SEED Support

BIRAC - SEED (Sustainable Entrepreneurship and Enterprise Development) Fund

Savli Technology and Business Incubator [STBI] is hosting a seed fund under the scheme "Sustainable Entrepreneurship and Enterprise Development Fund" ("SEED Fund") of the Biotechnology Industry Research Assistance Council (BIRAC).

SEED Fund provides Capital assistance to Start-ups with new and meritorious ideas, innovations, and technologies. This would enable some of these start-ups to graduate to a level where they will be able to raise investments from angel/Venture capitalist or they will reach a position to seek loans from commercial banks/financial institutions. Thus, the proposed seed support is positioned to act as a bridge between promoters’ investment and Venture/Angel investment. This is not an investment scheme, but, rather a support scheme to enable start-ups and incubator to attain sustainability.

Quantum of financial assistance to one start-up will be max. up to Rs 25-30 lakh

Eligibility: The SEED fund is only for Indian Start-ups (registered under Companies Act, 2013) and with minimum 51% ownership by Indian citizens (does not include OCI or PIO) and under BIRAC SEED Fund, a company will be considered as Start-up:

  • Up to 5 years from the date of its incorporation
  • If it is working towards innovation development, deployment or commercialization of new products, processes or services driven by technology or intellectual property
  • If its turnover for any of the financial years has not exceeded Rs 25 cr

Broad Areas to be covered under the financial assistance include:

  • Product development
  • Testing and trials
  • Test Marketing
  • Mentoring
  • Professional Consultancy (To attract Professors of institutions to work with Start-Ups/ small firms)
  • IPR issues
  • Man power for day-to-day operations
  • Any other area as deemed necessary and recommended by the Management Committee.

Seed fund emphasizes: 

  • Alignment with STBI's Focus areas more specifically Biotech/Biomed
  • Product offerings (vs service offerings)
  • Technology-driven enterprises
  • Validation or Scaling-up innovations
  • Market research analysis and Professional consultancy

Typical terms for seed funding:

  • Any Start-up fulfilling eligibility criteria can apply
  • Selected Start up shall have to be an incubatee at STBI at the time of seed fund investment
  • Incubator can provide funding as equity support up to Rs. 30 Lakhs per start up
  • Equity is typically decided upon the valuation report from an independent third-party
  • The support also includes mentoring, active hand-holding & guidance, etc.

For more information Contact: incub-stbi-vdr[at]gujarat[dot]gov[dot]in or ambd-stbi-vdr[at]guajrat[dot]gov[dot]in  

Click here to apply: https://forms.gle/bUEpN7oNxtTuiNTy6 


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