STPI launches startup incubation programme with up to Rs 1 Cr funding
Funds including Pontaq, India Angels Network Incubation, and mentoring service, AWE Fund, have committed to a minimum investment in startups and will offer mentorship in various areas, including company strategy, product-market fit, marketing, growth hacking etc.
Software Technology Parks of India (STPI), an autonomous body under the Ministry of Electronics and Information Technology (MeitY), has launched a three-month incubation programme aimed at identifying and nurturing tech startups looking to scale, diversify their product range, or expand to new geographies.
The startups participating in the programme will also receive up to Rs 1 crore in funding through a co-investment model. STPI in collaboration with TiE Delhi-NCR launched the incubator at LEAP AHEAD initiative for startups.
STPI has partnered with 16 funds for the co-investment stage, including Pontaq, India Angels Network Incubation, and mentoring service, AWE Fund. The funds have committed to providing a minimum investment amount for the startups and will offer mentorship in various areas, including company strategy, product-market fit, marketing, growth hacking, business development, hiring, and fundraising.
"We offer a comprehensive programme for startups. It includes master classes, group sessions, and one-on-one mentorship, followed by bi-weekly progress evaluations," said Subodh Sachan, Director of STPI Headquarter and STPINEXT Initiatives.
Applications for the programme open on November 6 and close on December 10.
The selected startups will showcase their ideas at the Leap Ahead Startup Summit in Bhubaneswar, Vijayawada, and Chandigarh. Startups located far from these locations can also pitch their ideas online. STPI will announce the first cohort on January 16, 2024.
The Leap Ahead programme is part of the Next Generation Incubation Scheme (NGIS) created by MeitY and launched on August 25, 2020. Its goal is to identify startups from Tier II cities for financial assistance and mentorship. The investments are made through the Next Generation Technology Fund I, overseen by STPI. So far, 103 startups have received up to Rs 25 lakh each in funding.
NGIS also provides financial assistance in the form of stipends to startups at the ideation stage for 3-6 months, helping them work on crucial problem statements and refine their pitches for selection into incubation programmes.
Edited by Kanishk Singh