Incentive to Startups-Gujarat Industrial Policy, 2020

Separate Start-up Fund

A separate fund shall be created under Gujarat Venture Finance Limited (GVFL) for mid-level Pre-Series A funding of start-ups between INR 50 lakhs to INR 3 crores. Besides this, the start-ups will get an additional 1% Interest subsidy apart from MSME Incentive (i.e. up to 9% on term loans)

Impact on society.

Grant of up to INR 10 lakh for start-ups with significant impact on society.

Enrolment for national/international recognized acceleration programs

Fiscal support up to INR 3 lakh per start-up will be provided to enroll for national/international recognized acceleration programs.

Soft skill assistance

Funding of up to INR 1 lakh per start-ups for training specific to “Managerial Training, Soft Skills, Marketing skills, Fundraising, Finance” on a reimbursement basis

Mentoring assistance

Mentoring assistance of INR 1 lakh per start-ups will be given to recognized Nodal Institutes (maximum INR 15 lakh per annum per institute)

Incentive for Nodal Institutions

Mentoring Assistance

Mentoring assistance of INR 1 lakh per startup, up to a maximum of INR 15 lakh per annum.’

Organizing Promotional Events

• Reimbursement of 75% Expenses incurred for organizing Promotional Events to the extent of maximum ₹ 5 lakhs per year.
• Reimbursement of 90% Expenses incurred for organizing Promotional Events specific to “Women Entrepreneurship” to the extent of maximum ₹ 5 lakhs per year.

Other Support

• Startups to get free access to University/Libraries/Govt. Laboratories/ SDC(GIDC)/ Center of Excellence/PSU to support and facilitate the innovative idea/concepts
• For organizing Acceleration Programs in Gujarat by an institute, would be assisted by providing financial assistance, as approved by SLEC, maximum up to the matching contribution to expenditure incurred.
• Startup project is entitled to avail benefits of MSMEs [Mentioned here] also.

Students’ startups and Innovation Policy

For the creation of Innovation & Pre-Incubation Ecosystem support for Students

The Student Startup & Innovation Policy (SSIP) is a first-of-its-kind policy in the country that shall create a much-needed Innovation and Preincubation Ecosystem Support for Students (IPIES) across the state, adding to the startup ecosystem of Gujarat and creating a strong innovation-driven culture in the state’s higher education spectrum. The policy incorporates several years of combined learnings gained by several ecosystem stakeholders on the ground, including young entrepreneurs, innovators, startups, universities, academicians, industrialists, and government officials.

Click here to Know more

Reach us

For a better understanding & discussion of how this issue might affect your start-up, please contact nexpective advisors