In an event held by Gujarat University Startup And Entrepreneurship Council (GUSEC), 12 startups were selected for seed funding of $600 (INR 40,000) each. Another 7 startups were invited for a second round to understand their startups in detail before they receive approval for the seed money.
Gujarat Corporate Social Responsibility Authority (GCSRA) and Entrepreneurship Development Institute (EDI), also participated in the investment round.
A total of 20 startups from varied sectors and verticals pitched in the event. This includes both student startups and established startups such as Planet Earthlings, Chaaipani, San Burn, Aatap Energy, Xitiz Technologies.amongst others.
Related Article: Funding Galore: Startup Fundings Of The Week [2 May – 7 May]
The seed funding will be utilized in many ways by entrepreneurs such as to grow their startups, register their startups as companies, file patents, make websites, etc. The startups will also be provided mapping support and required mentorship and other handholding required by them via Gujarat University and other external actors in the startup ecosystem.
“We are going to implement all necessary processes, systems and facilities required for startups,
entrepreneurs and innovators to grow quickly within the university system, and by mapping the
initiative of CSR Authority of Gujarat, startups can get some initial funding to quickly grow,” said Dr. MN Patel, Vice-Chancellor, Gujarat University.
Keeping in mind the ‘Startup lndia, Standup lndia’ movement declared by Prime Minister Narendra
Modi, Gujarat University recently instituted the GUSEC for supporting, nurturing and encouraging students to start up, innovate and be Job creators’ instead of Job seekers’.
GUSEC was established last year as a student startup incubator in the country for non-technical faculties like humanities, commerce and pure science faculties. The university also proposed to came out with a student startup policy and a coworking space for the startups.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.