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Kerala Startup Mission (KSUM) has called out applications for its Innovation Drive 2023, which includes a range of financing grants for innovators, start-ups, and entrepreneurs.
The grants are designed to support seed funding for translating innovative ideas into technology products and commercialisation. Unlike in previous years, start-ups can now apply for innovation grants throughout the year, as needed.
The innovation grants are divided into four categories: Idea Grant, Productization Grant, Market Acceleration Grant, and Scale-Up Grant. Additionally, applications for the ‘Startup Research Grant’ are also open. Start-ups can apply for these grants from May 1, and more information can be found at https://grants.startupmission.in/.
The Idea Grant is open to any innovator or entrepreneur who has an innovative idea and is looking to develop a proof of concept or prototype, with a maximum grant amount of ₹3 lakh. While it is not mandatory to have a registered start-up for this grant, applicants must have both Startup Registration and KSUM Unique ID before processing for fund release.
Start-ups that are focused on product development and launch can apply for the Productization Grant, which provides up to ₹7 lakh.
The grant includes a special section for Women and Transgender founders, with an enhanced grant amount of ₹12 lakh. To be eligible for this section, women/transgender founder(s) must have a majority stake of 51 per cent in the company.
The Market Acceleration Grant, which offers ₹10 lakh, is intended for start-ups that have a live product in the market and are looking to accelerate their revenue.
The Scale-Up Grant is designed to support start-ups for maximising their revenue who have a minimum steady revenue of ₹10 lakh in the last six months or have raised an investment of not less than ₹30 lakh are considered for this funding. A scale-up start-up is eligible for a grant amount of up to ₹15 lakh.
The Startup Research Grant (R&D Grant) of ₹30 lakh is open to highly promising deep tech start-ups in sectors like health and medtech, hardware, space tech, engineering, etc., with a working prototype and IP that needs to be developed into a final product through extensive R&D.
During 2022-23, KSUM has sanctioned grant support of ₹10 crore for 179 start-ups, which is the highest amount ever sanctioned by KSUM in a year. KSUM is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the State.
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