• Department for Promotion of Industry and Internal Trade (DPIIT) is undertaking a third-party impact assessment of SISFS.
• SISFS was created by DPIIT, Ministry of Commerce and Industry in 2021.
• Funding
  • An Experts Advisory Committee (EAC) has been created by DPIIT to execute and monitor the SISFS.
  • Up to Rs. 20 Lakhs as grant for validation of Proof of Concept, or prototype development, or product trials. The grant shall be disbursed in milestone-based installments.
  • Up to Rs. 50 Lakhs of investment for market entry, commercialization, or scaling up through convertible debentures or debt or debt-linked instruments

Eligibility

• A startup, recognized by DPIIT, incorporated not more than 2 years ago at the time of application can apply for scheme.
• Individual entrepreneurs are not eligible to apply for support under the scheme.
• There is no minimum education qualification required for founders to apply for SISFS.
• Startups should not have received more than Rs. 10 lakhs of monetary support under any other Central or State Government scheme.
• Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme.