GENESIS Scheme (Economy)
GENESIS Scheme (Economy)
Why In News:
The Ministry of Electronics and Information Technology (MeitY) is expanding the GENESIS scheme through partnerships with incubators to promote technology and deep-tech startups in Tier-II and Tier-III cities.
GENESIS Scheme
Full Form: Gen-Next Support for Innovative Startups (GENESIS).
Implementation: Through the MeitY Startup Hub (MSH) and a network of empanelled incubators.
Primary Focus: Development of technology startups in Tier-II and Tier-III cities.
The scheme brings together MeitY's startup-support interventions under a unified framework.
Support to the beneficiaries:
Financial assistance of up to ₹10 lakh.
One-on-one mentorship and expert guidance
Product development and MVP support
Incubation and business growth support
Support for prototyping, technology development and validation
Guidance towards commercialisation and startup development
Eligibility
Applicants must be Indian citizens and are entrepreneurs, innovators, researchers, students, or founders/co-founders of early-stage startups.
The proposed innovation should be in emerging technologies in the Electronics and IT domain, DeepTech, AI/ML, IoT, Semiconductor/VLSI, Cybersecurity, Blockchain, Quantum Technologies, or AR/VR, Spatial & Immersive Technologies.
The startup should be based in a Tier-II or Tier-III city and if it is already incorporated, should be less than two years old.
The startup must not have received financial assistance exceeding ₹10 lakh under any Central or State Government scheme.
Key Organisations and Institutions
* DPIIT: Department for Promotion of Industry and Internal Trade (DPIIT) functions under the Ministry of Commerce and Industry.
○ It is the principal government department associated with startup recognition under Startup India.
Thus, DPIIT recognition is an eligibility requirement for GENESIS, although GENESIS itself is a MeitY scheme.