The Kerala Startup Mission (KSUM) has invited applications from start-ups and entrepreneurs for the State government’s Innovation Grant to help them convert their innovative ideas into full-fledged ventures under the Kerala Innovation Drive 2022.
The State government has introduced the Innovation Grant scheme to help fledgling enterprises and start-ups since they often find it hard to get early-stage funding. There are five categories of grants – idea grant, productisation grant for women/transgenders, scale-up grant, productisation grant and market acceleration grant.
To apply for idea grant, company incorporation and KSUM’s unique ID are mandatory. For all other categories of grants, start-ups must have completed company incorporation process and KSUM unique ID certification.
Idea grant, comprising ₹3 lakh per idea, will be provided for start-ups having a prototype or a minimum viable prototype (MVP) to develop the final version. Start-ups that have already availed the idea grant cannot apply.
Those who are planning to convert their MVP into a full-fledged product with early traction/revenue can apply for the ₹7-lakh productisation grant. The scale-up grant, pegged at ₹15 lakh per idea, is to help start-ups ramp up their products or sales.
Productisation grant for women/transgenders who are looking for support to convert their MVP into the final product is up to ₹12 lakh. Women/transgenders having 51% of share in start-ups can apply.
Start-ups planning to accelerate their revenue can avail themselves of the market acceleration grant which is up to ₹10 lakh.
The applications will be shortlisted by a panel of experts and then each shortlisted start-up will be called for a presentation before an expert committee, adhering to the COVID-19 protocol. The final selection will be based on the recommendation by the committee.
Last date for submitting applications is August 16. For more details, visit: https://grants.startupmission.in/
In order to provide guidance to start-ups regarding the scheme, the KSUM will be conducting sessions titled ‘Ask Us Anything’ in Kochi (July 23), Thiruvananthapuram (July 26) and Kozhikode (August 1). To participate in the sessions, visit: https://bit.ly/askksum.
