What are the Indian government initiatives for boosting Indian startups during COVID19?
COVID19 pandemic has imposed a global threat of economic depression on every industry possible. To fight these challenges, the government of India has collaborated with various stakeholders to financial and strategic support to startups. The govt. is promoting startups to find innovative solutions with the support of established entrepreneurs by conducting nationwide webinars and offering strategic mentorship to startups. Also, many incubators have been selected out to go virtual and extend help to startups.
Grant opportunities
1. Action Covid-19 team (ACT) — ACT has set up an INR 100Cr grant by Indian start-up community to provide monetary support to startup ideas and combat challenges of Covid-19. They are also providing initial seed grants to fight the spread of the pandemic.
2. United States — India Science and technology endowment fund (Covid-19 Ignition Grants): USISTEF comes out to support and foster joint applied R&D for generating public goods through commercialization of technology. It is a joint venture by Govt. of India and the US.
Equity
1. Omidyar Network India Rapid Response Funding — The entity has announced INR 7.5 Cr for rapid response funding to help startups fight of the Covid-19 challenges and its consequent socio-economic impact.
Debt/Returnable/Grant Opportunities
1. SIDBI SAFE: SAFE scheme by SIDBI is created to provide financial assistance to MSEs that are engaged specifically in the manufacturing of products or provide services related to fighting the novel coronavirus.
2. SIDBI SAFE PLUS: It is a more evolved version of SAFE, where they provide support to the businesses that are directly related to fighting coronavirus against specific orders from govt. or work for govt. agencies.
3. DST CAWACH: The Centre for Augmenting WAR with Covid-19 Health crisis (CAWACH) is a joint initiative by National Science and Technology Entrepreneurship Development Board, Department of Science and Technology and Govt. of India where they provide support for R&D efforts in the direction.
4. SIDBI CSAS: Help in providing financial assistance and attaining stability under the Covid-19 Startup Assistance Scheme (CSAS).
