosperous technopreneur by supporting and encouraging entrepreneurship on the part of the Government of India’s Ministry of Science and Technology.

It’s a way to get money to help tech innovators be as creative as they can be. Student innovators are recognised as a distinct group in the PRISM scheme, along with more traditional business owners and tech experts. Therefore, the scheme is open to anyone who has a workable, commercially viable, and new idea.

Who Can Apply in PRISM Scheme?

In the PRISM scheme, there are two stages. Phase one targets people from India, including academics, citizens, and creative thinkers.

The first stage is typically reserved for entrepreneurs whose ground-breaking ideas have the potential to become profitable businesses.

The second phase of PRISM is for innovations or innovators who have shown proof of concept with funding from the government or an established institution. Proposals for research and development are also welcome, as are collaborations with independent organisations like labs and universities.

It also helps groups that are established as separate entities under a different law, such as societies registered under the Society Registration Act, of 1860 or the Indian Trusts Act, of 1882.

Advantages of the PRISM Scheme for New Businesses

  • The scheme’s greatest benefit is that it is distinct from alternative startup loan assistance programmes. The Ministry of Science and Technology provides the funding for this project. This funding could also be used to create a working prototype and begin marketing the finished product.
  • The government’s assistance with evaluations and technical, and financial viability studies can point out where a tech startup needs to make improvements.
    The PRISM programme hopes to aid inventors in mastering the basics of the patenting process.
  • Beginning with the conceptualization of an idea, these professionals aid startups with both the technical and strategic development necessary for the commercialization of the project.
    As a result of the proliferation of government programmes like Startup India, Make in India (https://www.pmindia.gov.in/en/major initiatives/make-in-India/), and Digital India, technological innovation has gained new prominence. Therefore, the PRISM plan is intended to encourage even more creative thinking.

Focus Areas of the Scheme

Although the programme is available to any new technology venture, priority will be given to specific foci. Here are some of them:

  • Green technology
  • Clean energy
  • Industrially utilisable smart materials
  • Waste to wealth
  • Affordable healthcare
  • Water and sewage management
  • Any other technology in a knowledge-intensive area
    A startup idea, prototype, or concept in these areas is more likely to be prioritised for funding by the Ministry of Science and Technology. In the event that beneficiaries abandon the project, innovators must return the funding, plus 12% interest, to the DSIR. Therefore, get in touch with our team of experts for more detailed information and apply today. And our team will do everything to assist you in every step of the process.
start-up india innovation summit

Start-up India Innovation Summit

What Is Start-Up India Innovation Summit?

The start-up India innovation summit is the biggest start-up revolution to be celebrated through various international events that are held in different parts of the world. With the help of this innovation summit, we will be able to honour India along with the leading start-up destination in the world.

Participants of Start-Up India Innovation Summit

The expected global participation is by start-ups, innovators, venture capitalists, angel investors, corporates, incubators, accelerators, academic institutions and government stakeholders. The Summit is also anticipated to advance local debate on cutting-edge companies and innovations, allowing the general people to engage with and experience the thought leadership that India has attained in the innovation ecosystem over the previous few years. This is the best platform to showcase the skills and talent to the world and build a strong network with global ecosystem stakeholders.

Start-Up India Innovation Summit Program

start-up india innovation summit program

Relevant stakeholders who will be involved includes Ideation stage start-up, Validation stage start-up, Early traction start-up and Scaling stage start-up.

Procedure Post Submission

The application for the start-up India innovation summit will be pre-screened by the start-up India scheme and the evaluation will be done by designated evaluation committee that is formed by the department of promotion of industry and internal trade. In November 2022 the final results will be out.

The Key Objective Of Start-Up India Innovation Summit Are

As start-up India innovation summit is most recognized event for the world because of objectives of the summit.

  • To display India as a core innovation ecosystem of the world, for the sake of this one exhibition that will include start-ups from across India and from all different sector, we need to acknowledge the work.
  • To highlight the strength of Indian start-up ecosystem and to present them in front of all and optimize innovative start-up.
  • For start-ups with key PE/VC firms there will be facility for investment matchmaking.
  • High potential start-ups to be recognized and rewarded in India.
  • For start-up ventures to raise global and domestic money.
  • Bringing global ecosystem stakeholders together on a single platform.
  • To facilitate information distribution for potential entrepreneurs through mentoring connections, technical seminars, and ideation bootcamps.
  • To strengthen the global entrepreneurial culture.

Why To Register For The Event?

why to register for the start up innovation event
  • So, to show the opportunity to new and innovative start-ups through dedicated booth space at exhibition.
  • To get a networking opportunity from investors and stakeholders around the world.
  • Exchanging knowledge with fellow entrepreneur around the world.

Who All Can Apply?

The shortlisted startups will be given a complimentary startup pass to the event. Startup India, DPIIT will cover all additional fees associated with participation, such as travel, exhibition booth space, and lodging. All start-ups recognized by DPIIT can apply.

You may consider taking a help of Egniol Services Pvt. Lmt. for application.

How Will This Be Helpful?

So, as we look at this we can understand that start-ups needs constant motivation, support and help from the government and the people. So, here we can understand he will never do this. But, for sure Egniol, services will help.