Funding Schemes
We provide the financial assistance through various funding schemes and CSR Activities
Student Startup & Innovation Policy
Education Department, Government of Maharashtra provides
INR 2 Lakhs as support grant for developing Proof of Concepts (POC) for students, innovators and
startups in the idea stage. The innovators and startups can avail Student Startup and Innovation Policy
(SSIP) grant through EDII, one of the SSIP grantee institutes by the Education Department, Govt. of
Gujarat and provide the benefits of SSIP policy to students.
Eligibility: If any innovator, the startup has a minimum of one co-founder as either a present
student in UG, PG, Ph.D. programs or passed out alumni across various programs in any university in
Maharashtra in the last 5 years.
Scheme for Assistance for Startups/InnovationMaharashtra Industrial Policy 2010-2024
The key objective of the Policy, 2024 is to encourage
R&D, start innovation and entrepreneurship. Hence, the new scheme is being introduced in order to
support startups and innovation at different levels of a startup cycle.
Eligibility: Any individual/group of individuals having innovative idea/concept and recommended
by approved Nodal institution will be eligible to get recognized as a startup under this scheme. The
assistance under the scheme will be provided for innovative projects in any sector or any faculty/branch
of science/ technology/ engineering/ agriculture/ healthcare and no innovation worth its name is
restricted from availing assistance just because of its being into a particular sector, making this a
sector agnostic scheme and provided that the startups which are availing incentive as a 'startup' in any
other 'startup scheme' of Government of Maharashtra will not get incentives under this scheme.
Available Assistance under Maharashtra Industrial Policy 2019-2024:
- Assistance up to INR 30 lakhs as a seed support to the startups
- Sustenance allowance of INR 20,000 per month to the startups and INR 25,000 per month to women led
- startups for a period of one year
- Assistance up to INR 1 lakh per startup for obtaining training in soft skills on reimbursement basis
- Additional assistance up to INR 10 lakhs for the startups generating significant impact on the society.
- Assistance up to INR 3 lakhs to enroll and participate for national/international recognized acceleration program
- Additional 1% Interest Subsidy, maximum up to 9% on term loans to applicants under the provisions of scheme for assistance to MSMEs.
Starup India SEED Fund Scheme
Startup India Seed Fund Scheme (SISFS) aims to provide
financial assistance to startups for proof of concept, prototype development, product trials, market
entry and commercialization. This would enable these startups to graduate to a level where they will
be able to raise investments from angel investors or venture capitalists or seek loans from commercial
banks or financial institutions.
Scheme Eligibility:
- A startup, recognized by DPIIT, incorporated not more than 2 years ago at the time of application.
- The startup must have a business idea to develop a product or a service with a market fit, viable commercialization, and scope of scaling.
- The startup should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted.
- Startup should not have received more than INR 10 lakhs of monetary support under any other Central or State Government scheme. This does not include prize money from competitions and grand challenges, subsidized working space, founder monthly allowance, access to labs, or access to prototyping facilities.
- Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme, as per Companies Act, 2013 and SEBI (ICDR) Regulations, 2018.
- A startup applicant can avail seed support in the form of grant and debt/convertible debentures each once as per the guidelines of the scheme.
Support for Entrepreneurial and Managerial Development of MSMEs Through Incubators
The main objective of the scheme is to promote & support untapped creativity of individuals and to promote adoption of latest technologies in manufacturing as well as knowledge based innovative MSMEs (ventures) that seek the validation of their ideas at the proof of concept level. Grant-in-aid to Host Institute for developing and nurturing the ideas up to max. Rs. 15 Lakh per idea. Preferably, the duration of the project/idea is one year, however, the same can be extended depending upon the circumstances. For students, the contribution will be Nil and for MSMEs/others, contribution will be 15 % of total project cost. For More Details: Click here
Ambedkar Social Innovation and Incubation Mission
With a view to promoting innovation and enterprise in SC students studying in higher educational institutions, Government of India is launching the Ambedkar Social Innovation and Incubation Mission (ASIIM). Under the ASIIM initiative, 1,000 SC youth would be identified in the next 4 years with start-up ideas through the Technology Business Incubators (TBIs) in various higher educational institutions. Innovators will be funded @ Rs. 30 lakhs in 3 years as equity funding so that innovator can translate their start-up ideas into commercial ventures. Successful ventures would further qualify for venture funding of up to Rs.15 Cr from the Venture Capital Fund for Scheduled Castes. For More Details: Click here
CORPORATE SOCIAL RESPONSIBILITIES
Associating with SGIARC-TBI Foundation under CSR activities
Background:
As per Section 135 of the Act, every company having net worth of rupees five hundred crore or more, or
turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any
financial year shall constitute a Corporate Social Responsibility Committee of the Board (the "CSR
Committee") consisting of three or more directors, out of which at least one director shall be an
independent director.
