Startups, entrepreneurs get more days to avail Innovation Grant

The Kerala Startup mission has revised the deadline to apply for Kerala Innovation Grant to August 31

The Kerala government’s plan to dole out an Innovation Grant to startups and entrepreneurs so that they can convert their innovative ideas into full-fledged ventures under Kerala Innovation Drive 2022 has been evoking much interest. In view of the uniqueness of the project, the Kerala Startup Mission (KSUM), the nodal agency of the state government for entrepreneurship development and incubation activities, has extended the deadline to August 31 for receiving applications towards availing the grant.

The state government has envisaged the Innovation Grant scheme in a bid to aid the fledgling enterprises and startups, on realisation that they often find it hard to get early-stage funding. As per the plan, as many as five categories of grants have been listed. They include Idea Grant, Productization Grant for Women/Transgenders, Scale-up Grant, Productization Grant and Market Acceleration Grant.

Innovation Grant deadline extended

With the deadline extended, startups and small entreprenuers will now be able to chart out their roadmap towards submitting their requests to the KSUM. The startup mission has notified that in order to apply for the 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 Rs 3 lakh per idea, will be provided for startups having a prototype or a Minimum Viable Prototype (MVP) to develop the final version. However, startups 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 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 finalise beneficiaries

Productization Grant for Women/Transgenders, who are looking for support to convert their MVP into the final product, is up to Rs 12 lakh. Women/transgenders having 51 percent of share in startups can apply for it. Meanwhile, startups that are planning to accelerate their revenue can avail the Market Acceleration Grant, which is up to 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.

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Sanjeev Ramachandran

A journalist with 23 years of experience, Sanjeev has worked with reputed media houses such as Business Standard, The New Indian Express, MSN India, PanAsiaBiz. Sanjeev can be reached at [email protected]

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