Matching Grant Scheme

Description
The scheme “Matching Grant Scheme” is a scheme by the Department of Information Technology, Electronics and Communications, Government of Goa, for the Startups of Goa. The scheme is a part of the Start-up Policy 2017. The Start-ups that raise funds from a registered/recognized funding source prior to the product launch phase will be provided 25% of the matching funds or a maximum benefit of ₹ 25,00,000, at proportionate ownership of stock, subsequent to due diligence by the Start-up Promotion Cell SPC .

Benefits
• Start-ups that raise funds from a registered/recognized funding source prior to the product launch phase will be provided 25% of the matching funds or a maximum benefit of ₹ 25,00,000, at proportionate ownership of stock, subsequent to due diligence by the Start-up Promotion Cell (SPC).
• This benefit can be availed by 20 start-ups each year which shall be selected by the SPC as per its due diligence and guidelines.
• Once the application is approved by the SPC, the approved amount shall be disbursed within 60 days from the date of approval.
• NOTE: Under no circumstance shall the benefits under this scheme be considered an entitlement. The SPC shall reserve the sole right to accept or reject applications.

Eligibility Criteria
1. All the Start-ups certified by the Start-up Promotion Cell (SPC) having a valid start-up certificate number are eligible.
2. The product for which the benefit is being claimed should not have been made available in the market previously.
3. **NOTE:** Only expenditures incurred after notification of Goa Start-up Policy 2017, being within the validity of this policy and paid for digitally will be considered for reimbursement under this scheme. If digital payments are not possible then it shall be up to the decision of SPC as per its due diligence to admit the expenditure.

Application Process
Step 1: Step 1: Visit the Official Website of Goa Startup Mission.
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Step 1: Visit the Official Website of Goa Startup Mission.

Step 2: Step 2: Verify your Email ID and Mobile Number using OTP. You will be redirected to the Registration Page.
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Step 2: Verify your Email ID and Mobile Number using OTP. You will be redirected to the Registration Page.

Step 3: Step 3: On the Registration/Signup Page, fill in all the mandatory fields of the registration form (Country, Name, Date of Birth, Address, PIN Code, Gender, etc.).
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Step 3: On the Registration/Signup Page, fill in all the mandatory fields of the registration form (Country, Name, Date of Birth, Address, PIN Code, Gender, etc.).

Step 4: Step 4: Create a Login Name and a strong Password (Password can have special characters like @ # $ % ^ & + =).
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Step 4: Create a Login Name and a strong Password (Password can have special characters like @ # $ % ^ & + =).

Step 5: Step 5: Carefully read the Declaration and the Terms & Conditions, and tick the checkboxes.
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Step 5: Carefully read the Declaration and the Terms & Conditions, and tick the checkboxes.

Step 6: Step 6: Fill in the Captcha Code, and click "Register/Signup".
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Step 6: Fill in the Captcha Code, and click "Register/Signup".

Step 7: Step 7: Login to the website using your Login Name and Password. Fill in the Captcha Code, and click "Login".
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Step 7: Login to the website using your Login Name and Password. Fill in the Captcha Code, and click "Login".

Step 8: Step 8: Navigate to the online application form for the relevant scheme.
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Step 8: Navigate to the online application form for the relevant scheme.

Step 9: Step 9: In the application form, fill in all the mandatory fields and upload all the mandatory documents (self-attest if required).
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Step 9: In the application form, fill in all the mandatory fields and upload all the mandatory documents (self-attest if required).

Step 10: Step 10: Submit the application and note the application reference number for application tracking.
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OR

Step 11: Step 1: Take a print of the proforma of the application form. Fill in all the mandatory fields, and attach copies of all the mandatory documents (self-attest if required).
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Step 1: Take a print of the proforma of the application form. Fill in all the mandatory fields, and attach copies of all the mandatory documents (self-attest if required).

Step 12: Step 2: Submit the duly filled and signed application form along with the documents to SPC via Email at [email protected]
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NOTE: The applicant can apply for this scheme at any time of the financial year, but at least 1- 3 months prior to product launch.
The applications received by the SPC shall be evaluated and approval or rejection shall be notified within 45 days from receipt of the application by the SPC.

