New Delhi, Dec 23: A total of 656 startups have been supported by approved incubators under the Startup India Seed Fund Scheme (SISFS) since its launch on 1 April 2021, according to a reply in the Parliament on Friday.
“The Startup India Seed Fund Scheme (SISFS) implemented with effect from 1 April 2021 with a corpus of Rs 945 crores,” the Ministry of Commerce and Industry said in a statement.
The scheme, approved for four years starting from 2021-22, aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization.
As per the provisions under SISFS, the government has constituted an Experts Advisory Committee (EAC) which is responsible for the overall execution and monitoring of the SISFS. The EAC evaluates and selects incubators for funds under the scheme.
These incubators thereon select the startups based on certain parameters outlined in scheme guidelines. 126 incubators have been approved and these incubators have selected 656 startups under the scheme as on 30 November 2022.
Minister of State in the Ministry of Commerce and Industry Som Parkash provided the information in reply to a parliamentary question.
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