SGIARC-TBI Foundation is a non-profit Technology Business Incubator Section 8 Company.It is located
within an academic organization Shri Sant Gajanan Maharaj College of Engineering (SSGMCE), Shegaon.
Corporates can support SGIARC-TBI Foundation startups through CSR donations and grants. Corporate can
deploy their CSR funds towards supporting an innovative idea through SGIARC-TBI Foundation.
This site provides information for large Corporates who wish to associate SGIARC-TBI Foundation in
executing CSR projects and plan their CSR expenditure as per Section 135 of the Companies Act 2013.
Eligibility and track record:
In brief, SGIARC-TBI Foundationis eligible to receive funding support under Section 135, Schedule 7 of
the Companies Act 2013 because:
- SGIARC-TBI Foundation is a non-profit entity; it is registered as a Section 8 company
- SGIARC-TBI Foundation was incorporated in November 2021.
| External link/Local copy | |
| Companies Act 2013 [Dated 30 Aug 2013] | Link |
| Section 135 of Companies Act 2013 [Dated 30 Aug 2013] | Link |
| Schedule VII related to Section 135 of Companies Act 2013 [Dated 27 Feb 2014] | Link |
| Companies (Corporate Social Responsibility Policy) Rules, 2014 [GSR 129(E) dated 27 Feb 2014] | Link |
| Incorporation information/ document | Link |
| Approved technology business incubator by DST-NSTEDB, NSTEDB | Link |
| Sector under Schedule VII | Example(s) of type of project |
|---|---|
| Technology incubators located within academic institutions which are approved by the Central Government [item 1(ix) in GSR 130(E)] |
|
Sectors in which CSR projects with SGIARC-TBI Foundation may be covered
How can you get started?
- Contact SGIARC-TBI Foundation to discuss and plan your CSR projects. We shall be happy to discuss over telephone or via in-person meetings. Contact information is provided.
- Kindly inform the SGIARC-TBI Foundation of the priorities listed in your company's CSR Policy. If you are still finalizing your CSR Policy, please consider including the following objectives in your CSR Policy:
| Examples: |
|---|
| Support the development and incubation of new and innovative technologies at technology incubators within academic organizations |
| Support entrepreneurship skills development especially for technology incubation/advancement via inventive entrepreneurs, women entrepreneurs and social enterprises. |
| Support the public libraries focused on innovation and entrepreneurship. |
| Support the creation of specialized facilities for technology incubation and thus enhance the innovation eco-system in academic organization |
- The SGIARC-TBI Foundation team shall be happy to work with you to detail out the CSR project plan to meet the objectives of both your company and SGIARC-TBI Foundation.
- CSR funding can be of two types:
- Contribution to the corpus: In this form of contribution, the company can fund a lasting and continuing program with potential for long lasting impact. This form of funding is suitable for creating/ supporting resource centers and organizational activity/initiatives. Here, the recipient only uses the income on the corpus towards its activities; the corpus remains an asset of the organization.
- Project or program funding: In this form of contribution, the company can focus on focused, limited term projects with clear milestones.
- For Corporates, the choice of projects typically depends upon:
- The key objectives laid out in the CSR Policy of the company
- The impact desired by the Company via its CSR program
- The visibility the company seeks amongst its stake holders.
- Please note that the CSR projects:
- Cannot include the activities undertaken in pursuance of normal course of business of a company.
- Cannot be exclusively for the benefit of employees of the company or their family members.
- SGIARC-TBI Foundation shall provide periodic reports on the following aspects to help the Corporate
meet its annual reporting requirements under CSR rules.
- Activities undertaken.
- Utilization of funds/ financial report against planned budget.
- Impact of activities undertaken against pre-decided impact metrics.
- SGIARC-TBI Foundation proposes to have online websites for each of its CSR projects that will continuously track and report the progress on the projects. The websites shall also acknowledge and thank the sponsors for their contributions.
- SGIARC-TBI Foundation is sensitive to the need of Corporates to project the impact and results of the CSR projects to the community and people at large as well as government stake holders.SGIARC-TBI Foundation shall make every effort to publicise the support of the sponsors via its events, media etc periodically.
Dr. S. B. Patil
CEO
SGIARC-TBI Foundation
Phone: (07265) 252478 Ext. 465
Email: info@sgiarctbi.com