Required Documents
• Documents Required
• Complete Business Model Canvas*
• Copy of the Aadhaar Card of the Director/CEO*
• Bank Certificate Stating Fund Transferred to Company’s Account*
• Details of Funding Agency/ Registration Certificate of Funding Agency*
• Term Sheet/ Funding Instrument*
• The Form and Documents as Mentioned in Annexure 1*

Frequently Asked Questions
Q: What is the duration of the validity of the Goa Start-up Policy 2017, and does it specify any review or renewal processes?
A: The document mentions that only expenditures incurred within the validity of the Goa Start-up Policy 2017 are considered for reimbursement under this scheme. However, the exact duration of the policy's validity and any provisions for review or renewal are not specified in the document. Start-ups may need to refer to the policy document itself or seek clarification from the relevant authorities regarding its validity and renewal processes.

Q: Can start-ups apply for the Matching Grant Scheme retroactively for expenditures incurred before the notification of the Goa Start-up Policy 2017?
A: The document mentions that only expenditures incurred after the notification of the Goa Start-up Policy 2017 are considered for reimbursement under this scheme. However, if there are exceptional cases or circumstances, it is up to the discretion of the Start-up Promotion Cell (SPC) to admit such expenditures, subject to its due diligence.

Q: Can you explain the role of the Start-up Promotion Cell (SPC) in the implementation of the Matching Grant Scheme?
A: The Start-up Promotion Cell (SPC) plays a crucial role in the implementation of the Matching Grant Scheme. It conducts due diligence, selects eligible start-ups, evaluates applications, and makes decisions on the approval or rejection of applications. The SPC is the competent authority for this scheme, and its decisions are final and binding.

Q: What is the main vision behind the Goa Start-up Policy 2017, and how does it aim to achieve this vision?
A: The primary vision behind the Goa Start-up Policy 2017 is to position Goa as one of the most preferred start-up destinations in India. It aims to achieve this vision by attracting entrepreneurial talent and building a robust start-up ecosystem in the state, ultimately making Goa an aspirational hub for start-ups.

Q: How long does it typically take for the SPC to evaluate applications and notify applicants about approval or rejection?
A: The SPC aims to evaluate applications and provide notification of approval or rejection within 45 days from the receipt of the application. Once approved, the disbursed amount should reach the applicant within 60 days from the date of approval.

Q: Is there a specific time frame within the financial year during which applicants can apply for the Matching Grant Scheme?
A: Applicants can apply for this scheme at any time during the financial year.

Q: What types of expenditures are considered for reimbursement under the Matching Grant Scheme, and are there any specific conditions related to digital payments?
A: Only expenditures incurred after the notification of Goa Start-up Policy 2017, within the policy's validity period, and paid digitally will be considered for reimbursement under this scheme. However, if digital payments are not feasible, the decision to admit such expenditure is at the discretion of the SPC, subject to its due diligence.

Q: What are the eligibility criteria for start-ups to apply for the Matching Grant Scheme?
A: To be eligible for this scheme, start-ups must be certified by the Start-up Promotion Cell (SPC) and possess a valid start-up certificate number. Additionally, the product for which benefits are sought should not have been introduced to the market previously, and the application must be submitted at least 1-3 months before the product launch.

Q: Is there a guarantee that start-ups meeting the eligibility criteria will receive benefits under this scheme?
A: No, there is no guarantee of benefits under this scheme. The Start-up Promotion Cell (SPC) retains the sole authority to accept or reject applications, even if start-ups meet the eligibility criteria.

Q: How many start-ups can avail of the benefits under this scheme each year, and how are they selected?
A: Up to 20 start-ups can benefit from this scheme annually, and the selection process is carried out by the SPC. The SPC selects eligible start-ups based on its due diligence and in accordance with its guidelines.

Q: Could you elaborate on the benefits offered under the Matching Grant Scheme, particularly for start-ups raising funds before the product launch phase?
A: Certainly, under the Matching Grant Scheme, start-ups that secure funds from a registered/recognized funding source before the product launch phase are eligible for benefits. They can receive 25% of matching funds, up to a maximum benefit of INR 25 lakh. The actual benefit amount is determined based on the proportionate ownership of stock after due diligence by the Start-up Promotion Cell (SPC).

Q: What is the official name of the scheme discussed in this document, and when does it come into effect?
A: The scheme discussed here is called the "Matching Grant Scheme," and it is already in effect.

Q: Could you explain the concept of "proportionate ownership of stock" in the context of the benefits provided by the Matching Grant Scheme?
A: Proportionate ownership of stock means that the benefits a start-up receives are proportional to the ownership stake held by investors or funding sources.