Tiruchi trade body plans to tap seed fund ofTamil Nadu Startup and Innovation Mission

Tiruchi District Tiny and Small Scale Industries Association is looking at ways to foster entrepreneurship in the region with the backing of Tamil Nadu Startup and Innovation Mission (TANSIM).

The TIDITSSIA has been conducting programmes jointly with EDII-TN, for identifying prospective entrepreneurs under NEEDS (New Entrepreneur Cum Enterprise Development Scheme), and Unemployed Youth Employment Generation Programme, besides conducting training prorammes under Prime Ministers Employment Generation Programme by roping in institutions such as Khadi and Village Industries Commission, for fostering entrepreneurship in rural parts.

The utility of the seed fund earmarked under TANSIM would be tapped for initiating innovative start-ups, TIDITSSIA secretary S. Gopalakrishnan said.

Ten start-ups received seed grant of ₹10 lakh each in the first edition of Startup Seed Grant Fund (TANSEED) 2021 organised during January-February as ‘Grand Challenge’ by TANSIM with the support of Headstart Network Foundation and Ecosystem Partners. The second edition of TANSEED for financial year 2021-22 envisaged supporting 20 startups with seed grant of ₹10 lakh each.

Under the Innovation Voucher Programme undertaken by the Entrepreneurship Development and Innovation Institute - Tamil Nadu (EDII-TN), final-year students could avail the utility of seed grant.

Through Voucher A, seed grant up to ₹2 lakh is given for Proof of Concept to Prototype. Voucher B is meant for seed grant up to ₹5 lakh for market entry, research and scaling up.

During 2018, orders were issued by the State government to offer financial support to MSMEs to increase their innovation capacity in the business opertions at a budget provision of ₹20 crore per year to support 400 entrepreneurs every year. Amendments were made to IVP during December 2020 to support MSME start-ups in manufacturing/service areas.

Aspiring entrepreneurs receive the grant through signing a tripartite agreement between EDII-TN, applicant and knowledge partners (preferably incubators).

A thrust will be accorded for promoting entrepreneurship under ‘one district, one product’ scheme of the Central goverment under which Tiruchi district has been identified with banana and banana-based products, Mr. Gopalakrishnan said.

The scope for fostering innovative start-ups with the support of incubation facilities in institutions such as ICAR National Research Centre for Banana and National Institute of Technology - Tiruchi, will be explored, Mr. Gopalakrishnan said.

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Printable version | May 19, 2022 8:59:34 pm | https://www.thehindu.com/news/cities/Tiruchirapalli/tiruchi-trade-body-plans-to-tap-seed-fund-of-tamil-nadu-startup-and-innovation-mission/article38303645.ece