K.S.Patel Center for Enterpreneurship
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NODAL CENTRE TO FACILITATE STARTUP / INNOVATION BY INDUSTRIES COMMISSIONERATE, DEPT. OF INDUSTRIES AND MINES, GOVT. OF GUJARAT
Name of the Scheme: Scheme for Assistance to Startups / Innovation
RK University is glad to inform you that its incubation and entrepreneurship body – K S Patel Centre for Entrepreneurship (KSPCE), RKU has been bestowed with the status of a nodal centre to facilitate startup, innovation and incubation support through a unique Scheme of Government of Gujarat to facilitate enterprise development in the Saurashtra region. Promotion of Startups / Innovation Scheme launched by Industries Commissionerate, Dept. of Industries and Mines, Govt. of Gujarat, Gandhinagar intends to provide financial assistance for innovative project ideas that has potential for becoming a marketable product. There are many other benefits announced under the new industries’ policy of Govt. of Gujarat. Any person (student, faculty non-RKU person) can apply.
The objective of K S Patel Centre for Entrepreneurship (KSPCE) Nodal centre at RKU is to develop and refine the entrepreneurial competencies of any citizen willing to take up innovation and entrepreneurship by providing them with financial support to aid the development of their innovative product and business ideas. The specialized inputs enable students to learn the nitty-gritty of innovation, financial and marketing management right from their intake at the University. Thus, they emerge as dynamic thinkers and doers. The Nodal Centre shall help nurture entrepreneurial values in each student by developing their core behavioral values to emerge as creative, competent and confident individuals who are not job seekers but job providers.
Key Points of the Programme are as follows.
- For innovative idea having market potential, the innovator gets Rs. 10000/- per month for 12 months as sustenance allowance.
- The innovator gets a fund up to Rs. 10 lacs as cost of raw material / process / components etc. to convert the idea into a product.
- Once the product is ready, Govt. shall provide a fund of up to Rs.10 lac for marketing / publicity of the product.
- Beside this there are many benefits related to VAT, subsidy in loan interest etc.
- The startup / innovator gets incubation support and hand-holding support for their innovative idea and startups during their entire incubation period along with networking with industries and Venture capital fund.
- will support selected innovators to get free access to university / libraries / govt. Laboratories / SDCs (GIDC) / Center of Excellence / PSUs to have more clarity on his innovative ideas / concepts.
Who is eligible to apply?
Any individual / group of individuals having innovative idea / Concept will be eligible.Universities / education institutions, Incubation Centre / PSUs / R&D Institutions / Private and other establishments will be eligible as an institution to support and mentor to innovators as approved by Committee.
ASSISTANCE MADE AVAILABLE UNDER THE SCHEME:
- K S Patel Centre for Entrepreneurship at RKU will support innovator and entrepreneurs by providing mentor services.
- K S Patel Centre for Entrepreneurship at RKU will allow the innovator to use incubation facilities available in the institution for startups.
- 10000/- per month will be provided to the innovator as sustenance allowance for one year whose project is recommended by institution as approved by Committee.
- Up to Rs. 10.00 Lakhs assistance will be provided for Cost of Raw Material / Components & other related equipment required for the innovative process for the new product development based on approval of the committee.
- will support selected innovator to get free access to University / Libraries / Govt. Laboratories / SDCs (GIDC) / CoE / PSUs to have more clarity on his innovative ideas/concept.
- Marketing / publicity assistance of up to Rs. 10.00 lakhs will be provided for the introduction of innovated product in the market.
- Project of Innovated Product will be assisted in getting Venture Capital.
- VAT Related Incentive
- The eligible unit shall pay the net VAT payable under the provisions of the Gujarat VAT Act, 2003 in the Government treasury.
- The eligible unit will be allowed reimbursement to the extent of 80% of the net VAT paid excluding the following: (a) Additional Tax, and (b) Reduction of ITC as per the provisions of the G VAT Act, 2003. It is clarified that the amount paid on account of additional tax and the reduction of ITC as per the provisions of the G VAT Act, 2003 shall not be reimbursed.
- Only 70% of eligible fixed capital investment of eligible unit will be considered for reimbursement.
- The reimbursement will be available for a period of five years from the date of production or the completion of limit of 70% whichever is earlier.
- The eligible unit shall be entitled for reimbursement up to 1/5thof eligible limit in a particular year.
- Restrictions will be made to ensure that the amount reimbursed is not again claimed by the subsequent dealers by way of tax credit for interstate sales, branch transfer, consignment and export.
- The eligible unit shall manufacture the goods in its own unit for which it is eligible for incentives.
- The eligible unit shall not transfer its business during the incentive period, nor assign its rights and responsibilities to any other agency.
- The eligible unit shall remain in production during the incentive period.
- The scheme shall be reviewed under the GST regime, but the total of assistance shall not exceed that available under this scheme.
Application Form for Funding
Applications are open for submission of proposals for funding up of innovative products / startups Annexure-1 Application Form for Innovators’ to availing Assistance under Nodal Institutions for the Startups / Innovation scheme
The Proposal duly filled up by prospective funding seekers may be submitted to firstname.lastname@example.org. You may also call up our incubation managers in case you need any support.
Mr. Nirav Mandavia
K S Patel Centre for Entrepreneurship,
email id: email@example.com