Each of the four startups will get Rs five lakh as marketing assistance over a period of one year, to launch the Minimum Viable Product in market.
The four startups that were granted approval for getting funds, included G Systems of Prayagraj, Enray Solutions LLP of Ghaziabad, Bhurak Technologies of Saharanpur and Matfusion Weld Pvt Ltd of Lucknow in farming, solar power, face recognition and bio-fuel sectors, respectively.
Emphasising on the importance of support to startups through early stage funding for maturing their ideas, Additional Chief Secretary, IT & Electronics and Chairman of PIU, Alok Kumar said the objective of facilitation and incentives was to encourage innovators to stimulate commercialisation of their inventions and to help in validating ‘Proof of Concept’.
Mr Kumar said that under the new UP Startup Policy-2020, the seed capital is given in the form of Marketing Assistance up to Rs five lakh per startup up to 10 startups per incubator per year to launch the Minimum Viable Product (MVP) in the market.
Under this provision, the seed capital is disbursed in milestone-based installments (40 per cent + 30 per cent + 30 per cent) in three tranches, the first being advance and remaining two on completing the milestones.
On disbursement of first installment, Startups shall have to commit Key Performance Targets to the PIU on which they will be assessed before releasing the second and third installments of the grant.
G Systems has been founded by Mr Ashish Kushwaha of Prayagraj with the idea title of ‘Farming for All’. This startup aims to promote smart farming system based on Internet of Things (IoT) with machine learning-based sensors for automated irrigation and other farm-related activities. It has been mentored by GL Bajaj incubator.
Enray solutions LLP founder Rishabh Bhardwaj of Ghaziabad has developed a prototype of water-free automatic solar panel cleaning system to mitigate wastage of drinkable water.
The startup has gone through incubation at Technology Business Incubator – KIET, Ghaziabad. Mr Bhardwaj said, ”We thank UP government for this incentive to our organisation. Through this support we’ll be able to work at a greater pace towards our goal and it’ll help us contributing to the great cause of Atmanirbhar Bharat.”
Bhurak Technologies of Saharanpur was founded by Kumar Satyam. The startup has developed a prototype of Artificial Intelligence (AI) based Face recognition System, mainly to ensure safety of children and women through facial recognition. It has also been guided by Technology Business Incubator – KIET, Ghaziabad.
Matfusion weld Pvt Ltd has been registered as Startup at Lucknow by Vivek Kumar. It is working under Amity University Incubator on the concept of converting waste cooking oil into biofuel.
It has already entered into a 10-year contract for supplying Biofuels to Indian Oil Corporation. Mr Kumar said, ”We are thankful to UP Government for the support and creating conducive atmosphere for startups in UP. We plan to generate about 100 jobs within next financial year.”
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