KSUM invites applications for innovation grant for startups

Kerala Startup Mission (KSUM) has invited applications from startups and entrepreneurs for the State Government’s Innovation Grant under Kerala Startup Innovation Drive 2020.

The scheme is meant to provide financial aid to startups and entrepreneurs to help them convert their innovative ideas into full-fledged ventures.

Since innovators often find it hard to get early-stage funding, the government has introduced the Innovation Grant scheme to support the fledgling enterprises and startups.

KSUM’s Unique ID is mandatory to apply for the three categories of grants-- Idea Grant, Productization Grant, and Scale-up Grant.

Idea Grant, which consists of Rs 2 lakh per idea, will be primarily for startups/students, who have a prototype or Minimum Viable Product (MVP) to develop the final version of MVP. Startups that have already availed Idea Grant before cannot apply.

Those who are planning to launch their products can apply for Rs 7-lakh Productization Grant. The Scale-up Grant, which is pegged at Rs 12 lakh per idea, is to help startups ramp up their products or sales.

The applications will be shortlisted by a panel of experts and then each shortlisted startup will be called for a presentation before an expert committee, adhering to the Covid-19 protocol.

The final selection will be based on the recommendation by the expert committee.

The last day of applications is October 23. The shortlisting will be done on November 1.

KSUM is the nodal agency of the Kerala Government for entrepreneurship development and incubation activities in the state.