Kerala Startup Mission (KSUM) has extended the deadline to August 31 for receiving applications from startups and entrepreneurs for the State Government’s Innovation Grant to help them convert their innovative ideas into full-fledged ventures under Kerala Innovation Drive 2022.
The state government has introduced the Innovation Grant scheme to help the fledgling enterprises and start-ups since they often find it hard to get early-stage funding.
There are five categories of grants– Idea Grant, Productization Grant for Women/Transgenders, Scale-up Grant, Productization 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 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.
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.
Productization Grant for Women/Transgenders, who are looking for support to convert their MVP into the final product, is upto Rs 12 lakh. Women/transgenders having 51 percent of share in startups can apply for it.
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.
Last date of applications is August 31.
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