Chennai: Tamil Nadu Start-up and Innovation Mission (TANSIM) set up by the state government to boost entrepreneurships is inviting applications under TANSEED 4.0 to provide seed grant fund, the government said on Friday. Tamil Nadu Start-up Seed Grant Fund (TANSEED) provides financial support of up to Rs 10 lakh each to early stage start-ups. The scheme is aimed at bridging the gap in fund requirements of start-ups which are in their early stages.
Following the successful three editions of TANSEED in the financial year 2021-22 under which 60 promising start-ups were identified by the government, TANSIM is launching TANSEED 4.0 as a first step towards reaching 100 start-ups under the scheme this year, an official release here said on Friday.
The move by the government comes in the backdrop of Minster for Micro, Small and Medium Enterprises (MSME) T M Anbarasan announcement in the Assembly that Rs 10 crore has been earmarked aimed at benefitting 100 start-ups this year. The government would provide a fund of Rs 10 lakh to benefit the start-ups which are in their early stage.
In the first three editions of TANSEED, the government supported 60 start-ups. The start-ups seeking the government support should work towards innovation, development or improvement of products with a high potential for employment generation. It should have registered with TANSIM and be headquartered in Tamil Nadu and average profit of the entity for the last three years should be less than Rs 5 lakh, it said.
The government said many start-ups which received the support of TANSEED in the previous three editions have scaled up their businesses and successfully raised venture capital funding from prominent investors.
The last date for submitting applications is August 21 and interested start-ups may write to support@startuptn.in, the release said.