The Startup India initiative of the Government of India envisages building a robust Start-up ecosystem in the country for nurturing innovation and providing opportunities to budding entrepreneurs. The Hon’ble Prime Minister of India announced the scheme in his Grand Plenary address of Prarambh: Startup India International Summit on 16th January 2021. After approval of EFC and Hon’ble Finance Minister, the scheme was notified on 21st January 2021.
The Department for Promotion of Industry and Internal Trade (DPIIT) has created an Experts Advisory Committee (EAC) to execute and monitor the Startup India Seed Fund Scheme. The EAC selects eligible incubators and provides grants of upto Rs 5 Crores each. In turn, the selected incubators will provide startups with upto Rs 20 lakhs for validation of Proof of Concept, prototype development, product trials to startups. The University of Hyderabad (UoH) Section-8 company ASPIRE has been selected as one of the incubators under the Startup India Seed Fund Scheme.
UoH is one of the first universities to create a vibrant innovation ecosystem in the country and hosting more than 45 startups on campus.
More information on ASPIRE can be seen at http://bionest.uohyd.ac.in/about/