Fundings

TePP

a. A support of 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.

b. A grant of Rs. 45 lakh to individuals as mentioned in b. 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.

www.dsir.gov.in/tpdup/tepp /tepp_tpb.htm

VRF

The 'National Design Policy', was approved by the Union Cabinet on 8th Feb., 2007, recognizing the growing role of design in value addition which leads to enhancement of competitiveness of both manufacturing and service industries through innovation. Realising the increasing importance of design in economic, industrial and societal development and in improving quality of products and services, the Government of India had initiated a consultative process with industry, designers and other stakeholders to develop the broad contours of a National Design Policy. The vision behind initiating a 'National Design Policy' is to have a "design enabled Indian industry" which could impact both the national economy and the quality of life in a positive manner.

In keeping with the vision of the National Design Policy, the Department of Industrial Policy & Promotion (DIPP) is keen to encourage entrepreneurship in design through NDBI. With this purpose DIPP has set up Rs.10 crore as Venture Ready Fund (VRF) at NDBI to support young designers aspiring to become entrepreneurs in the field of design. This amount would be disbursed over 4 years available through loan, equity or a combination of both.

VRF will be available to all design focused entrepreneurs across the country. Applications will be called in through all incubator's network and beneficiaries will be selected by a panel of specialists. Financial support is given as soft loan, equity or a combination of both.

MSME

The Ministry of Micro Small and Medium Enterprises (MSMEs), the nodal Ministry for the development of entrepreneurship and creation of self-employment and more employment avenues, has now taken up the initiative of promoting innovators by offering incubation support through Technical and Managerial Institutions. The scheme provides early stage funding through MSME grant for nurturing innovative business ideas (new/ingenious technology, processes, products, procedures, etc.), which could be commercialized in a year. It also seeks to promote networking and forging of linkages with other constituents of the innovation chain for commercialization of their developments.

Each incubator is given a financial grant of Rs. 62.5 lakhs for supporting 10 startups where support grant between Rs. 4-8 lakhs approx. is to be spread between 10 start ups.