GUSEC Startups Receive Seed Fund

On April 29, 2016, GUSEC organised Empresario-2 in association with Gujarat Corporate Social Responsibility Authority (GCSRA) and Entrepreneurship Development Institute (EDI).

A total of 20 startups from varied sectors and verticals pitched, and 12 startups were approved for receiving seed money.

Another 7 startups were invited for a second round to understand their startups in detail before they receive approval for the seed money.

This seed money will be utilised in various ways by entrepreneurs to grow their startups, register their companies, file patents, deploy a website, etc.

Keeping in mind the ‘Startup India, Standup India’ movement declared by Prime Minister Narendra Modi, Gujarat University recently instituted the Gujarat University Startup And Entrepreneurship Council (GUSEC) for supporting, nurturing and encouraging students to start up, innovate and be ‘job creators’ instead of ‘job seekers’.

“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.

Both student startups and established startups pitched to receive seed money, some of which include Planet Earthlings, Chaaipani, San Burn, Aatap Energy, Alagrand.com, StudentDesk, amongst others.

“Rs. 40,000 may not sound much in the startup domain but it is very useful for a new startup like ours. We will be using this fund to complete our company registration, make a website and build a prototype,” said Jaydev Patel, a research student at Gujarat University at Physics department of Gujarat University who runs a startup called Xitiz Technologies.

Besides the seed money, the startups will also be extended other allied support such as mapping, mentorship and other hand-holding required by them via GUSEC and other external actors in the startup ecosystem.