The Department for Promotion of Industry & Internal Trade (Startup India Section) of the Union Ministry of Commerce and Industry has released a seed fund of ₹63 Lakh (non-recurring) including the management fee to the Anantapur-based ‘Atal Incubation Centre-Sri Krishnadevaraya University Confederation, under the Startup India Seed Fund Scheme for 2023-24 financial year.
AIC-SKU Director Konduru Nagabhushan Raju, in a statement, said that the facility had partnered with 22 academic institutions including universities, engineering colleges and degree colleges in Andhra Pradesh and Telangana.
The fund release was important for the startups incubated at this centre for the furtherance of their desired goals. The AIC-SKU has guided and mentored many startups successfully.
The funds would be provided to select startups as per the guidelines of the Startup India Seed Fund Scheme (SISFS). The total release till now, including the instant sanction, has been put at ₹1.47 crore during this financial year as against the approved sanction to the AIC SKU Confederation of ₹2 crore for the 2023-24 financial year.
As part of the academic institutions’ mentorship, a Certificate of Partnership is issued by the AIC-SKU and MoU access to a wide network of experts, mentors and collaborations is provided. They also become eligible for applying for the annual awards by the AIC-SKU - Best Innovation, Best Startup Ecosystem Enabler, Best Startup for Social Impact.
The benefits of partnership are one-to-one mentoring support to the startups and students with innovative ideas, free internship to students in entrepreneurship and innovation; support for potential ideas, Mr. Nagabhushan Raju added.
