A good business idea need to be backed by good mentor & ample funding. In most cases, more than 60% of startup ideas wither due to lack of fundings. In fact, there are many financing opportunities awaiting entrepreneur around the worlds that are highly competitive & sometimes unknown to most people.
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Top 5 Startup Grants Around the World
This articles will look at some of the top business grant for startups around the world. Further research on your nitty gritty will help to finalize the right place to approach if you have an innovative idea that can change the way things are in the respective field.
Biotechnology Ignition Grant Scheme
This flagship program of the Biotechnology Industry Research Assistance Council BIRAC provide financial & non financial supports to young Indian startups & entrepreneur in the field of biotechnology. The main objective of the scheme is to encourage a generations full of ideas that have commercial potential, supports the formation of companies & encourage people to adopt technology closer to the markets.
In fact, it is the largest biotech funding programs in India when it comes to seed funding. The awardees will get up to INR 50 lakh. The best innovative ideas are selected through proposal that are invited twice a year, that is, on January 1 & July 1 of each year. Those selected are advised & monitored by 8 GREAT partner throughout the country. So far, more than 6,000 proposal have been received & 125 startup have been incubated through the BIG Scheme.
Multiplier Grants Scheme
With the aim of integrating academic & industry in a beneficial way, the Departments of Electronic and Information Technology DeitY has introduced the Multiplier Grant Program MGS. The scheme provide financial supports to those product that are supported by the industry for their research & developments in India. The winners are selected based on the proposal presented jointly by the industry and the institution. In addition to strengthening link between academics & industries, the scheme also aims to promote industry oriented research & developments in educational institutes, encourage the productions of indigenous product and further drive globalizations.
For individual industries, the governments grant INR 2 crores per project and the duration of each projects must be less than two year, while an industrial consortium can get a grant of INR 4 crores and the duration must be less than three year. The fund for the projects are given only to the institute, while the agreements on the exchange of intellectual property rights know how & royalties must be shared between the industry and the institute before receiving the first installment of the grants.
Startup India Seed Fund Scheme
This scheme implemented by the Governments of India aim to provide financial assistance to startup for proof of concept, prototype developments, products testing, market entry & commercialization. The scheme is administered by the Department for the Promotion of Domestic Industry and Trade and will supports recognized startups through government assisted and non government assisted incubators. Eligible candidates can apply for the grant throughout the year. New businesses are supposed to be 2 year old at the time of application. In addition, the startups must have the technology as its main products, service, business model, distribution model or methodology.
Small Business Innovation Research
Small Business Innovation Research SBIR was formulated under the Small Business Innovation Developments Act of 1982. It is a program exclusively for small businesses in the US. The programs aim to encourage small businesses to enter the domain of federal research research & developments that has the potential to be commercialized. They also aim to encourage & encourage the participation in innovation and entrepreneurship of women & socially or economically disadvantaged people. In addition, they also try to encourage technology transfers between institutes and industry.
The entire programs is divided into three phases whose nuances are fully detailed on its website. In the first phase 6 to 12 month, applicants can receive grants between $50,000 and $275,000 the grant for the second phase 24 month depend on the result obtained in the first phase, and the amount ranges between $750,000 and $1.8 million. The third phase is the commercialization phase & is not funded by SBIR. Rather, it is funded by some federal agency and is done primarily to achieve marketing goal.
Startup SG Founder
Startup SG Founder is a funding opportunity that is open to all Singaporean & their permanents resident. They provide financing of up to $50,000 for first time entrepreneurs with innovative ideas by matching $5 for every $1 raised by the entrepreneur, up to a maximum of $50,000. They also provide them with tutoring supports. The National University of Singapore is an Accredited Mentor Partner AMP of this programme. The main goal of this programs is to encourage more people to take up entrepreneurship as a career path. The program requires that new companies must have at least three entrepreneurs, two of them first timers.
Conclusion
There is a plethora of funding opportunities waiting for innovative business idea. It is important to be attentive to the call for proposal. In addition to having a good ideas, you also needs to have a comprehensive plan on how to implement the idea on a commercial scale. All of the funding & grant opportunities listed above are intended for entrepreneurs only and can be taken advantage of at different time of the years.