A senior government official said on Friday that the Department for Promotion of Industry and Internal Trade (DPIIT) is in the process of conducting a third-party assessment of the Startup India Seed Fund Scheme to determine its impact on the ground.
The Rs 945-crore scheme will be implemented in 2021. It aims to help startups with proof of concept, prototype development, product trials, market entry, and commercialization. The fund was divided into four years in order to provide seed funding.
Shruti Singh, joint secretary for DPIIT, stated that despite the “good” feedback incubators and startups have provided regarding the programme, “we are still conducting a third party assessment so that someone on the ground can go and see.”
She told reporters here that DPIIT has registered over 85,000 startups.
On January 16, 2016, the government launched Startup India. The government has implemented the Fund of Funds and Startup India Seed Fund schemes under Startup India to provide capital at various stages of a startup’s business cycle.
She also stated that approximately Rs 7,900 crore of the Rs 10,000 crore Fund of Funds scheme has so far been committed to Alternate Investment Funds.
She added that once the scheme’s funds are depleted by 2025, the department will seek additional funding from the finance ministry.
Similarly, Rs 455.25 crore from the Rs 945 crore Startup India Seed Fund Scheme has been approved to 126 incubators, with Rs 186.15 crore disbursed as of November 30.
Singh also stated that the MAARG portal will be operational beginning January 16. Mentorship, Advisory, Assistance, Resilience, and Growth (MAARG) is a one-stop platform for startups of all sectors, functions, stages, geographies, and backgrounds to access mentorship.
Furthermore, DPIIT is commemorating Startup India Innovation Week from January 10 to 16. A number of seminars and workshops will be held in various parts of the country as part of this initiative to strengthen the startup ecosystem.
“Startup India Innovation Week 2023 aims to engage startup ecosystem stakeholders across the country from January 10 to 16, and to foster the spirit of entrepreneurship and innovation in India,” she added.
