The government has constituted an experts advisory committee which will be responsible for the overall execution and monitoring of the Startup India Seed Fund Scheme. According to an office memorandum of the Department for Promotion of Industry and Internal Trade (DPIIT), the committee will evaluate and select incubators for allotment of funds under the scheme, monitor progress and take all necessary measures for efficient utilisation of funds towards fulfilment of objectives of the scheme.
DPIIT had in February notified the operational guidelines to provide financial assistance to startups for proof of concept, prototype development, product trails, market entry and commercialisation. The committee, it said, would be chaired by H K Mittal from the Department of Science and Technology. The other representatives would include members from DPIIT, department of biotechnology, science and technology, electronics and IT, Niti Aayog, and expert members from startup ecosystem.
Startup India Seed Fund Scheme (SISFS) has been approved for the period of next four years starting from 2021-22. It will be implemented with effect from April 1, 2021. Rs 945 crore corpus will be divided over the next four years for providing seed funding to eligible startups through eligible incubators across India. The scheme is expected to support about 3,600 startups.