National Initiative For Developing & Harnessing Innovations (NIDHI) - Technology Business Incubator (TBI)

Department of Science & Technology, New Delhi has sanctioned the setting up of Technology Business Incubator (TBI) under its NIDHI (National Initiative for Developing & Harnessing Innovations) scheme. In order to cater the requirement for setting up TBI, the institute has extended the use of an old library building as an incubation centre. The renovation and refurbishing of the existing building is completed. The building would cater to the needs of around 26 start-ups on campus along with the facilities like laboratories, seminar rooms, meeting rooms, offices, pantry, etc.

Scheme For Assistance For Startups/Innovation (SAS) - Nodal Institute (NI)

● Association for Harnessing Innovation and Entrepreneurship (ASHINE) at Sardar Vallabhbhai National Institute of Technology (SVNIT) - Surat has been recognized as the 1st Nodal Institute (NI) of South Gujarat region under the Scheme for Assistance for Start-ups/Innovation, Industries Commissionerate, Government of Gujarat.

● As a Nodal Institute (NI), ASHINE - SVNIT will now be able to provide seed funding of up to INR 30 Lakh to start-ups and an additional INR 10 Lakh for start-ups creating a social impact. Sustenance allowance of INR 20,000 per month to the start-ups and INR 25,000 per month to women-led start-ups for a period of one year. Assistance up to INR 1 lakh per start-up for obtaining training in soft skills on a reimbursement basis. Assistance up to INR 3 lakh to enrol and participate in national/international recognized acceleration programs.

● For mid-level Pre-Series A funding of startups, a separate fund under Gujarat Venture Finance Limited (GVFL) for smaller ticket funding between INR 50 lakh to INR 3 crore. Additional 1% Interest Subsidy, maximum up to 9% on term loans to applicants under the provisions of the scheme for assistance to MSMEs.

Student Startup And Innovation Policy (SSIP)

The Gujarat government has sanctioned setting up of SSIP Cell under its Student Start-up & Innovation Policy. This Cell aims at supporting students for the pre-incubation process with financial support for innovative projects/PoC/product development. The SSIP grant provides support for conducting workshops/conferences/hackathons/training programs etc. The grant is also utilized to create a basic testing facility, tinkering lab, fabrication lab, basic prototyping facility, etc.