The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has introduced a seed fund scheme to financially support the startups dedicated to urban development and disaster management. The financial assistance of up to Rs 1 crore will be provided to the eligible startups.
This initiative, developed in collaboration with ISRO’s National Remote Sensing Centre (NRSC), seeks to empower companies utilizing space technology for societal welfare.
How Will IN-SPACe Support The Startups?
Under this scheme, selected startups stand to receive substantial seed funding, facilitating the transformation of their original ideas into prototypes using cutting-edge space technology. The support extends to ISRO facility assistance, including access to earth observation (EO) data for concept validation. Additionally, participants will benefit from mentorship support and gain access to data algorithms, a technology transfer from the Department of Space.
Dr Pawan Goenka, Chairman of IN-SPACe, emphasized the critical role of the space sector in the overall development of the national economy.
He said, “The latest seed fund scheme is a part of our efforts to provide a special thrust to enhance the space activity capabilities of the nation with the active participation of start-ups.” Interested parties have until December 20 to submit their applications for consideration.
What Opportunities Do Startups Have in Urban Development Sector?
The urban development sector offers diverse opportunities for startups engaged in urban planning, infrastructure management, telecommunication, navigation, broadband connectivity, water resources management, energy efficiency, climate and weather monitoring, disaster risk reduction, public health, and healthcare. The scheme aims to foster innovations that contribute to the holistic development of urban landscapes.
Which Are The Focus Areas for Funding The Startups?
Similarly, in the realm of disaster management, the seed fund scheme targets startups specializing in Geographical Information System (GIS), early warning and monitoring systems, insurance and risk assessment, communication and navigation systems, climate change monitoring, search and rescue operations, and space-borne sensors and instruments. These focus areas align with the broader goal of leveraging space technology to enhance disaster preparedness and response capabilities.
How Can the Startups Apply For The Fund Under The Scheme?
Interested startups can find additional information and submit their applications at https://www.inspace.gov.in/. Beyond financial assistance and mentorship, the scheme offers valuable training and networking opportunities, fostering a supportive ecosystem for the growth of space-tech innovations.
IN-SPACe's seed fund scheme represents a significant step toward encouraging innovation in the space-tech sector for societal benefit. By providing a comprehensive support package, including financial aid, mentorship, and access to cutting-edge technology, the initiative aims to catalyze the development of transformative solutions in urban development and disaster management. As the deadline for applications approaches on December 20, the scheme holds the promise of unlocking new possibilities and fostering a vibrant space-tech entrepreneurial ecosystem in India.
Join Our Thriving Entrepreneurial Community