Under the Startup India Seed Fund Scheme, ISB’s (Indian School of Business) DLabs incubator has been awarded Rs.5 crore by the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, Government of India.

This gives power to DLab incubator to allot seed funds to eligible early-stage startupsin proof of concept, prototype development, product trials, market entry, and commercialization, according to ISB.

Given that many startups found by ISB have turned into unicorns , ISB believes that the funding will aid young startups and ideas to flourish.

It’s said that ISB has been constantly whisking efforts with industry and government on a number of research-driven initiatives, as well as incubating and assisting startups in their growth and fundraising efforts.

Supported by the department of science and technology (DST), ISB DLabs hosts a state-of-the-art space for entrepreneurs to interact, engage and collaborate with mentors, investors, and academia.

DLabs supports creativity and invention in a shared work environment within a healthy startup ecosystem, according to ISB. It was founded with the primary goal of increasing entrepreneurship and fostering innovation among the youth, including the student and alumni community.

The Startup India Seed Fund Scheme aims to help entrepreneurs grow to the point where they can seek funding from angel investors or venture capitalists, as well as bank and financial institution loans.

Start-up India Seed Fund scheme would be able to progress to the point where they could raise funds from angel investors or venture capitalists, or seek loans from commercial banks or financial institutions, thanks to the Seed Fund Scheme.

In the seed and 'Proof of Concept' development stages, the Indian start-up ecosystem suffers from a lack of finance. For start-ups with solid business concepts, the funding necessary at this point might be a make-or-break situation. Many new business concepts fail to take off as they lack the necessary funding for proof of concept, prototype development, product trials, market entry, and commercialization at an early stage. Offering a Seed Fund to such promising situations can have a multiplier effect, allowing several start-ups to validate their business ideas, resulting in the creation of jobs.

The money will go toward helping start-ups with proof of concept, prototype development, product trials, market entry, and commercialization.

“Many good ideas don't see the light of day because they couldn't acquire early-stage funding”. This grant will assist us in repairing it. DPIIT expressed interest in collaborating with Dlabs Incubator Association at ISB on the Start-up India Seed Fund Scheme, which provides financial assistance to early-stage start-ups”, says Prof Bhagwan Chowdhry, Faculty Director, ISB DLabs.