PIEDS-BITS Pilani Granted Startup India Seed Fund Scheme

India has witnessed a remarkable surge in startups, going from 3,100 in 2014 to nearly 90,000 in 2023, solidifying its place as the world's third-largest startup ecosystem, after the United States and China. Furthermore, India is adding approximately 80 startups per day, the highest daily growth rate globally.

To nurture this startup ecosystem, the government has several schemes implemented through incubator centres and institutions. One such scheme is Startup India Seed Fund Scheme. Under the Scheme, so far as much as Rs. 477.25 crore has been approved to 133 incubators of which Rs of which Rs. 211.63 crore has been disbursed as on 31st December 2022.

The Pilani Innovation and Entrepreneurship Development (PIED) Society under BITS Pilani in Rajasthan has received grant for Startup India Seed Fund Scheme (SISFS). It can now help startups get financial assistance of upto Rs 50 lakhs under the scheme.

PIEDS-BITS Pilani Granted Startup India Seed Fund Scheme

The Birla Institute of Technology, Pilani (BITS Pilani) has invited the Startups with innovative ideas to seek financial assistance of up to Rs 50 Lakhs from them under the Startup India Seed Fund Scheme.

In a tweet, Startup India said, “PIEDS, #BITSPilani, has been granted the prestigious Startup India Seed Fund Scheme (#SISFS). Get crucial financial assistance of up to INR 50 Lacs for your startup journey.”

Exciting news for innovators and entrepreneurs! #PIEDS, #BITSPilani, has been granted the prestigious Startup India Seed Fund Scheme (#SISFS). Get crucial financial assistance of up to INR 50 Lacs for your startup journey. 

Apply now: https://t.co/SAgN2P95EP #StartupFunding pic.twitter.com/8UUCA7RdSX

— Startup India (@startupindia) June 7, 2023

Pilani Innovation and Entrepreneurship Development (PIED) Society is the technology business incubator at BITS Pilani that helps entrepreneurs curate the future of innovation.

The PIED program at BITS Pilani provides various resources, mentorship, and networking opportunities to students who are interested in exploring entrepreneurship. It offers a platform for students to transform their innovative ideas into viable business ventures. 

PIED collaborates with industry partners, startups, and incubators to provide students with exposure to the entrepreneurial ecosystem. 

The PIEDS also supports students in securing funding and mentorship for their startups. It helps connect aspiring entrepreneurs with investors and provides guidance on business planning, market analysis, and intellectual property rights.

What Is SISFS?

The Startup India Seed Fund Scheme was launched on 19th April 2021 to spur entrepreneurship across India. SISFS is designed to support startups in their early stages of development, by offering financial assistance for a range of key activities, including proof of concept, prototype development, product trials, market entry, and commercialization.

Who Is Eligible For SISFS?

To be eligible to apply for the Startup India Seed Fund Scheme, a startup must meet the following criteria:

• It must be recognized by the Department for Promotion of Industry and Internal Trade (DPIIT).
• The startup must have been incorporated no more than two years prior to the date of application.
• Preference will be given to startups that are working on innovative solutions in sectors such as social impact, waste management, water management, financial inclusion, education, agriculture, food processing, biotechnology, healthcare, energy, mobility, defence, space, railways, oil and gas, textiles, etc.
• The startup should not have received more than Rs. 10 lakh of monetary support under any other Central or State Government scheme.
• The startup's Indian promoters should hold at least 51% of the company's shares at the time of application to the incubator for the scheme.

Documents Required For SISFS

To apply for the Startup India Seed Fund Scheme, a startup must have:

• Certificate of Incorporation
• PAN Card
• Startup Certificate

Application Process For Startup India Seed Fund Scheme

If you're interested in applying for the Startup India Seed Fund Scheme, the process is very simple and can be completed entirely online, without any fees. You won't need to submit any physical copies of your documents either.

You can apply for the scheme at https://seedfund.startupindia.gov.in/

The application form allows you to apply to up to three incubators of your choice, based on your sector, stage, business needs, and strategic goals. The Seed Fund Portal will soon provide details of all the incubators that are part of the scheme.

Selection Process Under Startup India Seed Fund Scheme

Once a startup submits their application to the Startup India Seed Fund Scheme, the incubator they have applied to will establish an Incubator Seed Management Committee (ISMC). This committee will consist of experts who will evaluate and select the startups that will receive seed funding.

The incubator will first shortlist the applications as per the eligibility criteria provided in the guidelines. The ISMC will then evaluate the shortlisted applicants based on their submissions and presentations. They will select the startups that will receive the Seed Fund within 45 days of the evaluation process.

What Happens After Qualifying For SISFS?

After a startup receives the Seed Fund from the Startup India Seed Fund Scheme, they will be required to provide regular updates on their progress and how they are utilizing the funds.

The startup must submit an interim progress update and utilization certificate to initiate the release of the subsequent installment of the grant. At the end of the project duration, the startup must submit a final report and an audited utilization certificate.

In the case of failed ventures, the entrepreneur will be required to share their learnings and the reasons for failure in the report. They must also submit a utilization certificate for the fund amount along with the report.

How Can The Startups Apply Through PIEDS BITS Pilani?

The DPIIT Registered startups can apply for the SISFS through PIEDS BITS Pilani now. They can reach out to BITS Pilani through email to priyanka.goyal@pieds-bitspilani.org, the Startup India tweet said.