The Atal Incubation Centre-BIMTECH (AIC) is pleased to announce the Startup Accelerators of MeitY for Product Innovation, Development and Growth (SAMRIDH) scheme to support existing and upcoming Accelerators to select and accelerate potential IT based startups to scale for solving India’s problems creating positive social impact.

The SAMRIDH scheme will provide support to selected Accelerators for extending Accelerator Services as to startups and even provide first round of funding of up to ₹40 lakh (with an average of ₹ 30 Lakh per startup per cohort).

The programme will invite applications from existing and upcoming Accelerators to become partners with MeitY and provide startups accelerator programmes of 6 months every year. It is proposed to support around 300 tech Start-Ups through about 40 cohorts (size of 8-10 Start-Ups) under the program.

Objective: The SAMRIDH scheme will support existing and upcoming Accelerators to select and accelerate potential product based startups to scale. The program will focus on accelerating the startups by providing customer connect, investor connect and internationalization connect services.

The program aims to deliver Physical + digital (phygital) learning to the incubates. The aim is to give better learning opportunities, networking and growth.

Benefits

• Get up to INR 80 lakhs of funding 1:1 matching funding support
• Mentoring | Industry & Investor connect | Legal support
• 6-month growth accelerator program
• Preferable applications of tech based startups
• 100% funding assistance

Accelerator Services & Activities

Accelerators shall be tasked with developing customized acceleration programs to fit the needs of each startup in the cohort and provide services ranging from customer connect, investor connect, capacity enhancement, product enhancement etc. for which they shall be provided a budget of Rs. 2.0 Lakhs per startup to a maximum of INR 20 Lakhs per cohort. In each of the cohorts organized by the shortlisted accelerator, a maximum of 10 startups and a minimum of 5 startups can be supported under the scheme working in the domain area of software products.

The selected accelerators have to provide services to the Start-Ups which include the following:

• Expert diagnostic for market research and product positioning
• Mentoring of Startups through experts on the basis of tech vertical
• Legal Assistance for all matters: IP, Incorporation, and other matters
• Connected learning, networking through shared platform
• Co-learning
• Weekly meets between founders of all startups
• Demo Day: Presentation to with VCs and angel investors
• Assistance to startups in negotiating and closing investment deals with VCs and angel investors

Eligibility Criteria

• Have been in the business of incubation for more than 3 years and supported more than 50 start-ups of which at least 10 have received non-public investment, and having targeted accelerator programs with an experience of running at least 3 cohorts with activities listed as desirable under SAMRIDH
• Have operations in India
• Have necessary space and infrastructure to carry out activities for the start-ups.
• Should demonstrate capabilities with regard to:
  • Supporting Start-Ups for domestic and international market immersion.
  • Network/Connect with Venture Capitalist/Angel Investors.
  • On-boarded with leading business mentors.
  • Structured cohort for accelerating deep tech software product start-ups.

For more information, visit https://aicbimtech.com/samridh/

Source-Link(s): https://www2.fundsforngos.org/information-technology/up-to-inr-80-lakhs-available-under-samridh-scheme-in-india/