Indian Govt Launches New Startup Support Initiatives
Startup India has launched Digi SAPNE 2.0, an acceleration program for innovators in India's Northeast, inaugurated in Imphal, Manipur. In a separate initiative, the industry body FICCI signed an MoU with IFCI Venture to create a dedicated fund and mentorship program for startups led by founders from SC, ST, and BC communities.
- The Digi SAPNE 2.0 program, an initiative by the AIC SMU Technology Business Incubation Foundation and the Ministry of Electronics and Information Technology, provides selected startups with up to ₹80 lakh in financial assistance, a three-month growth hack program, and market access support. - This initiative targets early-stage, technology-driven startups in the North Eastern states working in sectors such as IT/ITeS, agri-tech, tourism, AI, and cloud technologies. - The partnership between FICCI and IFCI Venture builds on IFCI's role in managing existing government funds, including the Venture Capital Fund for Scheduled Castes (VCF-SC) and the Venture Capital Fund for Backward Classes (VCF-BC). - The VCF-SC, a key existing fund, has a corpus of over ₹726 crore and provides financial assistance between ₹10 lakh and ₹15 crore
