Thiruvananthapuram: The Kerala Startup Mission (KSUM) has invited applications from startups in the revenue stage for the 11th edition of Idea Day, titled “Scale-up Fest,” which offers a grant of upto Rs 12 lakh to the selected innovators and entrepreneurs.
The money will be provided to them under the Innovation Grant scheme for ramping up their product sales, provided they have a revenue or investment inflow of at least Rs 12 lakh in the last six months.
Startups that are in the process of raising investments may also apply for Scale-up Fest. Disbursal of grants to these startups will be done only after verification of revenue/investments received by them.
Applying startups must be registered in Kerala and they must have already launched the respective product and started generating revenues from their enterprise.
A panel of expertswill shortlist the applications. The shortlisted startups will be asked to submit a two-minute video introduction of the product along with the pitch deck and fund utilisation plan. They will then pitch to the Screening Panel, who will recommend if the idea is worth pursuing.
Deadline for applications is June 15, the shortlist will be announced on June 22 and the Scale-up Fest final pitch will be held on June 30. Interested startups may click here to submit the application.
The state government had introduced the Innovation Grant scheme to provide financial assistance to startups and entrepreneurs to help them convert their ideas into full fledged ventures. The scheme is being implemented through the KSUM, the nodal agency of Kerala Government for startup related activities and projects.
The Innovation Grant scheme was introduced to solve the challenge of early funding being faced by entrepreneurs and startups and it would not be easy for the innovators to get business loans from financial institutions either.