Are you a woman founder with a great idea, but unable to secure seed funding?
Are you looking for financial assistance for proof of concept, prototype development, product trials, market-entry, and commercialization?
STEP is a recognized incubator by Startup India for Startup India Seed Fund Scheme to provide seed funds to selected women-led startups.
SISFS is an ongoing program run by STEP in association with Startup India. Under this program, startups at an ideation stage and scaling-up organizations can apply for the grant/debt.
A grant of up to Rs.20 lakhs and a debt of up to Rs.50 lakhs at the repo rate is available to selected startups. Mentorship with STEP is also available after the selection by the committee.
The features of SISFS
- Year-round ‘Call for Applications for Startups
- Sector-agnostic
- No mandatory physical incubation
- PAN-India startup program
- Startups can apply to 3 incubators simultaneously
Eligibility criteria for application through STEP
- Anyone who identifies as a woman/non-binary
- Registered as a private limited, LLP, OPC
- You must have a DPIIT number. To get DPIIT-recognized, please visit: https://www.startupindia.gov.in/content/sih/en/startupgov/startup_recognition_page.html
- At the time of application, the startup should have been incorporated less than 2 years ago.
- The startup must have a business idea to develop a product or a service with a market fit, viable commercialization, and scope of scaling.
- The startup should be using technology in its core product or service, business model, distribution model, or methodology to solve the problem being targeted.
- Preference would be given to startups creating innovative solutions
- The startup should not have received more than Rs 10 lakh of monetary support under any other Central or State Government scheme.
- Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme, as per the Companies Act, 2013 and SEBI (ICDR) Regulations, 2018.
- A startup applicant can avail of seed support in the form of grants and debt/convertible debentures each once as per the scheme’s guidelines.
- We are proud to share that STEP is an incubator recognized by SISFS.
The advantage of applying to SISFS through STEP is that it is exclusively for women/non-binary founders, and they have a better chance of getting the grant/ debt than through any other incubator.
The process to apply
The application of each startup will be reviewed by an Incubator Seed Management Committee (ISMC) formed by STEP. The committee will also be responsible for future assessment of the startup’s performance and disbursement of further tranches. Apply now through STEP, click here, and choose CGLS Foundation as your first preference.
About SISFS
DPIIT( Department for Promotion of Industry and Internal Trade) has created Startup India Seed Fund Scheme (SISFS) with an outlay of INR 945 Crore to provide financial assistance to startups for Proof of Concept, prototype development, product trials, market-entry, and commercialization. It will support an estimated 3,600 entrepreneurs through 300 incubators.