IN-SPACe Launches Seed Fund Scheme to Boost Innovation in India’s Space Sector
- ByStartupStory | December 5, 2023
The Indian National Space Promotion and Authorization Centre (IN-SPACe) has unveiled a seed fund scheme aimed at fostering innovation in space technology. The initiative, designed to promote space startups, offers financial assistance of up to Rs 1 crore along with mentorship support, training, and networking opportunities, as per a statement from IN-SPACe.
The seed fund intends to provide crucial financial support to selected applicants, enabling them to transform their ideas into reality and kickstart their projects. Eligible candidates include early-stage startups with innovative concepts utilizing space technology to address challenges in the up-stream, midstream, and down-stream segments of the space sector.
Dr. Vinod Kumar, Director of the Promotion Directorate at IN-SPACe, highlighted the initiative’s core objectives, emphasizing the promotion of space technology use, facilitation of new technologies in the space sector, engagement with space startups, and the encouragement of a culture of technology co-creation.
IN-SPACe plans to announce sector-specific opportunities periodically, seeking projects that exhibit a profound understanding of sector challenges and a clear vision for employing space technology to overcome these hurdles. Ideal applicants are expected to present a well-defined business plan, a targeted market approach, and a comprehensive implementation strategy.
While the seed fund offers grants of up to Rs 1 crore on a milestone basis, disbursed in three or more installments, the exact quantum and installment details will be decided by an expert committee based on project progress. The first installment may constitute up to 40% of the total approved commitment, and startups are required to utilize the grant fully within three years from receiving the first installment.
Selected startups will need to maintain proper accounts and submit a fund utilization certificate subject to verification or audit by IN-SPACe directly or an appointed agency. Importantly, the intellectual property rights (IPR) generated under the program will be owned by the respective startup, adding an additional layer of support for innovation in India’s evolving space sector.
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