The Gujarat University Startup and Entrepreneurship Council (GUSEC) today announced a call for applications from Indian startups seeking seed funding of up to ₹50 lakhs under the ‘GUSEC Seed’ initiative.
GUSEC Seed is a seed support scheme for startups, made possible through the Seed Support System (SSS) scheme of the National Initiative for Developing and Harnessing Innovations (NIDHI) under the National Science and Technology Entrepreneurship Development Board (NSTEDB), an autonomous board of the Department of Science and Technology, Government of India.
Under GUSEC Seed, startups will be able to leverage seed support of up to ₹50 lakhs as an investment against equity or as debt, or a mix of both. The fund is exclusively for startups incubated at GUSEC, however, non-incubated startups will also be eligible to apply, subject to incubation at GUSEC. Preference for funding will be given to the following type of startups:
- Technology-oriented startups
- Early-stage startups with traction
- Product Startups
- Intellectual Property/knowledge-rich startups
- Startups raising larger rounds, with GUSEC contributing a part of the requirement of the fundraising round
Startups across a range of sectors such as manufacturing, healthcare, education, deep tech, defence, etc. will be supported under this initiative.
Applications for GUSEC Seed for the current round of applications are open until January 31, 2021. Applications can be made free of charge at www.gusec.edu.in/seed
An autonomous body of Gujarat University, GUSEC is a NIDHI Technology Business Incubator (TBI) supported by the NSTEDB since October 2018 and supports over 300 startups. Through the Gujarat government’s Industrial policy, GUSEC has facilitated ₹2.56 cr. in startup grants for 19 startups and via the Student Startup and Innovation Policy (SSIP) of Gujarat, GUSEC has trained over 2.31 lakhs individuals across 420+ events, while facilitating early-stage financial assistance of ₹88.96 lakhs for 49 startups.