Application Deadline: 31st August 2021
Next Generation Incubation Scheme (NGIS) is STPI’s comprehensive incubation scheme which has the vision to drive the rise of India as a Software Product Nation so as to make India a global player in the development, production and supply of Innovative, Efficient and Secure Software Productsthus facilitating the growth across the entire spectrum of the ICT sector as envisioned in the National Policy on Software Products (NPSP) – 2019.
NextGen Start-up challenge Contest (CHUNAUTI – Challenge Hunt Under NGIS for Advanced Uninhibited Technology Intervention) is a series of online Challenges under NGIS. STPI has been strengthening the start-up ecosystem, through policies, initiatives, and the creation of enabling networks. At present, there is a definite need for a higher percentage of women entrepreneurs in technology which will account for better innovation, increased economic gains and gender-equal society. Accordingly, to achieve a diversified & inclusive start-up ecosystem in India, and to recognize and celebrate the technical prowess of women-led start-ups who are creating cutting-edge technology that are solving some of the biggest problems facing people, our planet, and businesses, STPI through CHUNAUTI 2.0 is looking to identify and support promising startups with a special focus on women-led start-ups working on innovative technology products & solutions in focus sectors like Education, Healthcare & Wellness, Financed, SaaS, E-commerce, Agriculture and Environment, and give them access to networks, connects, learning and resources that are needed to build scalable, profitable and global businesses.
WHO CAN APPLY
The eligibility criteria for a start-up to apply in the CHUNAUTI 2.0 program are as follows:
• The challenge invites the proposals/applications from Indian Start-ups * who are working in domain related to software product development.
• Start-ups registered with DPIIT under start-up India programme are encouraged to participate in this programme.
• Individual Academicians, Researchers, Educators, Entrepreneurs, partnership firms, LLPs may also participate, however, if they are selected then they will have to register as private limited company in a stipulated time (preferably within 3 months).
*At least 51% shareholding with Indian citizen or person of Indian origin.The applicant’s entity should not be a subsidiary company of any foreign corporation.
•To qualify as a “women-led start-up”, the start-up must either be headed by a women entrepreneur OR have a woman as founder or co-founder OR have women as majority stakeholder (at least 33 % of founders’ equity).
Note:
The Start-ups submitting the proposals/applications can be in any of the following stages.
• Ideation Stage Start-up: An individual or team of individuals has an innovative product idea and wish to focus on developing that idea into a business.
• Validation Stage Start-up: A validated proof-of-concept exists in a way that the prototype is anticipated to be ready in the foreseeable future. Alternatively, the prototype is ready and awaiting testing and validation.
• Early Traction Start-up: The product has been validated and the start-up needs support in establishing itself as a business.
• Scaling Stage Start-up: The start-up has initial revenue from customers and needs support in scaling its business & product portfolio.
FOCUS AREAS
Startups having innovative Idea/Product/Solution-focused including but not limited to the following:
1. FinTech – Financial inclusion, seamless& cost-effective financial transactions
2. Healthcare &Wellness
3. Education& Skill Enhancement
4. E-Commerce
5. Enterprise Software – SaaS
6. Environment
7. E-governance Solutions – last mile online delivery of services to citizenry.
8. Tourism & Hospitality
9. Agriculture
10. Cyber Security
11. Assistive Technology Solutions for Persons with Disabilities
12. Any other tech-aided product/solution which caters to one or more of the domains or focus areas mentioned above.
Screening, Evaluation & Selection:
* Designated Committee(s) shall be formed for Screening, Evaluation & Selection.
* All the applications received shall be subject to a rigorous centralized multi-tier screening process with the involvement of appropriate experts from the respective domains and/or locations as deemed fit.
* The decision of the designated Committee(s) shall be final & binding on all.
FINANCIAL INCENTIVES
• A seed funding of upto Rs. 25.00 Lakhs will be provided through Financial Institution to each beneficiary/supported Start-ups selected through CHUNAUTI under NGIS based on innovative idea, novel solutions, strong team & sound business proposal.
√ Disbursal of seed fund to Start-ups will be based on milestones achieved,periodic review and recommendations.
√ Seed funding to Startups will be against equity participation by STPI or its affiliate.
• Start-ups who are in the ideation stage may be selectedunder pre-incubation programme& mentored for upto six months to evolve their business plan & solution around the proposed idea. Each intern (start-up under pre-incubation) will be paid Rs. 10,000/- per month for a period of upto 6 months.
• Cloud Credits from leading third-party service providers.
TIMELINE
- 6th August 2021
Application submission start date
2. 31st August 2021
Application submission end date
3. 27th September 2021
Evaluation, Shortlisting & Selection
4. 30th September 2021
Announcement of Result
Official Website: NextGen Startup Challenge Contest
