Entrepreneurs of Startups with MASI shall be eligible for a Sustenance Allowance of Rs. 20,000/- per month per Start-Up entity for one year. Preference in this regard shall be accorded to women entrepreneurs.
Startups with MASI shall be eligible for a Rs. 5,00,000/- one time Idea2POC (Idea to Proof of Concept) Grant per startup for developing their product/service. Eligibility for the grant shall be evaluated by Nodal Agencies as identified by the State Government and as per the operating guidelines.
Startups with MASI shall be eligible for a grant of up to Rs. 50,00,000/- per startup [which would include the Rs. 5,00,000/- Idea2POC Grant per startup]. The rest of the Scale-Up Grant may be utilized towards raw material purchase, marketing and other scaling up costs required for supporting the commercialization of products and services of the startup. Eligibility for the grant shall be evaluated by Nodal Agencies as identified by the State Government and as per the operating guidelines.
The basic objective of the scheme is to provide financial assistance in the form of loan with Interest subvention through a designated Bank covering whole of Assam. The loan so availed by the beneficiaries will be supported by the State Govt. through Interest Subvention @ 5% P.A.
The fund shall be provided from the state budget and will have an allocation of Rupees 5 (five) Crores for five years.
The State Government proposes to establish a venture capital fund for supporting start-ups and first generation entrepreneurs in the biotech sector, to support high-risk, high return entrepreneurship ventures of public importance. The fund shall also raise investments from the market and support through government bank guarantees. The contribution of the state government to the fund shall be provided from the state budget and will have an allocation of Rupees 25 (twenty-five) Crores for five years.