The Indian National Space Promotion and Authorisation Centre (IN-SPACe), established by the Center to promote, enable, authorise, and supervise private activity in the space sector, has made the decision to introduce a new seed funding programme that will see grants of up to Rs 1 crore given to selected startups engaging in space activity.
Startups approved by the DPIIT (department for promotion of industry and internal trade), owned at least 80% by Indians, and without more than Rs 50 lakh in benefits from any other Central Government programme are eligible to apply.
According to the guidelines made public on Tuesday, promoters and angel investors at applicant enterprises must invest money at least equal to the grant amount. The enterprises must place technology at the centre of their operations, according to IN-SPACe, which also stated that a group of specialists will determine the specifics of how the grant will be awarded.
“IN-SPACe is pleased to launch a seed fund programme designed to advance space technology as part of its mission to create a commercial space ecosystem in the nation. This programme is intended to promote start-ups in the space industry that are working to create ground-breaking goods and services that will benefit communities and individuals in India and throughout the globe, according to the agency.
It further stated that early-stage startups with creative concepts and initiatives that leverage space technology to address upstream/midstream and downstream difficulties in the space sector are eligible applicants. “Selected candidates will receive financial assistance from the seed fund to help them realise their ideas and launch their projects. Access to finance, mentoring, training, and networking opportunities are all part of this support. Periodically, IN-SPACe will advertise sector-specific opportunities.
“We are looking for proposals that show a clear awareness of the industry’s difficulties and a vision for how space technology might be applied to solve them. The statement went on to say that ideal candidates would have a clear business plan, a well defined target market, and a thorough implementation approach.