Atal Incubation Centre selected for ‘Startup Seed Fund’ scheme

Aurangabad: The Atal Incubation Centre (AIC) of Dr Babasaheb Ambedkar Marathwada University (Bamu) was selected for the ‘Startup India Seed Fund scheme.

AIC director Dr Sachin Deshmukh said that the Department for Promotion of Industry and Internal Trade made about the selection of AIC.

Startup India Seed Fund’ was launched to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation through the selected incubation centres.

The new startups which will get the direct benefit of the scheme to increase their business will be able to get financial assistance from investors, commercial banks and financial institutes in the next phase. Recognised Startups from Marathwada who started their business in less than two years period can apply through AIC for the scheme.

One should not have availed of Government scheme aid of Rs 10 lakh or more amount to be eligible for this scheme. One startup will get only one seed support.

Dr Sachin Deshmukh said that the eligible startup will get a Rs 20 lakh fund or Rs 50 lakh fund.

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Encouragement for new ideas: VC Dr Yeole

Vice-chancellor Dr Pramod Yeole said that today’s age is known as knowledge, science and technology, so, knowledge is capital.

“The students, young researchers which will come to Bajaj Incubation Centre with innovations and ideas, will always get encouragement. It is a happy moment as the Central Government selected AIC of Bamu for the ‘Startup Seed Fund’ scheme,” he said.