The Indian National Space Promotion and Authorization Centre (IN-SPACe) has introduced a seed fund program focused on nurturing innovation within space technology. This initiative is tailored to assist space startups by offering financial aid of up to Rs 1 crore, along with guidance, training, and networking opportunities. IN-SPACe's seed fund aims to provide essential financial backing to chosen applicants, empowering them to translate their concepts into reality and commence their projects. Early-stage startups with inventive ideas utilizing space technology to tackle challenges across various segments of the space sector are eligible for this support.

Dr. Vinod Kumar, Director of the Promotion Directorate at IN-SPACe, emphasized the key goals of the initiative, focusing on the promotion of space technology utilization, integration of new technologies in the space domain, engagement with space startups, and the cultivation of a collaborative technology environment. IN-SPACe intends to periodically unveil sector-specific opportunities, seeking projects that demonstrate a deep understanding of sector challenges and a clear strategy for leveraging space technology to address these obstacles. Applicants are expected to present a well-defined business plan, a targeted market approach, and a comprehensive execution strategy.

While the seed fund provides grants of up to Rs 1 crore in multiple installments based on milestones, the specific amount and installment details will be determined by an expert committee, considering the progress of the project. The initial installment may cover up to 40% of the total approved commitment, and startups must fully utilize the grant within three years of receiving the first installment. Selected startups will be required to maintain accurate accounts and submit a certificate verifying the fund's utilization, which may undergo verification or audit by IN-SPACe or an appointed agency. Crucially, the intellectual property rights (IPR) developed through the program will be owned by the respective startup, further supporting innovation in India's advancing space industry.