Funding Options
Companies incubated at IIT Kanpur are fortunate to have access to a diverse array of funding options, all designed to fuel their growth and innovation. These funding avenues play a pivotal role in supporting startups and entrepreneurial ventures, allowing them to turn their ideas into viable businesses. Among the numerous opportunities available, two prominent categories stand out: loans and grants. Here are the details.
SEED FUNDS
SIIC may provide seed loan subject to the availability of funds/ grants/ schemes meant for this purpose. The seed loan limit ranges from Rs. 15 to 25 lakh. It is sanctioned only to the registered companies and is based strictly on the merits of each company. A company desirous of getting seed loan may submit an application for seed fund after three months of incubation at SIIC. The seed loan will be sanctioned based on the eligibility criteria as decided by SIIC. It would also be subject to the terms stipulated as per the Seed Funding Guidelines of SIIC.
PRISM
PRISM (Promoting Innovations in Individuals, Start-ups and MSMEs) is a scheme launched by DSIR (Department of Science & Industrial Research) to support individual innovators with financial grants. Under this scheme, funds are directly given to the innovators with centres like SIIC, IIT Kanpur playing the role of a processing and monitoring agency. PRISM offers a grant of a maximum of Rs. 50 lakh for developing prototypes under different categories. The proposals shall preferably be considered under the following focus sectors:
- Green Technology.
- Clean Energy.
- Industrially Utilizable Smart Materials.
- Waste to Wealth.
- Affordable Healthcare.
- Water & Sewage Management.
- Any other technology or knowledge intensive area.
MSME Support
The Ministry of Micro, Small and Medium Enterprises (MSME) provides support for entrepreneurial and managerial development of SMEs through incubators. Under this scheme, it provides early-stage funding for nurturing innovative business ideas (new indigenous technology, processes, products, procedure etc.) which could be commercialized in a year. The main objective is to promote development of knowledge-based innovative ventures and to improve the competitiveness and survival instincts of the Micro, Small and Medium Enterprises (MSMEs).