Innovation Grant scheme of Kerala Startup Mission provides financial assistance of up-to 15 lakhs to startups, entrepreneurs and students to help them convert their innovative ideas into full fledged ventures.
Innovation Grant
The Govt. of Kerala has introduced the Innovation Grant scheme to provide financial assistance to startups and entrepreneurs to help them convert their innovative ideas into full-fledged ventures. This scheme is implemented through Kerala Startup Mission, which is the nodal agency of Govt. of Kerala for startup-related activities and schemes.
Innovation grant is not a prize money for having an idea. The purpose of the innovation grant is to help innovators and startups to develop the prototype or product and scale up into full fledged ventures.
Types of Grants
Idea Grant - For startups who are in Ideation & Designing Stage/Proof of Concept Stage to the Minimum viable prototype. The grant amount is upto Rs.3 lakhs.
Idea Grant (Student Innovator) - For students who are in Ideation & Designing Stage/Proof of Concept Stage to the Minimum Viable Prototype Development. The grant amount is upto Rs.2 lakhs
Productization Grant - For startups who are looking to convert the Minimum viable prototype into the final product with early traction/ early revenue. The grant amount is upto Rs.7 lakhs.
Women/Transgender Productization Grant - For women/transgender startups who are looking to convert the Minimum viable prototype into the final product. This grant will be an additional to the existing productization grant.The grant amount is upto Rs.12 lakhs.
Market Acceleration Grant - For startups who are looking for accelerating their revenue. The grant amount is upto Rs.10 lakhs
Scale-up Grant - For startups who are looking for scaling up and maximising revenue. The grant amount is upto Rs. 15 lakhs.
R & D Grant - This is given to hardware startups with a significant R&D component. Up to INR 30 Lakh can be given to each startup, and recommendations for nominees will be made during the quarterly reviews. In order to qualify for the grant, startups need to have a working prototype of their product and be a member of at least one approved incubator in the state. Applicants must submit a clear business plan stating how they plan to use the money — at least 50% of the grant must be spent on hardware, with not more than 20% on marketing expenses. R&D grants cannot be used for covering manpower or hiring costs. Preference is given to startups that have secured patents or those that are scaling up their product.