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With an aim to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization, Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution Piyush Goyal has launched the Startup India Seed Fund Scheme (SISFS).

Goyal further said that this scheme is being launched within 3 months of its announcement, one of the fastest in the recent times. He said ‘times are tough, but our resolve is strong, and never before has it become more important for us to empower our startups’.

Talking about benefits of scheme, the Minister said that the SISFS will secure seed funding, inspire innovation, support transformative ideas, facilitate implementation, and start startup revolution. He also said that this Scheme will create a robust startup ecosystem, particularly in Tier 2 and Tier 3 towns of India, which are often deprived of adequate funding. 

Besides, the Minister said that he would like to especially encourage innovators from rural areas to come forward and benefit from this scheme. Goyal said that there has been change in approach, change in mindset from jobseekers to job providers, which is helping Startups to become the backbone of New India. He said that Startup India Seed Fund Scheme will act as a bridge between ideas and their implementation.