Maker Village, India’s largest electronic hardware incubator located at Kochi’s Kinfra Hi-Tech Park, Kochi has been selected under Startup India’s prestigious Seed Fund Scheme. Spare a few minutes to know more about it.
What is Startup India?
Startup India is an initiative of the government of India to build a robust startup ecosystem in the country for nurturing innovation and providing opportunities to budding entrepreneurs.
Maker Village
Maker Village, a joint initiative of the Union Ministry of Electronics and Information Technology and the Indian Institute of Information Technology and Management-Kerala, has been selected from various other prominent incubators across the country who had applied for the funding scheme.
Rs 5 crore sanctioned
An amount of Rs 5 crore was sanctioned by the Experts Advisory Committee (EAC) of Startup India based on key parameters such as the overall progress achieved since inception, the number of startups graduated, employment generated, external funding raised, and revenue generated by the startups incubated at Maker Village.
Aim to assist start-ups
“With the Startup India Seed Fund Scheme (SISFS), Maker Village aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialisation. We hope this will be of significant help to the startups, enabling them to graduate to a level where they will be able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions. The rollout of the scheme will start soon,” said Nizam Mohammed, CEO of Maker Village.
Various schemes
Apart from the Seed Fund Scheme, Maker Village runs various other prestigious programs with the Union Ministry of Electronics & Information Technology (MeitY), Department of Science & Technology (DST), Biotechnology Industry Research Assistance Council (BIRAC), MSME, and the Defence Innovation Organization (DIO) for providing necessary technical, funding and infrastructure support for product development and scale-up.
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