Seed Funding Scheme

MGUIF formulated this scheme under the RUSA guidelines. It is the one route where MGUIF takes a stake: funding is provided against compulsorily convertible debentures, and the incubator's equity is capped at 9.5 per cent. Funds come in three instalments, and an expert committee checks that each has been used as intended before releasing the next. The last published call closed on 15 July 2024, with decisions promised within two months, and no newer round has been posted — treat it as between intakes.

What you get

• Seed investment towards product development, testing and trials, marketing, work on intellectual property, and operational expenses including working capital
• Release in three instalments with an expert committee review before each further release

Who can apply

• A private limited company, or a startup willing to convert to one before funds are released
• Recognised by DPIIT and incorporated not more than five years before applying
• Affiliated with MGUIF for at least six months, with a valid lease for co-working space or a virtual office at MGUIF
• Companies from outside MGUIF may apply if nominated by a government-approved incubator; only one company per incubator
• Technology has to sit in the core product, service, business model, distribution model or methodology
• Focus areas named are data science, artificial intelligence and the Internet of Things, renewable energy, tourism, sustainable agriculture using technology, nanotechnology, healthcare innovation, edutech including college ERP systems, e-commerce platforms and drone technology

How selection works: A technical review committee evaluates written proposals against published criteria, shortlisted teams present to the committee, and it assesses how innovative the proposal is and whether it can be commercialised. A separate approval committee of multifunctional experts decides the allocation, and progress is monitored after funding.

How to apply: Prepare a proposal in the format MGUIF specifies, setting out objectives, milestones and expenditure, and submit it during the designated period. A balance sheet, profit and loss statement and bank statements may be asked for. Clarifications go to incubation.manager@mguif.com or +91 481-2992684.