Get Startup Funding Under Gujarat Startup Scheme Via GUSEC

Gujarat University Startup and Entrepreneurship Council (GUSEC) has been recognised a Nodal Institute (NI) for disbursing startup funds under the Scheme for assistance for Startups / Innovations of Government of Gujarat.

Through this startup funding scheme, startups / innovators can avail a funding assistance of up to Rs. 10 lakh for prototype development, up to Rs. 10 lakh for marketing assistance, and a sustenance allowance of Rs. 10,000 per month for up to one year.

Application Process: To apply for assistance under the scheme, startups / innovators should apply using the www.startupgujarat.in online portal by creating a user, and selecting ‘Gujarat University Startup and Entrepreneurship Council (GUSEC)’ in the ‘Nodal Institute’ field of the Application Form.

Once applied, an Internal Review Committee of GUSEC shall do an initial screening of the application. If the application is shortlisted by the Internal Review Committee of GUSEC, the applicant shall be invited to present in front of GUSEC Scrutiny Committee. The Scrutiny Committee then shall endorse and recommend the startup funding to the state Government, which shall then disburse the requisite funds at its discretion.

Read the scheme guideline and eligibility here.

Note:  As per the recent notification received from Industries Commissionerate, the Startup Assistance Scheme is exclusively for product based startups. IT and ITes startups will be supported under Department of Science & Technology’s policy. Kindly refer the document here for reference.

For any questions, please write to contact@gusec.edu.in

25 startups receive pre-seed grants at Gujarat University

(The following news was announced by the Vice-Chancellor (I/c) of Gujarat University, Dr Himanshu Pandya, along with the selected startups in a formal media briefing at the Vice-Chancellor’s office on April 13, 2017.)

AHMEDABAD, APRIL 13, 2017: In March 2017, Gujarat University Startup and Entrepreneurship Council (GUSEC) initiated JumpStart, a pre-seed funding opportunity for startup and innovations, in association with Gujarat CSR Authority. More than 350 applications were received out of which 50 were shortlisted and invited for panel interviews at GUSEC during the last week of March. Expert panels involving industry and academic experts then selected a total of 25 startup and innovations for funding.

Under JumpStart, shortlisted startups and innovations shall receive Rs. 40,000 grant along with necessary infrastructural, mentorship and allied support to grow and advance their innovations and startups, and commercialise their ideas through Gujarat University.

Out of the selected 25 applicants, majority of the startups are incubated at GUSEC, where as some of the applicants are associated with Gujarat University. A few selected startups are outside the Gujarat University ecosystem and they also shall receive equal support and mentorship. Some of these startups include Episodic Labs, Luminati, Funkaar Gigs, Chemsol, CampusYaari, Lutalica, etc.

25 applicants who appeared for the interviews but were not selected for further funding have also been extended infrastructural, mentorship and allied support at Gujarat University Startup and Entrepreneurship Council (GUSEC).

JumpStart was conceptualised on GUSEC’s efforts last year in association with GCSRA when 12 startups were awarded Rs. 40,000 grant each. 10 of these 12 startups are currently at growth stage, and incubated with GUSEC.

GUSEC was established in November 2015 by the University to advance and support entrepreneurs and innovators in the university ecosystem, and the GUSEC Building – which houses a 80-seat startup support system – was operationalised in February 2016. Since then, GUSEC has supported over 43 startups, and 36 startups are currently incubated with GUSEC. GUSEC is run 100% by the funds and support of the University.

“Startups, young entrepreneurs and young innovators are the future of India, and the earlier they start and the earlier they get support, the better. Universities are going to play a key role in shaping up the startup and innovation ecosystem of India, and Gujarat University has been at the forefront of undertaking necessary measures in this respect. We have not only enabled a community-driven startup support system, but also finding ways to financially support them. Association with CSR Authority is one such measure,” said Dr Himanshu Pandya, the Vice-Chancellor (I/c) of Gujarat University.

“Rs. 40,000 may not sound like a lot, but in fact it can do wonders for many early-stage and young startups. Some startups may subsidise their legal incorporation costs, while some may use the funds to hire several interns for several months. JumpStart was carefully conceptualised on the successful implementation of the similar funding model last year, and we look forward to support more young entrepreneurs and innovators at GUSEC in the coming months,” said Rahul Bhagchandani, Acting CEO of GUSEC.

The broad goal of GUSEC is to empower and enable 1% of university graduates to become job creators in the next three years. The University also plans to establish decentralised startup support systems in affiliated colleges of Gujarat University.

JumpStart by GUSEC: Get Rs. 40000 As Pre-Seed Grant For Your Big Idea

Gujarat University Startup and Entrepreneurship Council (GUSEC) in association with the Gujarat Corporate Social Responsibility Authority and Entrepreneurship Development Institute is organising JumpStart, a pre-seed funding opportunity for innovative ideas and startups.

Under JumpStart, selected ideas shall receive Rs. 40,000 in grant money from GCSRA as well as incubation support, infrastructure support, mentorship, guidance, further financial assistance along with all other support from GUSEC.

GUSEC or GCSRA shall take no equity in the idea / startup against this fund, as this fund is purely a grant. The Rs. 40,000 shall be disbursed at one go, upon successful selection of an idea / startup.

While anyone with an idea can apply for JumpStart, innovations and startups at idea- and prototype-stage with a social angle shall be given higher preference in allotment of the grants.

“Not only are we providing enterprising and innovative students with a working space and all other necessary facilities, support and mentorship, with the help of GCSRA we are also able to provide funds that shall allow our students to jump start and start up. Last year, we awarded Rs. 40,000 each to 12 startups and their growth was exceptional – and accordingly, this year we hope to support as many ideas and innovations as possible, and hence we are allowing anyone to apply for the grants, and not restricting it to just startups and students of the University,” said Himanshu Pandya, incharge Vice-Chancellor of Gujarat University.

“For any startup, getting off the ground is the biggest challenge. While funding is a problem most startups face after a certain stage, a small cash influx at the initial period can be often times pivotal to a startup, and make a difference between its existence and closure; and hence Rs. 40,000 shall be a significant boost for any young startup. Accordingly, GUSEC is reaching out to all students and faculty of the university by way of SMS, email, social media and other means to ensure maximum persons can apply to take benefit of this opportunity,” said Rahul Bhagchandani, Hon. CEO of GUSEC.

Last year, GUSEC had awarded 12 startups with Rs. 40,000 each from CSR funds raised through GCSRA and the success of that initiative has led to JumpStart.

To apply, individuals / teams need to fill the application form at www.gusec.edu.in/jumpstart on or before March 19, 2017, following which ideas shall be scrutinised by a panel of experts and shortlisted applicants will be interviewed for final selection.