Kerala Government Innovation Grant aims at helping fledgling startups as they find it hard to get early-stage funding.
Startups and entrepreneurs who look towards converting their innovative ideas into full-fledged ventures under Kerala Innovation Drive 2022, will be offered an Innovation Grant instituted by the Kerala government. The state government has introduced the Innovation Grant scheme to help fledgling enterprises and startups, since they often find it hard to get early-stage funding.
Five categories of grants, namely Idea Grant, Productization Grant for Women/Transgenders, Scale-up Grant, Productization Grant and Market Acceleration Grant, have been put forth as incentives to the entrepreneurs who dream of growing big.
Startup Mission seeks applications for innovation grant
The Kerala Startup Mission (KSUM) has invited applications from startups and entrepreneurs to this effect. The last date for sending in the applications is August 16. To apply for the Idea Grant, company incorporation and KSUM’s Unique ID are mandatory. For all other categories of grants, startups need to have completed company incorporation process and KSUM Unique ID certification, a KSUM source said.
Idea Grant, comprising Rs 3 lakh per idea, will be provided for startups having a prototype or a Minimum Viable Prototype (MVP) to develop the final version. Startups that have already availed the Idea Grant cannot apply. Besides, those who have plans to convert their Minimum Viable Prototype into a full-fledged product with early traction/revenue can apply for Rs 7-lakh Productization Grant. The Scale-up Grant, pegged at Rs 15 lakh per idea, is to help startups ramp up their products or sales.
Expert panel to decide on eligible candidates
Productization Grant for Women or Transgenders, who are looking for support to convert their Minimum Viable Prototype into the final product, is up to Rs 12 lakh. Women/transgenders having 51 percent of share in startups can apply for it. Further, startups that are planning to accelerate their revenue can avail the Market Acceleration Grant, which is upto Rs 10 lakh.
The applications will be shortlisted by a panel of experts and then each shortlisted startup 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 expert committee.