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GENESIS Scheme 2023: GEN-NEXT Support for Innovative Startups by MeitY [Funding Upto Rs. 50 Lakhs]: Apply Now!

Apoorva

Oct 16, 2023
3 min read

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Online submissions are invited for the GENESIS Scheme 2023: GEN-NEXT Support for Innovative Startups by MeitY. Huge Funding Support to Pilot/Investment, Early-stage and deep-tech startups!

About GENESIS Scheme

GEN-NEXT Support for Innovative Startups (GENESIS) is an umbrella scheme of the Ministry of Electronics and Information Technology (MeitY) to nurture and support the startup ecosystem in Tier-II and Tier-III cities in India.

MeitY has envisaged an umbrella scheme GENESIS (Gen-Next Support for Innovative Startups) with a budget of 490 Crores for 5 years to discover, support, grow and accelerate successful startups in smaller cities and towns with an emphasis on collaborative engagement among startups, government, and corporates for promoting digitization based on the principals of inclusivity, accessibility, affordability, leading to growth in employment and economic outputs.

The scheme was launched by Hon. Prime Minister of India Shri Narendra Modi in the August presence of Hon. MEIT Shri Ashwini Vaishnav, CM of Gujarat Shri Bhupendrabhai Patel, and MoS MeitY Shri Rajeev Chandrasekhar at Gandhi agar, Gujarat during the Digital India Week in July 2022.

Scheme Objective

Consolidation and strengthening of the existing startup-centric schemes and programs
of MeitY.
Building Tier-II and Tier-III focused funding to critically support Pilot/Investment, early-stage and deep-tech startups.
Community-building initiatives including workshops, boot camps, conferences etc. to
strengthen the ecosystem and build brand and recognition of MeitY Startups-related
Initiatives. All the activities under GENESIS shall be aligned with MeitY’s major initiatives
including India AI, ISM, India Stack etc.

Salient Features

Coordination and Compliance

Effective Integration of scheme and centres under one platform i.e 51 TIDE Centers,
SAMRIDH Accelerators, NGIS Centers, CoEs and other assets and programs of MeitY.
Consolidation and strengthening of the existing startup-centric schemes and programs of MeitY.
GENESIS platform will aggregate various resources for “ease of access and utilization” by the startups, including a number of mentors, investors, institutions, etc.

Funding Support to Pilot/Investment, Early-stage and Deep-Tech Startups

Private sector matching funding of 1:1 for the investment component of the scheme with average funding of Rs. 40 Lakhs up to Rs. 50 Lakhs.
Pilot funding to startup with average. funding of Rs. 40Lakhs up to Rs. 50 Lakhs without any matching fund requirement.
Support the early-stage startups with funding up to Rs. 10 Lakhs without any matching fund requirement.
There is also a provision to support some deep-tech startups by providing funding support with an upper ceiling of Rs. 1 Cr per startup without any matching fund requirement.

Strengthen the ecosystem and build brand and recognition of MeitY Startups-related Initiatives

GENESIS Startup Platform: Single-window solution for all startup-centric schemes of MeitY, programs, and initiatives targeted towards Tier II and III cities and towns.
Challenges Execution: Sourcing, executing, monitoring, and reporting on challenges and supporting startups, etc.
Corporate and Institutional Partnerships: Building linkages with global startup ecosystems and aggregating their sources from global and local industries, institutions, and agencies for the benefit of startups.
Capacity Building and Performance Optimization: Optimizing and enhancing the performance of MeitY Assets, Programs, and schemes via capacity-building programs.
Building a self-sustaining “community of communities”: Creating awareness and engagement of a larger number of startups via effective and pervasive media and marketing programs.

Eligibility Criteria

Eligibility Criteria for Implementation Agency: Since the goal of the scheme is to strengthen the startup ecosystem in Tier II and Tier III cities of India, the organizations and institutions that are based out of said geographies are eligible to apply for this scheme.
Eligible entities include Startup Incubators, Accelerators, Investment Platforms, Entrepreneurship organizations and Academic/ R&D Institutions that have intent, expertise and allocation of resources to support student entrepreneurs and innovators in their local community.
Please share a PDF of the filled application form to Email ID: meity-sthub[at]gov[at]in.