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Seed Fund Scheme (SFS)

By Amigos IAS

Why is it in the news?

  • Indian National Space Promotion and Authorization Centre (IN-SPACe), India’s space regulator, launches the Seed Fund Scheme (SFS) to support startups in collaboration with the National Remote Sensing Centre, ISRO.

 

More about the news

  • Focus areas include Urban Development and Disaster Management utilizing space technology.
  • Start-ups in urban development target areas like urban planning, telecom, navigation, broadband, water management, etc.
  • Disaster management offers opportunities for startups in Geographical Information System, early warning and monitoring systems, climate change monitoring, etc.
  • SFS provides financial assistance of up to 1 crore along with mentorship support, training, and networking opportunities.
  • Significance: Facilitate the development of new and innovative technologies in the space sector; and provide private players with opportunities to leverage space technology for societal benefits.

 

IN-SPACe

·       IN-SPACe is an independent nodal agency under the Department of Space.

·       Aims to stimulate private investment and innovation in the space industry.

·       Acts as an interface between ISRO and Non-Governmental Entities.

 

Other Initiatives for Private Sector Participation

·       SpaceTech Innovation Network (SpIN): Public-private collaboration for startups and SMEs in the space industry.

·       Indian Space Policy, 2023: Opens up the space-tech sector for enhanced private participation.

·       Indian Space Association (ISpA): An organization representing the Indian space industry.

 

Indian Space Startup Sector

·       Funding in the sector increased from Rs 28 million in 2020 to Rs 112 million in 2022.

·       Growth attributed to rising demand for cost-effective satellite manufacturing and reduced launch costs.

·       As of 2021, India is the sixth-largest player globally in the space-tech industry, hosting 3.6% of the world’s space-tech companies.

·       These initiatives collectively aim to boost innovation, investment, and participation from the private sector in India’s space industry.

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