TBI acts as an enabler by providing the necessary funding support during the most critical time period of an organization, that is the startup phase. The goal is to ensure the evolution of technologically innovative ideas into competent and marketable products/ services, without getting interrupted due to a lack of funds during their scaling up phase. These funding supports are enabled through the seed funds we receive from various agencies with which we are tied up.
TBI has received a grant of Rs. 30 lakhs for operating as a seed fund assistance to the incubating companies. The maximum amount of money that could be given to an incubatee under this scheme is Rs. 5 lakhs. The scheme is being operated by TBI as a soft loan by charging a nominal interest rate from the incubatees.
A grant of Rs. 155 lakhs is provided by the Department of Electronics and Information Technology (DeITY) of which Rs. 125 lakhs is available for giving to the incubatees as a seed fund. The maximum amount of money that can be given to an incubatee under this scheme is Rs. 25 lakhs. TBI is being allowed by DeITY to operate this scheme either as a soft loan or a mix of loan and equity.
TDB’s Seed fund assistance
A grant of Rs. 100 lakhs is being sanctioned by TDB for operating as a seed fund assistance to the incubatee companies. The maximum amount of money that can be given to an incubatee under this scheme is Rs. 25 lakhs. TBI can operate this scheme as a soft loan or a mix of loan and equity. There is a separate Management committee for the selection and monitoring of the beneficiaries of this scheme.
Ministry of MSME’s grant under incubator Scheme:
A managing committee consisting of all the executive committee members, the head of the MSME Development Institute of the State and an industry expert is constituted for the purpose of selecting and monitoring this scheme. Those proposals for product development from the Incubatee companies which are selected by this committee are forwarded to the Development Commissioner (DC) MSME. These proposals undergo one more selection process by DC MSME and the finally selected ideas are given a financial assistance of Rs. 6.25 lakhs as a grant.