Indian National Space Promotion and Authorization Centre (IN-SPACe) has unveiled a transformative seed fund scheme aimed at empowering startups at the intersection of space technology, urban development, and disaster management. This strategic initiative promises to propel innovative ideas into reality by providing selected startups with crucial support, including seed funding, access to ISRO facilities, mentorship, and data validation through Earth Observation (EO) technology.
The scheme, designed to fuel the growth of startups in the space technology sector, ensures that selected participants receive the necessary financial backing of up to Rs 1 crore. This financial support is complemented by mentorship, training programs, and networking opportunities, marking a significant step towards catalyzing the evolution of startups engaged in space-driven projects focused on urban development and disaster management.
IN-SPACe, as the nodal agency within the Department of Science (DoS), holds a pivotal role in championing, enabling, and supervising space activities by Non-Government Entities (NGEs). The newly launched seed fund scheme aligns seamlessly with IN-SPACe’s broader mission to enhance the nation’s space activity capabilities and encourage active participation from startups.
Pawan Goenka, Chairman of IN-SPACe, underscored the crucial role of the space sector in contributing to overall national economic development. He commented, “The role of the space sector is crucial to the overall development of the national economy, and IN-SPACe has been bringing out schemes from time to time for promoting space technology for the benefit of the common man.”
The Seed Fund Scheme emerges as a significant component of IN-SPACe‘s ongoing commitment to providing dedicated support and momentum to startups. Goenka further highlighted, “This scheme is designed to support Indian space start-ups that aim to develop innovative space products and services, thereby improving the quality of life for people and communities in India and around the world.”
Aligned with IN-SPACe’s vision to nurture startups focusing on pioneering space products and services, the scheme holds the potential to significantly elevate the quality of life not only in India but globally.
For startups delving into urban development, the scheme opens doors to a myriad of opportunities across domains such as urban planning, monitoring, and infrastructure management. It also extends support to startups engaged in telecommunication, navigation, broadband connectivity, water resources management, energy efficiency, climate and weather monitoring, disaster risk reduction, public health, healthcare, and more.
As the seed fund scheme takes flight, it marks a new era for space technology startups, emphasizing the importance of collaborative innovation in addressing critical challenges related to urban development and disaster management. The initiative promises to foster a conducive environment for startups to flourish, driving positive societal impacts and contributing to the advancement of the space sector on a global scale.
