BNPU Invites 2nd Call for Proposals Sustainable Entrepreneurship and Enterprise Development Fund (SEED Fund)

July 28, 2023
BioNEST- Panjab University (BNPU) 

Invites

2nd Call for Proposals 

Sustainable Entrepreneurship and Enterprise Development Fund (SEED Fund) 

Funded by BIRAC, New Delhi 

BioNEST- Panjab University (BNPU) – as a BIRAC SEED fund partner provides capital assistance to the tune of up to ₹30 Lakh to strengthen start-ups with new and meritorious ideas, innovations and technologies for bio-incubation in the region over a period of twentyfour months (w.e.f. the date of the start of the project which would not be more than 8-10 weeks from the date of sanction). 

The BIRAC SEED Fund support to start-ups is to act as a bridge between promoter’s investment and venture/angel investment for enabling start-up to attain sustainability in the long run. 

The salient features/ terms for the usage of fund support under the BIRAC SEED Fund scheme are as under: 

1) Seed fund of up to Rs.30.00 lakh per start-up – selected on merit, as the early-stage fund (refundable) against equity support of up to 10% of the paid-up capital of the start-up can be extended to support product development, process development, innovation and commercialization. 
2) The selected start-up must qualify the “Start-up” category – 
a) It must be an Indian Start-up (registered under Companies Act, 2013) 
b) It must have at least 51% shareholders as Indian Citizens 
c) The seed support shall be open to all eligible applicants regardless of their affiliation with the BioNEST bio-incubator 
d) Up to five years from the date of its incorporation/registration e) Its turnover for any of the financial years has not exceeded Rs. 25 crore 
f) It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. 

3) Applications shall be considered by a BIRAC SEED Fund ‘Advisory Team Cum Selection Panel’ which shall have a BIRAC nominee as a member along with experts in relevant domain. 

4) Selection will be done within 2-3 months from the last date of the submission of applications. 

5) Successful applicants shall enter into a governing agreement with BioNEST-PU which shall incorporate provisions for “Exit” from the start-up. The Agreement shall have provision of one Board observer position for the BIRAC/ BioNEST nominee in the beneficiary start-up. The application form is provided on the next page. Duly filled form may be submitted by 5:00 p.m. till 21st August 2023 by email (bionestpu@pu.ac.in)

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