Kochi, May 2 (KNN) Applications are now open for the Kerala Start-up Mission’s (KSUM) Innovation Drive 2023, which offers financing grants to entrepreneurs, innovators, and start-ups.

The financing grants provided through Innovation Drive 2023 are intended to facilitate seed funding for transforming innovative concepts into commercial technology products.

As per reports, unlike previous years, start-ups now have the opportunity to apply for innovation grants on an as-needed basis throughout the year.
The innovation grants are divided into four categories: Idea Grant, Productization Grant, Market Acceleration Grant, and Scale-Up Grant. Additionally, applications for the ‘Start-up Research Grant’ are also open.

The Idea Grant is open to any innovator or entrepreneur who has an innovative idea and is looking to develop a proof of concept or prototype, with a maximum grant amount of Rs 3 lakh.

Start-ups that are focused on product development and launch can apply for the Productization Grant, which provides up to Rs 7 lakh.

The Market Acceleration Grant, which offers Rs 10 lakh, is intended for start-ups that have a live product in the market and are looking to accelerate their revenue.

The Scale-Up Grant is designed to support start-ups for maximising their revenue who have a minimum steady revenue of Rs 10 lakh in the last six months or have raised an investment of not less than Rs 30 lakh are considered for this funding.

The Start-up Research Grant (R&D Grant) of Rs 30 lakh is open to highly promising deep tech start-ups in sectors like health and medtech, hardware, space tech, engineering, etc., with a working prototype and IP that needs to be developed into a final product through extensive R&D.

As of May 1, start-ups can submit applications for these grants, and further details are available at https://grants.startupmission.in/.  (KNN Bureau)