The startups selected under IN-SPACe’s ‘Seed Fund Scheme’ will receive financial assistance of up to INR 1 Cr, along with mentorship support, training, and networking opportunities
In the urban development sector, the scheme will provide opportunities to startups working in the domains of urban planning, monitoring and infrastructure management, telecommunication, navigation, among others
In the disaster management space, startups specialising in GIS, early warning and monitoring systems, insurance and risk assessment sectors will be selected for the scheme
The Indian National Space Promotion and Authorization Centre (IN-SPACe), the autonomous nodal agency under the Department of Space (DoS), has launched a ‘Seed Fund Scheme’ for startups operating in urban development and disaster management sectors by leveraging space technology.
As part of the initiative, the selected startups will receive seed funding for transforming their ideas into prototypes using space technology. Along with providing financial assistance of up to INR 1 Cr, the startups will also receive mentorship support, training, and networking opportunities.
Under the scheme, the Indian Space Research Organisation (ISRO) will provide opportunities for non-government entities (NGEs) that leverage space technology for societal benefits to graduate to the next level. The startups will receive facility support from ISRO for earth observation data for validation of the concept and access to data algorithms as a transfer of technology from DoS.
For urban development, there will be opportunities for startups working in the domains of urban planning, monitoring and infrastructure management, telecommunication, navigation, broadband connectivity, water resources management, energy efficiency, climate and weather monitoring, and more.
Similarly, in the disaster management space, startups specialising in the domains of Geographical Information System (GIS), early warning and monitoring systems, insurance and risk assessment, and others will be given opportunities.
The scheme has been launched in collaboration with the National Remote Sensing Centre (NRSC).
Speaking about the scheme, Dr. Pawan Goenka, chairman of IN-SPACe, said, “The Seed Fund Scheme is a part of IN-SPACe’s efforts to provide a special thrust to enhance the space activity capabilities of the nation with the active participation of the startups.”
Goenka also stressed the importance of the space sector in the overall development of the national economy, and IN-SPACe’s various schemes and initiatives for promoting space technology.
IN-SPACe was formed in 2020 to promote, enable, authorise and supervise non-government entities (NGE) to undertake space activities. With more and more private players and startups entering the spacetech sector, the organisation has become increasingly relevant in the last two years.
In November last year, IN-SPACe authorised the first private sector launch of a launch vehicle by spacetech startup Skyroot Aerospace.
Earlier this year, Goenka said that the organisation was working on new foreign direct investment (FDI) policies to enable the flow of foreign investments in India’s spacetech sector.
Recently, IN-SPACe unveiled its decadal vision and strategy for the Indian space economy where it highlighted 10 key strategic goals and capabilities.
The last date for application for the Seed Fund Scheme is December 20, 2023.
