Scheme for assistance for Start Ups/ Innovation: Pre- Series A Funding

Description
The "Scheme for Assistance for Start Ups/ Innovation" is an umbrella scheme launched by the Industries and Mines Department, Gujarat under the Gujarat Industrial Policy. Effective from August 7th, 2020 to August 6th, 2025, it aims to drive economic growth by generating jobs, fostering competition, and introducing next-gen solutions. The component "Pre-Series A Funding", bridges the financial gap known as the "valley of death" in a startup& 39;s lifecycle. This phase occurs after commercialization, when startups begin generating revenue but have not yet gained significant market traction. Under Gujarat Venture Finance Limited GVFL , a special fund is created to provide mid-level Pre-Series A funding to startups, particularly those that have received seed support under various government schemes.

Exclusions
• Entities formed by splitting or restructuring an existing business are not considered startups under this scheme.
• Startups availing benefits under other startup schemes of the Government of Gujarat are ineligible.

Definitions
Startups (For The Purpose Of This Scheme)
(Source: https://ic.gujarat.gov.in/documents/commondoc/2020/13-GR_02092020.pdf)

Innovative Project
An innovative project is a project that seeks to introduce new technology or make changes in the existing technology by implementing large and small, radical and incremental changes, resulting into the formulation of novel products, processes or services.
(Source: https://ic.gujarat.gov.in/documents/commondoc/2020/13-GR_02092020.pdf)

Mentor
(Source: https://ic.gujarat.gov.in/documents/commondoc/2020/13-GR_02092020.pdf)

Benefits
• **Bridges Funding Gap:** Provides financial support during the critical "valley of death" phase.

Eligibility Criteria
1. - Any individual or group of individuals with an innovative idea or concept, recommended by an approved Nodal Institution, is eligible.
2. - The scheme is open to startups in any sector or branch of science, technology, engineering, agriculture, healthcare, etc., making it sector-agnostic.
3. **Note:** Startups availing benefits under the Student Startup and Innovation Policy (SSIP) are also eligible.

Application Process
Step 1: Startup Gujarat Cell
Office of Industries Commissionerate
Block No: 1, 3rd Floor, Udhyog Bhavan, Sector: 11, Gandhinagar - 382010 Gujarat, INDIA.
079-23252588 / 1800-233-0616
[email protected]
Online

Startup Gujarat Cell
Office of Industries Commissionerate
Block No: 1, 3rd Floor, Udhyog Bhavan, Sector: 11, Gandhinagar - 382010 Gujarat, INDIA.
079-23252588 / 1800-233-0616
[email protected]

Required Documents
• Proof of startup registration (Startup India or equivalent).
• Recommendation letter from a Nodal Institution.
• Business proposal document with innovative idea details.
• Financial documents, including projected revenue and funding requirements.
• A declaration of non-availment of incentives under other schemes (except SSIP, if applicable).
• Any other documents (If required).

Frequently Asked Questions
Q: What is the objective of the "Scheme for Assistance for Start Ups/ Innovation"?
A: The "Scheme for Assistance for Start Ups/ Innovation" is an umbrella scheme launched by the Industries and Mines Department, Gujarat under the Gujarat Industrial Policy. Effective from August 7th, 2020 to August 6th, 2025, aims to drive economic growth by generating jobs, fostering competition, and introducing next-gen solutions.

Q: What is "Pre-Series A Funding"?
A: Pre-Series A funding is a financial mechanism that supports startups during the phase after commercialization but before they achieve significant market traction.

Q: Which startups are eligible for this funding?
A: Startups with innovative ideas, recognized by an approved Nodal Institution, and those that have received seed support under government schemes are eligible for this funding.

Q: Is the funding scheme limited to specific sectors?
A: No, the scheme is sector-agnostic and supports innovative projects in all industries, including science, technology, healthcare, agriculture, and more.

Q: Can a startup receive benefits from multiple government schemes?
A: Startups availing incentives under other government startup schemes, except the Student Startup and Innovation Policy (SSIP), are not eligible for this funding.

Q: Are startups formed by splitting or reconstructing existing businesses eligible?
A: No, entities formed by splitting up or reconstructing an existing business are not eligible for this funding.

Q: What role do Nodal Institutions play in the funding process?
A: Nodal Institutions are responsible for evaluating, validating, and recommending startup proposals to the Industries Commissioner's Office for further scrutiny and approval.

Q: Are startups in the student category eligible to apply?
A: Yes, startups availing benefits under the Student Startup and Innovation Policy (SSIP) are eligible for this funding.

Q: Who provides the final approval for the funding?
A: The final approval is provided by the State Level Empowered Committee (SLEC) after due diligence and scrutiny.