As many as 656 startups have been supported by approved incubators under the Startup India Seed Fund Scheme (SISFS), said Minister of State for Commerce and Industry Som Parkash in reply to a parliamentary question today
Implemented with effect from 1st April 2021 with a corpus of Rs 945 crores, the SISFS aims at providing financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization.
The Minister said that SISFS has been approved for the period of four years starting from 2021-22. As per provisions under SISFS, the government has constituted an Experts Advisory Committee (EAC) which is responsible for the overall execution and monitoring of the SISFS.
Advertisement
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 30th November 2022, said the Minister.
Advertisement
