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Kerala Innovation Grant in India

Deadline: 04 Sep, 2022

The Govt. of Kerala has introduced the Innovation Grant scheme to provide financial assistance to startups, entrepreneurs and startups to help them convert their innovative ideas into full fledged ventures.

This scheme is implemented through Kerala Startup Mission, which is the nodal agency of Govt. of Kerala for startup related activities and schemes.

Objectives

  • Early stage funding is challenging for innovators as Angel Investors and VC’s consider investing at this stage to be very risky.
  • It will not be easy for the innovators to get business loans from financial institutions either.
  • Govt. of Kerala has introduced the Innovation Grant scheme to solve this challenge faced by entrepreneurs and startups.

Types of Grants

  • The following types of grants are available to innovators under this scheme.
    • Idea Grant: For startups who are in Ideation & Designing Stage/Proof of Concept Stage to the Minimum viable prototype.
    • Productization Grant: For startups who are looking to convert the Minimum viable prototype into the final product with early traction/ early revenue.
    • Market Acceleration Grant : For startups who are looking for accelerating their revenue.
    • Scale-up Grant: For startups who are looking for scaling up and maximising revenue.
    • R&D Grant: which will be given to highly promising hardware or deep tech Startups with working prototype/ IP which needs to be developed into a final product through extensive R&D.
    • Idea Grant (Student Innovator) : For students who are in Ideation & Designing Stage/Proof of Concept Stage to the Minimum Viable Prototype Development.
    • Women/Transgender Productization Grant : For women/transgender startups who are looking to convert the Minimum viable prototype into the final product. This grant will be an additional to the existing productization grant.

Funding Information

  • Idea Grant: The grant amount is upto Rs.3 lakhs.
  • Productization Grant: The grant amount is upto Rs.7 lakhs.
  • Market Acceleration Grant: The grant amount is upto Rs.10 lakhs
  • Scale-up Grant: The grant amount is upto Rs. 15 lakhs.
  • R&D Grant: This grant is limited to Rs. 30 lakhs.
  • Idea Grant (Student Innovator): The grant amount is upto Rs.2 lakhs.
  • Women/Transgender Productization Grant: The grant amount is upto Rs.12 lakhs.

Eligibility Criteria

Idea Grant

  • Startups at stages of Ideation, Designing Stage and Proof of Concept Stages can only apply.
  • An Innovator based in and out of Kerala or a startup with KSUM unique ID can apply.
  • KSUM unique ID is not mandatory for application filing / processing.
  • Company incorporation( PVT/LLP/OPC) and KSUM unique ID are mandatory for the fund disbursement process.

Productization Grant

  • Startups at stages of Product development can only apply
  • KSUM Unique ID is mandatory for application filing / processing.
  • Company incorporation as Pvt Ltd/ LLP / OPC with an active status in MCA is compulsory.
  • The startup who owns an innovative technology product is only considered
  • Startups who are newly applying is eligible for a Productization Grant upto Rs.7 Lakhs
  • Startups or Products who had already availed Idea Grant are eligible for Productization Grant remaining amount only.

Market Acceleration Grant

  • Startups at stages of early revenue can only apply
  • KSUM Unique ID is mandatory for application filing / processing.
  • Company incorporation as Pvt Ltd/ LLP with an active status in MCA is mandatory.
  • Startups who are newly applying is eligible for a Market Acceleration Grant upto Rs.10 Lakhs
  • Startups or Products who had already availed Idea Grant/ Productization Grant is eligible for Market Acceleration Grant for the remaining amount only
  • The startup who owns an innovative technology product is only considered

Scale-Up Grant

  • Following startup is eligible for applying Scale up Grant
    • Generated 10 lakhs as revenue from the product in the last 6 months
    • Or has raised not less than 30 lakhs through external equity investments
  • KSUM Unique ID is mandatory for application filing / processing.
  • Company incorporation as Pvt Ltd/ LLP with an active status in MCA is compulsory.
  • Startups who are newly applying is eligible for a Scaleup upto Rs.15 Lakhs
  • Startups or Products who had already availed Scaleup Grant (old scheme of Rs.12 Lakhs) is eligible only upto Rs.3 Lakhs as Top up
  • Startups or Products who had already availed of Idea Grant/Productization Grant/ Market Acceleration Grant is eligible for Scaleup Grant remaining amount only
  • The startup who owns an innovative technology product is only considered

Idea Grant (Student Innovator )

  • Student Innovators at stages of Ideation, Conceptualisation & Designing Stage, Proof of Concept Stage can only apply
  • Company registration is not mandatory during the application phase
  • Any student innovator based in or out of Kerala could apply, but fund disbursement will be through Kerala Startup Mission sanctioned IEDCs.

Women/Transgender Productization Grant

  • Any startup from India, in which women/transgender is a major stakeholder (51% share) and as per the G.O.(Rt)No.60/2021/ITD
  • Startups at stages of Product development can only apply
  • KSUM Unique ID is mandatory
  • Company incorporation as Pvt Ltd/ LLP / OPC with an active status in MCA is mandatory.
  • Women/transgender Startups are eligible for an additional Productization Grant upto Rs.5 Lakhs

For more information, visit https://grants.startupmission.in/