Startups and the creation of new startups are constantly being discussed these days. To make a startup successful, its needs must be appropriately catered from the budding stage. Incubators help in the initial stage of startups and help in their development as growth enablers. There are also various state government schemes to facilitate this process. The incubators are usually governed by the state government, central government, or the schemes they comprise.
Startup India Seed Fund
Eligibility of startup incubators under the Startup India seed fund
- They must be a legal entity; they can be a society, a private limited company, a trust, or a statutory body created through legislation.
- They must be functioning for at least two years before the scheme’s application date.
- The incubators must have at least five startups going under incubation at the time of application, and they also need the office capacity to seat at least 25 individuals.
- They need a full-time, appropriately experienced CEO with good business expertise.
- The state or central government must assist them. If no government assists them, they must have been operating for at least three years and must have ten startups going through the incubation process under their wing.
Tamil Nadu Startup and Innovation Policy
This scheme encourages industrial and private commercial organisations to set up incubators using the funds provided by various central government schemes, and the state will provide equal matching grants as per the schemes they are set up in. It also plans to develop a system to network the existing Incubators to leverage pre-established assets. It also encourages the development and establishment of sector-specific niche Incubators. They also conduct training programs for business incubators under the brand ‘incubaTN’. The Tamil Nadu Startup Seed Grant Fund (TNSSGF) provides Rs.50 lakh to academic institutional & private technology business Incubators.
Done By: Sri Sai Kamalini M.S , B.A LL.B (Hons.), LLM ( Corporate law and Financial policy), Junior Legal Consultant
For Origin Law Labs
