The Next-Generation Incubation Scheme (NGIS) that aims to identify, in all, around 300 start-ups (over 3 years)
Cutting across multiple domains including Ed-tech, Agri-tech, and Fintech, as many as 42 start-ups have been selected in ‘CHUNAUTI’ screening contest and will now be eligible for benefits under the Next-Generation Incubation Scheme, a top STPI official said on Tuesday.
Omkar Rai, Director General, Software Technology Parks of India (STPI) told PTI that through a rigorous process and screened through multiple rounds that included presentation of business plans, innovative ideas, feasibility of the concept before a panel of eminent experts, including key industry representatives, these start-ups were selected for the Next-Generation Incubation Scheme.
More than 6,700 applications had been received, of which 1,820 applications got qualified, from which 111 applicants were selected for the presentation round.
In the final selection round which concluded recently, 42 start-ups were chosen in domains such as Ed-tech, Agri-tech and Fintech solutions for masses (18 start-ups), infrastructure and remote monitoring (eight), jobs and skilling, linguistic tools and technologies (four), medical healthcare, diagnostic, preventive and psychological care (five), and supply chain, logistics and transportation management (seven).
The Next-Generation Incubation Scheme (NGIS) that aims to identify, in all, around 300 start-ups (over 3 years), working in identified areas and provide them with a seed fund of up to Rs. 25 lakh and other facilities, is being executed by STPI, which is an organisation under the Ministry of Electronics and IT.
More start-ups will be on boarded through the duration of the Next-Generation Incubation Scheme as the government has earmarked an amount of about Rs. 95 crore over 3 years for the programme.
“We have picked up 42 start-ups finally for on boarding under `CHUNAUTI’, which is a screening process for selecting young entrepreneurs. The scheme is Next-Generation Incubation Scheme, and CHUNAUTI was the shortlisting process”, said Rai.
The Next-Generation Incubation Scheme “Enthused” young entrepreneurs in smaller towns, and is expected to foster an enabling environment of entrepreneurship in Tier 2 and 3 locations.
“The response was overwhelming, despite the backdrop of the pandemic. Given the response this time, we expect the next phase to be even more exciting”, Rai pointed out.
To set up their venture, the selected start-ups will be incubated by STPI and provided with stipends/seed funding and other facilities. The scheme has more than 125 mentors and 46 knowledge partners.
“These 42 start-ups are just the beginning, and on average we will host 100 start-ups every year”, said Rai.
Launched by Ravi Shankar Prasad, Minister of Electronics and IT, in August 2020, the NextGen Startup Challenge aims at an objective of the initiative to identify and support solutions for sectors and domains that have emerged as a priority in the post-pandemic world.
The Next-Generation Incubation Scheme is focused on 12 Tier-II locations in the country including Agartala, Bhilai, Bhopal, Bhubaneshwar, Dehradun, Guwahati, Jaipur, Lucknow, Prayagraj, Mohali, Patna and Vijayawada.
Start-ups pan-India could apply and become NGIS beneficiary. Each NGIS location has a dedicated chief mentor along with a ‘mentor pool’ and knowledge partners.
The services offered by Next-Generation Incubation Scheme to its beneficiaries include physical infrastructure (including state-of-the-art incubation and dedicated Software Product Security Testing facility), mentoring, access to VCs for funding support, advisory services (such as HR, Legal, Accounting, IPR/Patenting) along with financial incentives like the seed funding of up to Rs. 25 lakh.