In a significant boost to the Start In UP programme under the new UP Startup Policy-2020, the Policy Implementation Unit (PIU) under the chairmanship of Additional Chief Secretary Alok Kumar approved marketing assistance to four startups here today.
Each of the four startups will get Rs 5 lakh as marketing assistance over a period of one year to launch minimum viable products in the market.
The four startups granted approval for getting funds include G Systems of Prayagraj, Enray Solutions LLP of Ghaziabad, Bhurak Technologies of Saharanpur and Matfusion Weld Pvt Ltd of Lucknow in the farming, solar power, face recognition and bio-fuel sectors, respectively.
Emphasising the importance of support to startups through early stage funding for maturing their ideas, Additional Chief Secretary (IT and Electronics) and PIU Chairman Alok Kumar said that the objective of facilitation and incentives was to encourage innovators to stimulate commercialisation of their inventions and to help in validating ‘Proof of Concept’.
Kumar said that under the new UP Startup Policy-2020, the seed capital was given in the form of marketing assistance up to R. 5 lakhs per startup up to 10 startups per incubator per year to launch the minimum viable product (MVP) in the market.