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Wednesday, September 22, 2021

ISB gets Rs 5 crore under ‘Startup India Seed Fund’ scheme

Under this scheme, ISB's Dlabs Incubator Association will facilitate the allotment of seed funds to eligible early-stage startups.

By: Education Desk | New Delhi |
Updated: September 7, 2021 9:46:30 am
ISB, Startup IndiaThe grant will be used for financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation. File.

The ISB‘s DLabs Incubator has been awarded Rs 5 crore under the ‘Startup India Seed Fund Scheme’ by the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry.

‘Startup India Seed Fund Scheme’ would enable startups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions. Under this scheme, ISB’s Dlabs Incubator Association will facilitate the allotment of seed funds to eligible early-stage startups. The funds will be used for financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation.

The Indian startup ecosystem suffers from capital inadequacy in the seed and ‘proof of concept’ development stage. The capital required at this stage often presents a make-or-break situation for startups with good business ideas.

Many innovative business ideas fail to take off due to the absence of this critical capital required at an early stage for proof of concept, prototype development, product trials, market-entry, and commercialisation. Seed funds offered to such promising cases can have a multiplier effect in validating the business ideas of many startups, leading to employment generation.

Bhagwan Chowdhry, faculty director, ISB DLabs, said, “Many good ideas do not see the light of the day because they could not get early-stage funding. This grant will help us fix it”.

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