IIT Madras Scientists Create Intelligence Platform on Government Funding Initiatives for Startup Enterprises

Researchers at IIT Madras Centre for Research on Startups and Risk Financing (CREST) have created an 'Intelligence Platform on Government Funding Schemes for Startups' (IGFS) to help the startup sector. This platform was created and built in collaboration with YNOS, an IIT Madras incubated startup. This website will provide contact information and social media links for the individual plans, allowing entrepreneurs to learn more about the scheme if interested. The entrepreneur can also download a thorough report on each program with a single click.

Vision Behind Government Funding Schemes for Startups

The researchers hope that by creating this platform, they will be able to provide entrepreneurs with a complete overview of the government funding ecosystem for startups. The package incorporates data from numerous central government schemes, central public sector firms, and state governments. There are around 100 distinct schemes run by various authorities.

"With the click of a mouse, the entrepreneur can learn about all government schemes in one place." Furthermore, the platform provides detailed analytics such as the number of startups that have benefited from the scheme, the average financial investment received, the age of the startup at the time of funding, the number of founders in the startup, and the age of founders at the time of receiving financial support," Amitabh Kant, India's G20 Sherpa, said during the platform's launch.

How to Make Use of the IGFS Platform

• Startups must create an account on the IGFS platform's website to use it. Startups can browse the database of government funding schemes and find the schemes that are relevant to their needs after creating an account.
• Startups can also utilise the site to narrow down the database of government funding schemes by sector, stage of development, and other parameters. This can assist startups in swiftly identifying the schemes for which they are most likely eligible.
• After identifying the appropriate government funding schemes, businesses can utilise the IGFS platform to learn more about each scheme and apply for it. The portal includes complete information about each scheme's qualifying criteria, application process, and grant levels.
• The IGFS platform is an essential resource for entrepreneurs of all sizes and stages of development. It can assist startups in identifying the appropriate government funding schemes for their requirements and applying for them promptly and effectively.