Deadline: 30-Jun-23
AgHub is happy to present the third call for Bootstrap Grant, offering funding of up to INR 5 Lakhs for visionary startups, student innovators, and rural entrepreneurs in the agriculture and allied sectors.
Bootstrapping is infusion of own funds into a business and building it from scratch without attracting investment or with minimal external capital.
This Bootstrap Grant Assistance is for the startups at early-stage ideas / POC stage / start-up entrepreneurs, rural innovators, student entrepreneurs and rural entrepreneurs.
Focus Areas
- The focus areas for supporting innovations under Bootstrap assistance of NABARD are Food & Agriculture & allied sectors, Agritech, Biotech, Agribusinesses. This is in tune with Vision and Mission of AgHub and aligns with its mandate.
- Projects related to Pure Software development, Ecommerce, Service, App based solutions, which are beyond prototype level cannot be supported under Bootstrap assistance.
- Persons eligible for Bootstrap Assistance: –
- Innovators / Start-up who own the technology know how/ IP.
- Innovators working towards prototype development.
- Student entrepreneurs of PJTSAU with innovative ideas emerging after the completion of Design Thinking for UG and PG students of PJTSAU or any otherstudents with innovation from eco system.
- Incubatees of AgHub
- Preference may be given to the innovators
- Agritech start-ups
- Women innovators.
- Young innovators/Students.
- Grass root innovators/Farmers
- Rural Entrepreneurs/ FPOs having a Unique Product/ Services.
- Innovators working on sectors aligning the SDGs.
Eligibility for Boot strap assistance
- Any individual applying for Boot Strap assistance has to be an Indian Citizen with a Government approved proof of nationality (such as a valid passport, voter’s id etc.,). The following innovators are eligible:
- Individual Innovator/ Team of Innovators
- An innovator or team of innovators
- If part of team, an agreement among the team members identifying lead innovator would be needed. Funds will be transferred to the lead innovator’s account (after selection)
- IP generated would vest with the innovator / team and it would be further taken for commercialization
- Founders, Co -founders of Startup
- The period of existence of a start-up and its operations should not exceed 2 years from the Date of Incorporation on date of application.
- Need to indicate the plan for developing the prototype for a new product, and for which they may have not-received similar kind of support.
- Company should have annual turnover not exceeding Rs. 50 lakhs for any of the financial year since its inception. d. IP generated would vest with the start up.
- Innovators in employment or Students with any R& D organization / Academic Institution
- It is mandatory that the innovators pursuing should boot strap assistance should have the Project know how and own the IP.
- The innovator has to seek the NOC from their organization / institution. The NOC should indicate the permission to apply for Boot Strap Assistance and the innovator will be granted sufficient time to work on the project,
- IP generated would vest with the innovator / team and it would be further taken for commercialization.
- Individual Innovator/ Team of Innovators
Non eligibility for Bootstrap Assistance:
- Innovators / Team/ Stan-up already supported once under Boot strap assistance of NABARD under any other RBIC.
- Innovators who do not have a roadmap / will toward commercialization
- Areas for Boot Strap Assistance
- Outsourcing Charges for R & D/Design Engg. / Consultancy / Testing / Expert Cost
- Raw material/ Consumables/Spares
- Fabrication /Synthesis charges of working model or process
- Business Travel and Event Participation Fees (Ceiling 10% of approved project cost)
- IP/ Patent filing Cost — (PCT- Ceiling 10% of approved project cost)
- Contingency – (Ceiling 10% ofapproved project cost)
- Any other as suggested by selection committee.
- Bootstrap Fund will not be used:
- To pay the grantee/relatives.
- To pay usage charges to the RBIC.
- To repay loans/commitments made earlier.
- To pay rent of own accommodation, creation of infrastructure facility like shed etc. should not form the component of support/funds.
- Grant assistance Committee
- High level Committee as approved by the Chairman, AgHub will be overseeing the selection of applicants. The committee will be comprised of representative from AgHub, Industry, Innovation ecosystem and NABARD. Bootstrap Assistance call, Application (two-level scrutiny and selection through application examination and presentation to committee), will form essential steps of selection process.
- M&E Process
- Monitoring & Evaluation (M&E) process will be set by AgHub with regular reporting to PMRC. The fund disbursal will be in 3 to 4 tranches. Disbursal at each tranche will based on M&E report and progress shown by the selectee.
For more information, visit Bootstrap Grant Assistance.