Implementing Body:
Industries Commissionerate, Government of Gujarat
About the Scheme:
The scheme was first introduced as part of New Industrial Policy, by the Industries and Mines Department, Government of Gujarat on Jan 01, 2015. Later in 2020, the scheme was updated under the Gujarat Industrial Policy 2020, for a period of five years effective from August 07, 2020.
The objective of the scheme is to utilize the innovative and entrepreneurial mind set of youth through start-ups and incubators. The incentives under the previous scheme created a strong network of nodal institutions and supported start-ups in setting up/expanding their operations both in national and international markets. The new scheme aims to further accelerate and strengthen the start-up ecosystem in the state.
Financial Assistance:
- Seed Support: Up to INR 30 Lakh for Product Development, Marketing and Professional Assistance.
- Additional Grant: Up to INR 10 Lakh can be availed by start-ups with significant social impact.
- Sustenance Allowance: Up to INR 20,000 per month for one year. Up to Rs. 25,000 per month for one year, if the start-up has at least one woman co-founder.
- Soft Skill Assistance: Up to INR 1 Lakh per start-up for training in soft skills.
- Assistance to Participate in Accelerator: Up to INR 3 Lakh per start-up to approved/ sanctioned start-ups under the policy, to enroll and participate in National/International Level Accelerator Program.
- Approved/ sanctioned start-ups under the scheme, are eligible to avail an additional interest subsidy of 1%, maximum up to 9% on term loans, under the provisions of scheme for assistance to MSMEs.
Criteria / Eligibility:
- Any individual/group of individuals having innovative ideas/concepts and recommended by approved Nodal Institute are eligible.
- The applicant should be a citizen of India.
- The applicant/start-up must be registered and have substantial operations based in Gujarat during the time of the grant and a significant part of operations in Gujarat after the tenure of the grant.
- Start-up must be registered as Limited Liability Partnership firm/ Partnership firm/ Private Limited Company.
- Start-up/ Innovator cannot be the promoter or significant (>10%) shareholder/ beneficiary of another company/ start-up at the time of applying for and receiving the approval for the assistance.
- The applicant should be registered for the pre-incubation or incubation program at the Nodal Institute for at least 2 months before becoming eligible.
- The applicant must be incubated full time at the Nodal Institute during the entire duration of support under the business.
FOR MORE DETAILS VISIT: INDUSTRIES COMMISSIONERATE