Visakhapatnam: AU Prof H Purushotham on Start-up India Seed Fund Committee
Prof HanumanthuPurushotham DPIIT-IPR Chair and Principal Investigator DST-Inclusive Technology Business Incubator Andhra University Visakhapatnam has been nominated as one of the eleven Members in Incubator Seed Fund Management Committee (ISMC) of Atal Incubation Centre of Dr Babasaheb Ambedkar Marathwada University (AIC-BAMU) Aurangabad, Maharashtra., which is supported by Atal Innovation Mission NITI Aayog Govt of India and Maharashtra State Innovation Society.
Atal Incubation Centre Dr Babasaheb Marathwada University (AIC-BAMU) is one of the Incubation Centres received the Start-up India Seed Fund grant which in turn shall disburse the fund to eligible start-ups in the form of grant, debt or convertible debentures recommended up to Rs.50 lakhs as the Incubator Seed Fund Management Committee. Any DPIIT registered Start-up in India can apply to this SeedFund .
DPIIT has created and launched the Start-up India Seed Fund Scheme (SISFS) with an outlay of Rs.945 Crore to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization.
As per the scheme guidelines DPIIT will support an estimated 3,600 entrepreneurs through 300 incubators in the next 4 years..So far 165 incubators have been selected under the scheme, and Rs 611 crore has been approved for them. The Startup can apply to 3 incubators simultaneously and can draw the seed fund from only one Incubation Centre.
The SISFS would enable the startups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions.