Funding support will be as follows:
(1). Voucher A:
80% of the total budget for approved activities, subject to a maximum of Rs.2.00 Lakh for idea validation i.e., techno commercial feasibility for implementation of new ideas as well as for development of technological and innovation road-map for the company
(2). Voucher B:
50 % of the total budget for approved activities, subject to a maximum of Rs.5.00 Lakh for implementation of product/process/business model innovation project.
The IVs are not transferable and projects with estimates less than Rs.1.00 Lakh will not be considered. Any estimate of cost in excess of the funding prescribed above in (i) and (ii) or escalation of costs will have to be met by the applicant.
IVP is open to all manufacturing MSMEs and Start-ups willing to innovate and improve their business. However the following eligibility conditions need to be met:
- Should be a Manufacturing/Service MSME/Start-up
- Be registered and located in Tamil Nadu
- Willing to co-finance the innovation investment as per IVP norms
- Should have a CIBIL score of 750 or more (if applicable)
Startup India - Seed fund scheme
What is Startup India - Seed Fund Scheme?
DPIIT has created Startup India Seed Fund Scheme (SISFS) with an outlay of INR 945 Crore to provide financial assistance to startup for Proof of Concept, prototype development, product trials, market entry, and commercialization. It will support an estimated 3,600 entrepreneurs through 300 incubators in the next 4 years.
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