Software Technology Parks of India (STPI), an autonomous body under the Ministry of Electronics and Information Technology (MeitY), has launched a three-month incubation program. The aim of this program is to identify and support tech startups that are looking to scale, diversify their product range, or expand to new geographies.
As part of the programme, the selected startups will receive up to Rs 1 crore in funding through a co-investment model. STPI has partnered with 16 funds for the co-investment stage, including Pontaq, India Angels Network Incubation and AWE Fund. These funds will not only provide financial support but also offer mentorship in various areas such as company strategy, product-market fit, marketing, growth hacking, business development, hiring, and fundraising, as per a statement.
Applications for the programme will be open from November 6 to December 10. The selected startups will have the opportunity to showcase their ideas at the Leap Ahead Startup Summit in Bhubaneswar, Vijayawada and Chandigarh. For startups located far from these locations, there will be an option to pitch their ideas online. STPI will announce the first cohort on January 16, 2024.
The Leap Ahead programme is part of the Next Generation Incubation Scheme (NGIS), which was created by MeitY and launched on 25 August, 2020. The goal of NGIS is to identify startups from Tier II cities and provide them with financial assistance and mentorship. The investments are made through the Next Generation Technology Fund I, overseen by STPI. So far, 103 startups have received funding of up to Rs 25 lakh each.
In addition to funding, NGIS also provides stipends to startups at the ideation stage for three to six months. This financial assistance helps them work on crucial problem statements and refine their pitches for selection into incubation programs.
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