Funding Schemes

DSIR-The Department of Scientific and Industrial Research (DSIR) is a part of the Ministry of Science and Technology. It has been instrumental in promoting entrepreneurship in designers through a novel program known as Technopreneur Promotion Program (TePP). DSIR operates this program by extending grants to promote individual innovators to become entrepreneurs through:

1. A support of upto Rs.15 lakh to graduates, professional, teaching faculty and scientists in professional colleges and universities to prototype novel concepts. Here the applicant has to bring in 10% contribution of the project cost. IPR of innovation is retained with the innovator.
2. A grant of Rs. 45 lakh to individuals as mentioned in a. to commercialize the innovation/prototype/product. The promoter or innovator is expected to bring in matching funds from joint venture partner or financial institution or personal investment.

DIPP- Department of Industrial Policy & Promotion (DIPP) has set up Venture Ready Fund (VRF) at NDBI to support young designers aspiring to become entrepreneurs in the field of design. VRF is available to all design focused entrepreneurs across the country. The beneficiaries are selected by a panel of specialists. Financial support upto a maximum of Rs. 30 lakhs  is extended in the form of soft loan, equity or a combination of both.

MSME - The Micro Small and Medium Enterprises (MSME) promotes innovators by offering incubation support grant with incubators through financial grant of Rs. 62.5 lakhs for supporting 10 startups where a support grant between Rs. 4-8 lakhs approx. is spread between 10 start ups.

Application for DIPP and MSME are invited from eligible candidates. A panel of specialists would periodically examine the applications and the shortlisted candidates would be duly informed.