STARTUPS 2 LAST

He added that the state government would participate in He added that the state government would participate inprivate state specific funds for startups to set up operationsin the state, such as seed/VC funds, limited to 1/4th of thetotal size. Institutions like universities and colleges would beeligible for one time capital grant of 50 per cent of capitalcost, excluding the cost of building, up to a maximum of Rs 1crore to set up an incubation facility. "Rs 10,000 per month will be provided to a startup for aperiod of one year only if the startup has got the seed roundfunding approval," he said. Reimbursement of up to Rs 1 lakh per year for three yearswould be provided to institutions/incubators/industry forproviding free internet, electricity and mentoring services asper the policy. The approved incubators would be eligible for aperformance capital grant of Rs 5 lakh for each successfulstartup they incubate. Marketing/publicity assistance up to Rs 5 lakh shall bereimbursed for introduction of a product in the market afterSeries A funding, the policy said. Need-based assistance would be considered on case-to-casebasis to certified startups for reimbursement of the cost ofraw material/ components and other related equipment, basedon recommendation of the Startup Council, Padhi said. PTI AAMDKBABM