Thiruvananthapuram: The Kerala Startup Mission (KSUM) has invited applications from startups and entrepreneurs for the state government's 'Innovation Grant' under Kerala Startup Innovation Drive 2021.
The scheme is meant to provide financial support to startups and entrepreneurs to help them convert their innovative ideas into full-fledged ventures.
Since innovators often find it hard to get early-stage funding, the government has introduced the Innovation Grant scheme to help the fledgling enterprises and startups, an official statement said here. There are three categories of grants - Idea Grant, Productization Grant, and Scale-up Grant.
Except for Idea Grant, KSUM's Unique ID is mandatory to apply for the other two grants, it said.
Idea Grant, which consists of Rs 2 lakh per idea, will be provided primarily for startups/students, who have a prototype or Minimum Viable Product (MVP) to develop the final version. Startups that have already availed the Idea Grant cannot apply.
Those who are planning to convert their MVP into a full-fledged product can apply for Rs 7-lakh Productization Grant, it said adding that the Scale-up Grant, pegged at Rs 12 lakh per idea, is to help startups ramp up their products or sales.
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, the statement said, adding that the last date of applications is September 30.
KSUM is the nodal agency of the Kerala Government for entrepreneurship development and incubation activities in the state.