NIDHI Seed Support Scheme (SSS) by riidl Somaiya Vidyavihar University
riidl Somaiya Vidyavihar University
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Scheme Details In Depth
riidl is hosting a seed fund with a corpus of INR 10 crore under the scheme ” National Initiative for Developing and Harnessing Innovations – Seed Support System (NIDHI-SSS)” of the Department of Science and Technology.
What’s in it for you?
The sole objective of the NIDHI-SSS is to ensure timely availability of the seed support to the deserving startups within an incubator, thereby enabling them to take their venture to the next level & facilitate their success in the marketplace. Each startup may get a seed fund support of INR 25 Lakhs to INR 1 Crore.
Guidelines
What is the support provided under NIDHI-SSS?
Avail Equity based funding upto INR 1 Crore.
What is the project duration: 12 months
What is supported under the grant?
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 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 emphasizes:
- Alignment with riidl’s Focus areas
- Product offerings (vs service offerings)
- IP-rich enterprises
- Strong knowledge components in enterprises
Who owns the IP?
riidl TBI or DST shall have no ownership or licensing right on the IP created by the grantee.
Who can enroll?
1. Incubatee should be a registered company in India with a minimum of three months of residency at the STEP/TBIs.
2. Incubatee has to be an Indian startup. This support is not meant for Indian Subsidiaries of MNCs/foreign companies. Persons holding Overseas Citizens of India (OCI), Persons of Indian Origin (PIO) would be considered as Indian citizens for the purpose of this scheme.
3. The shareholding by Indian promoters in the incubate startup should be at least 51%.
How much funding I can expect ?
Each startup may get a seed fund support of INR 25 Lakhs to INR 1 Crore to graduate to a level where you will be able to raise investments from angel investors / VCs or you will reach a position to seek loans from commercial banks / financial institutions.
Additional Information
Residency: Must have a minimum of three months of residency at a STEP/TBI (Technology Business Incubator), specifically riidl in this context.
Ownership: The startup must be an Indian startup (not meant for Indian subsidiaries of MNCs/foreign companies).
Shareholding: The shareholding by Indian promoters in the incubatee startup must be at least 51%. Persons holding OCI/PIO status are considered Indian citizens for this scheme.
Focus: Emphasis is placed on product offerings (vs. service offerings), IP-rich enterprises, strong knowledge components, and alignment with riidl's focus areas.
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