In this series of deliberations about various government schemes that are available in India for the benefit of entrepreneurs, today we are going to discuss about Startup India Seed Fund Scheme.
A startup is a project undertaken by a firm or company for solving a problem. It should be a model that can be economized and operated on a large scale. Startup entrepreneurs have unique, ambitious idea of innovation. However, merely because one has started a venture, they do not become startup. They have to get themselves registered with Department for Promotion of Industry and Internal Trade under Ministry of Commerce and Industry. The link for registration is https://www.startupindia.gov.in/content/sih/en/startupgov/startup_recognition_page.html
There are various government schemes for the benefit of startups. One such scheme is about providing them funds. This Seed Fund was established with an outlay of Rs. 945 crore to provide financial assistance to startups. So you can get this benefit by registering yourself. The finance is provided for following purposes:
- Proof of Concept
- Prototype Development
- Product Trials
- Market Entry
- Commercializing the product.
As we know that development of entrepreneurship means more business enterprises which further means more employment opportunities. It will lead to more production of goods and services and further income generation. This cycle would eventually lead to increasing National Income of the country and decreasing poverty levels. So, entrepreneurship is the key to become a developed economy.
