The grant has been approved by the government to Gujarat university start-up council worth INC 10 Crore
Under a government scheme called NIDHI Seed Support System (SSS), the government of India has granted INR 10crore to GUSEC.
The National Science and Technology Entrepreneurship Development Board (NSTEDB), Governed under the government of India, has granted huge funding to the Gujarat University Start-Up and Entrepreneurship Council (GUSEC) worth Rs. 10 crores.
The main goal of this board is to promote high- end entrepreneurship for science and technology and self-employment by utilising science and technology infrastructure and methods. The NSTEDB is the self-governed body of the Indian-government and comes under the Department of Science and Technology.
This grant of INR10 crore is sanctioned this week only and was announced under the NIDHI Seed Support System (SSS). This grant will support the vision of GUSEC to support new start-ups by supporting them financially.
According to Prof. Himanshu Pandya, Vice-Chancellor of Gujarat University and Chairman of GUSEC, for the last four years the board has been working hard towards the promotion of entrepreneurship and innovation. He said that they have observed how hard it is to access funding, and every start-up faces this hurdle emerging in the market.
They are working hard towards vanishing this scarcity of funding faced by these start-ups with the help of their partners and other agencies.He said that with the help of this fund granted by NSTEDB, the Government of India (GOI), they will be able to invest in start-ups and, that will be the most crucial step towards the development of the ecosystem in the state (Gujarat).
They are planning to invest approximately 25 lakh in each investment towards the start-ups. The board will invest and transfer this fund to multiple start-ups and for doing so, the board might take three years to shift this fund and convert it into start-ups. They have decided that this whole process will take place under the keen observation of the GUSEC network and incubation programs.
The group CEO, of GUSEC Rahul Bhagchandani, expressed that one of the challenges for business start-ups world over is to encourage operations over a while by creating value and wealth. The funding of this much amount will help the board in investing in multiple start-ups from diverse backgrounds and creating some long-lasting plans which will result in the success of these star-ups and success of SUSEC. He said that they were trying to facilitate grants to as much as deserving start-ups as they can, but this funding will help them in speeding up the process and eliminating the inequality among the start-ups.