NIDHI SEED SUPPORT PROGRAM (SSP)
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Implementing Body:
National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology, Government of India
About the Policy:
NSTEDB, DST, GoI, has introduced Seed Support Program under the National Initiative for Developing and Harnessing Innovation (NIDHI) with a basic idea of providing financial assistance to potential start-ups with promising ideas, innovations and technologies. The said seed support disbursed by an incubator to an incubatee is positioned to act as a bridge between development and commercialization of innovative technologies/products/services in a relatively hassle free manner.
NIDHI SSP aims at providing financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization etc.
Program Benefits:
Seed Funding Support: Maximum upper limit of funding is INR 100 Lakhs per startup with an average ticket size of INR 25 Lakhs.
However, the Seed Support Management Committee (SSMC) at PDEU IIC shall decide the quantum of investment based on multiple considerations including market and industry sector, stage of technology and business development, co-investment offers etc. as appropriate.
Prototyping Support & Incubation Space: Support for product development, prototyping and testing with partners and other stakeholders along with access to 20,000+ Sq. Ft. of incubation facility.
Mentoring & Guidance: Guidance from experienced entrepreneurs on the business model, strategy, sector and market insights.
Program Objective:
The primary objective of the PDEU IIC – NIDHI – Seed Support Program is to ensure timely availability of the seed support to the deserving early-stage incubatee start-ups, thereby enabling them to take their venture to the next level and facilitate their success in the marketplace.
Amount sanctioned is to act as a bridge between development and commercialization of innovative technologies/ products/ service in a relatively hassle free manner
Eligibility Criteria:
The eligibility criteria for a startup to apply for the Nidhi- Seed Support Program (SSP) are as follows:
- The applicant startup must be a company registered in India, preferably be a DPIIT registered/applied startup and should have completed a minimum 3 months of association with the incubator in its resident or virtual incubation program.
- The applicant startup should have developed clarity on Unique Selling Proposition (USP) through customer validation and value proposition for its targeted customers.
- This support is not meant for Indian Subsidiaries of MNCs/foreign companies. Persons holding Overseas Citizens of India (OCI). Persons of Indian Origin (PIO) would be considered as Indian citizens for the purpose of this scheme.
- The shareholding by Indian promoters in the incubate startup should be at least 51%.
- Preference will be given to startups, who have not availed any funding from any Government of India /State Govt. body.