The Department for Promotion of and Internal Trade (DPIIT), which reports to the Union Ministry of Commerce and Industry has picked Margao-based Forum for Innovation Incubation Research & Entrepreneurship (FiiRE) as one of the two incubators for the Startup India Seed Fund scheme, the other being Keralas IIM Kozhikode.
DPIITs Start-Up India mission held a meeting in Delhi to select the incubators after which FiiRE was selected as an incubator to disburse seed funds to startups.
The Centre started the Startup India Seed Fund Scheme (SISFS) to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization with an outlay of Rs 994 crore.
In April, then Union commerce minister Piyush Goyal had unveiled the Startup India Seed Fund scheme and had said that early-stage startups across 300 incubation centres, particularly in Tier 2 and Tier 3 cities would be supported.