NIDHI SSS – NIDHI SEED SUPPORT SYSTEM
VentureStudio, Ahmedabad University is hosting a seed fund with a corpus of Rs 2 crore under the scheme “Seed Support System for Start-ups in Incubators” of the National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology.
The Seed Support is for current incubatees (physical resident units within VentureStudio) of VentureStudio. The funds are meant for early stage funding for indigenous ideas and technologies requiring up-scaling and related work.
An expert committee called the NIDHI-Seed Support Management Committee (NIDHI-SSMC) constituted by VentureStudio would evaluate the prospective incubatee under physical incubation requiring seed support.
The selected Startups would also be continually monitored by the expert committee.
Applications for the seed fund will be reviewed based on criteria such as (but not limited to):
- Is amount of funding requested enough to reach critical milestone?
- Does the venture have a clear, potentially significant/singular value proposition
- How big/fast growing is the potential market?
- Are target customers clearly identified?
- How credible is the technology? (Is PoC credible in the opinion of subject-matter experts?)
- Are there regulatory/certification/policy risks?
- What are the sources of sustainable competitive advantage (e.g. novelty, patentability, etc.)?
- What is the quality of the business plan (revenue model, product roadmap, market segments, etc.)?
Quantum of financial assistance to the incubated entrepreneur
- Minimum: Rs. 2 lakh
- Maximum: Rs. 25 lakhs
Broad Areas to be covered under the financial assistance include:
- Product development
- Testing and trials
- Test Marketing
- Professional Consultancy ( To attract Professors of institutions to work with small firms)
- IPR issues
- Man power for day to day operations
- Any other area as deemed necessary and recommended by the Management Committee
The seed fund is only for
- Companies with minimum 51% ownership by Indian nationals
- Companies ready to be incubated at Venture Studio
Criteria for applicants:
- There must be at-least one dedicated entrepreneur involved in the venture
- There must be a formal business plan
- The venture and the team must have high ethical & professional standards
- The venture must have a strong technology/knowledge component
- EHS requirements must be met
- Key Proof-of-Concept must be demonstrated & must be reproducible
- The venture must be registered as a private limited company, or must be in the process of registration
- The amount of funding requested must be less than Rs 25 lakh
- The entrepreneur(s) must be willing to share equity in the venture
- The seed funds requested must be for activities such as product development, prototyping, scale-up, developing IP portfolio, test marketing, trials, certification, testing
Download Application Form – Click Here