Software Technology Parks of India (STPI) has selected 42 start-ups from various domains that would be eligible for benefits under the Next Generation Incubation Scheme. Want to know more about the initiative? Spare a few minutes in reading the article…
42 start-ups selected
As many as 42 startups cutting across multiple domains including ed-tech, agri-tech, and fintech, have been selected in ‘CHUNAUTI’ screening contest and will now be eligible for benefits under the Next Generation Incubation Scheme, a senior STPI official said.
Software Technology Parks of India (STPI) Director General Omkar Rai said that these start-ups were selected through a rigorous process and screened through multiple rounds that included presentation of business plans, innovative ideas, feasibility of the concept before a panel of eminent experts, including key industry representatives.
Several thousand applications received
Over 6,700 applications had been received, about 1,820 applications qualified and 111 applicants were selected for the presentation round.
In the final selection round which concluded recently, 42 start-ups were chosen in domains such as ed-tech, agri-tech and fin-tech solutions for masses (18 startups), infrastructure and remote monitoring (8), jobs and skilling, linguistic tools and technologies (4), medical healthcare, diagnostic, preventive and psychological care (5), and supply chain, logistics and transportation management (7).
Aim to identify 300 start-ups
The Next Generation Incubation Scheme (NGIS) is being executed by STPI, which is an organisation under the Ministry of Electronics and IT. NGIS aims to identify, in all, around 300 startups (over 3 years) working in identified areas and provide them with a seed fund of up to Rs 25 lakh and other facilities.
The government has earmarked an amount of about Rs 95 crore over 3 years for the programme. More startups will be on boarded through the duration of the scheme.
Chunauti by STPI
“We have picked up 42 startups finally for onboarding under `CHUNAUTI’, which is a screening process for selecting young entrepreneurs. The scheme is Next Generation Incubation Scheme, and CHUNAUTI was the shortlisting process,” Rai said.
The scheme enthused young entrepreneurs in smaller towns, and is expected to foster an enabling environment of entrepreneurship in Tier 2 and 3 locations.
“The response was overwhelming, despite the backdrop of the pandemic. Given the response this time, we expect the next phase to be even more exciting,” Rai pointed out.
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Offered mentorship
The selected startups will be incubated by STPI and provided with stipends/seed funding and other facilities to set up their venture. The scheme has more than 125 mentors and 46 knowledge partners.
“These 42 start-ups are just the beginning, and on average we will host 100 start-ups every year,” Rai said.
The NextGen Startup Challenge was launched by Minister of Electronics and IT, Ravi Shankar Prasad, in August 2020. The objective of the initiative is to identify and support solutions for sectors and domains that have emerged as a priority in the post-pandemic world.
Focus of NGIS
NGIS is focused on 12 Tier-II locations in the country — Agartala, Bhilai, Bhopal, Bhubaneshwar, Dehradun, Guwahati, Jaipur, Lucknow, Prayagraj, Mohali, Patna and Vijayawada.
Startups pan-India could apply and become NGIS beneficiary. Each NGIS location has a dedicated chief mentor along with a ‘mentor pool’ and knowledge partners.
Keywords: chalgenius, start-ups, STPI, NGIS, chunauti
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