Aiming to help startups across the country by funding and providing incubation, the Department of Science and Technology has launched a Rs 100-crore programme, called National Initiative for Developing and Harnessing Innovations (NIDHI).
Numerous schemes will be initiated to emphasise on addressing the gap between idea and prototype funding under NIDHI.
The department plans to set up 10 Prayas centres across incubation centres supported by the scheme. The other schemes include NIDHI Seed Support System for funding early-stage startups and NIDHI Centres of Excellence, which will help startups go global and get recognition.
Harkesh Mittal, the head of the National Science and Technology Entrepreneurship Development Board at the Department of Science and Technology said, “DST will soon revise the total funding limit to startups at supported incubators from up Rs 50 lakh to Rs 1 crore. The revised investment limit is soon to be implemented.”
The department provides the seed amount per startup in the form of a grant to the incubator. The incubator in turn of the funding invests the same in the form of debt or equity in the companies.
DST, which has so far supported 100 technology-focused incubators across the country, now plans to support another 15-20 incubators this year.
It usually supports incubators with grants up to Rs 15 crore to set up an incubator, with the amount varying according to city and type of startups the incubator is catering to. Of course, other factors are also considered.
