IIT Mandi Increases Funding for Startups to Rs. 50 Lakh
IIT Mandi Catalyst increases the seed capital for budding entrepreneurs up to 50 lakhs after getting approval from the Department of Science and Technology. Startups looking out for funds may apply at the official website of IIT Madi Catalysts to get benefits.
Great news for all the Engineer-Entreneures, IIT Mandi Catalyst increases the seed capital for the startups by over 35 lakhs. Earlier a startup project received maximum funding of Rs 15 lakh, which now has been incremented to Rs. 50 lakh. This step was taken after getting an approval of setting a Seed Support System Programme at IIT- Mandi by the National Science & Technology Entrepreneurship Development Board, Department of Science and Technology of Government of India.
IIT Mandi Seed Support Project Guidelines:
To get the benefit of the seed support system programme the following guidelines are to be kept in mind while applying for the same:
- Initial three months of the startup are to be completed at IIT Mandi residency only.
- During the first three months, only Rs 1.5 Lakh would be provided to the beneficiaries to work on the idea and objectives of the project.
- If the project successfully clears all the checks, the recipients would receive the eligible funds up to 50 Lakhs depending on the total budget prepared by them.
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Dr Puran Singh, Incharge for IIT Mandi Catalyst firmly believes in empowering a strong ecosystem in Himachal region and startup funding seems to be a powerful initiative toward his vision. The objective of Mr Singh is to make Kamand Vally a well known and preferred startup destination in the country.
IIT Mandi Catalysts was launched in 2016, in the past three years, over 1 crore Rupees have been invested in 30 startups that are trying to achieve great heights. Students were given proper training in the building of prototypes and their testings.
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It is an excellent opportunity for budding entrepreneurs to learn & innovate, interested students, can visit the IIT Mandi Catalyst website- iitmandicatalyst.in to submit their application. The first offering session will be held between September 14 to September 15. Don't miss the opportunity to make your dream come true!
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