IN-SPACe launches Seed Fund Scheme for Spacetech Startups

Indian National Space Promotion and Authorization Centre Indian National Space Promotion and Authorization Centre has announced a seed fund scheme for start-ups working in the areas of urban development and disaster management using space technology.

Launched in collaboration with National Remote Sensing Centre (ISRO), the scheme will provide opportunities to NGOs to move to the next level leveraging space technology for societal benefits. The last date for application for the seed fund scheme is December 20.

As part of the plan, the selected start-ups will receive seed funding to convert an original idea into prototype using space technology ISRO facility support, which includes earth observation data, mentorship support and access to data for validation of the concept. Algorithms as transfer of technology from the Department of Space.

Seed Fund Scheme The Seed Fund Scheme is a part of IN-SPACe's efforts to give special emphasis to enhance the space activity capabilities of the nation with the active participation of start-ups. The scheme is designed to support Indian space start-ups, which aim to develop innovative space products and services, which will improve the quality of life for people and communities in India and around the world, said Dr. Pawan Goenka, President of IN-Space.

The IN-SPACe Seed Fund Scheme has a provision to provide financial assistance of up to 1 crore in addition to mentorship support, training and networking opportunities.

Opportunities are abundant for start-ups working in the fields of urban planning, monitoring and infrastructure management, telecommunications, navigation, broadband connectivity, water resources management, energy efficiency, climate and weather monitoring, disaster risk reduction, public health, healthcare for urban development.

Similarly, disaster management provides opportunities for start-ups specializing in geographic information systems, early warning and surveillance systems, insurance and risk assessment, communication and navigation systems, climate change monitoring, search and rescue operations, space-borne areas.

The application process for the seed fund scheme has been facilitated through the IN-SPACe digital platform, and the last date for submission is 20th December 2023. The scheme aims to tap the potential of the Indian space sector, valued at $9.6 billion. It is projected to grow to $13 billion in 2020 and by 2025. As India aspires to a nearly 10% share in the global space economy by 2030, initiatives like the IN-SPACe Seed Fund Scheme play a key role in nurturing and harnessing the country's space innovation.

The IN-SPACe Seed Fund Scheme is an important milestone in promoting the use of space technology for societal benefits. It empowers start-ups with financial support, guidance and access to ISRO facilities and data. The scheme promises to catalyze the development of innovative space products and services, which will ultimately contribute to improving the quality of life of people in India and globally.