Kochi, NFAPost: Kerala Startup Mission (KSUM) has called out applications for its Innovation Drive 2023, which includes a range of financing Grants for innovators, startups, and entrepreneurs. The Grants are designed to support seed funding for translating innovative ideas into technology products and commercialization.
Unlike previous years, startups can now apply for innovation grants throughout the year, as needed.
The Innovation Grants are divided into four categories: Idea Grant, Productisation Grant, Market Acceleration Grant, and Scale-Up Grant. Additionally, applications for the Startup Research Grant are also open. Startups can apply for these grants from May 1, and more information can be found at https://grants.startupmission.in/.
The Idea Grant is open to any innovator or entrepreneur who has an innovative idea and is looking to develop a proof of concept or prototype, with a maximum grant amount of Rs 3 Lakhs. While it is not mandatory to have a registered startup for this grant, applicants must have both Startup Registration and KSUM Unique ID before processing for fund release.
Startups that are focused on product development and launch can apply for the Productization Grant, which provides up to Rs 7 lakh. The grant includes a special section for Women and Transgender founders, with an enhanced grant amount of Rs 12 Lakhs. To be eligible for this section, Women/Transgender founder(s) must have a majority stake of 51% in the company.
The Market Acceleration Grant, which offers Rs 10 lakh, is intended for startups that have a live product in the market and are looking to accelerate their revenue. The Scale-Up Grant is designed to support startups for maximizing their revenue who have a minimum steady revenue of Rs 10 Lakhs in the last 6 months or have raised an investment of not less than Rs 30 lakh are considered for this funding. A scale-up startup is eligible for a grant amount of up to Rs.15 Lakhs.
The Startup Research Grant (R&D Grant) of Rs 30 lakh is open to highly promising deep tech startups in sectors like Health and Medtech, Hardware, Space tech, Engineering, etc., with a working prototype and IP that needs to be developed into a final product through extensive R&D.
Applications that meet the eligibility criteria will be scrutinised by KSUM and the Expert Committee. The final selection will be based on the recommendation from the expert committee and approvals from the authorities.
During 2022-23, KSUM has sanctioned Grant support of Rs 10 Crore for 179 startups, which is the highest amount ever sanctioned by KSUM in a year. KSUM is the nodal agency of the Kerala Government for entrepreneurship development and incubation activities in the state.
