Government Announces Grant of Up to Rs 50 Lakhs to Boost Technical Textile Startups
In a move to catalyze innovation and entrepreneurship in the specialized field of technical textiles, the Indian government has unveiled the "Startup Guidelines for Technical Textiles - Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles" (GREAT) initiative. Under this initiative, startups and individuals working in the realm of technical textiles can avail grant-in-aid funding of up to Rs 50 lakh for a duration of up to 18 months. This strategic decision aims to drive the growth of startups in the technical textiles sector, fostering the development and commercialization of cutting-edge technologies and products.
Rajeev Saxena, the Joint Secretary of the Ministry of Textiles, emphasized that the initiative is designed to nurture the startup ecosystem within technical textiles. The guidelines center on supporting individuals and companies in translating their prototypes into tangible technologies and market-ready products, ultimately fostering commercialization. Remarkably, the government's support is provided as a grant-in-aid without any requirement for royalties or equity sharing. The recipient startup or individual is only expected to contribute a minimum of 10% of the total project cost, enhancing their commitment and engagement.
The grant will be administered through incubators affiliated with esteemed institutions like IITs (Indian Institutes of Technology), NITs (National Institutes of Technology), Textiles Research Associations, and Centers of Excellence, among others. The incubators will play a pivotal role in guiding and nurturing the startups, helping them navigate the complex terrain of technical textiles.
The GREAT scheme envisions the transition of research projects and prototypes into viable commercial products. It is expected to support a substantial number of startups, with the ministry targeting the backing of 100-150 startups through this initiative. To facilitate the application process, an online portal will be developed for the submission of project proposals. The scheme aligns with the broader objectives of the National Technical Textiles Mission (NTTM), which seeks to advance the technical textiles industry in India.
overview Government Announces Grant of Up to Rs 50 Lakhs to Boost Technical Textile Startups
|"Startup Guidelines for Technical Textiles - Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles" (GREAT)|
|Up to Rs 50 lakh|
|Up to 18 months|
|Foster innovation and entrepreneurship in technical textiles, support startups in translating prototypes into technologies and products for commercialization.|
|Grant-in-aid from the government, without royalties or equity requirements.|
|Minimum of 10% of the project cost required from the incubatee.|
|Affiliated with institutes like IITs, NITs, Textiles Research Associations, Centers of Excellence, etc.|
|Aim to support 100-150 startups through the initiative.|
|Niche segments such as sustainable textiles, specialized fibers, smart textiles, etc.|
|26 institutions approved for upgrading laboratory infrastructure and training trainers in technical textiles.|
|Institutes approved to develop technical textile courses and programs.|
|QCOs for 31 technical textile products (geotextiles, protective textiles) notified, effective from October 7, 2023.|
|QCOs for 28 more products (agrotextiles, medical textiles) in final stages, expected to be issued in September 2023.|
To ensure the seriousness and dedication of the startups, a significant commitment of 10% of the grant funding from the incubatee is mandated, split into two equal installments. This move underscores the startup's vested interest in their project's success and aligns with the government's endeavor to support ventures with a higher potential for impact.
The startup guidelines set their sights on invigorating the technical textiles startup ecosystem, particularly in niche domains such as sustainable textiles, specialized fibers, and smart textiles. These focus areas are aligned with global trends that emphasize sustainability, functionality, and innovation in textiles.
In addition to the startup grant announcement, the Ministry of Textiles has taken other crucial steps to bolster technical textiles. The ministry has granted approval to 26 institutions for enhancing their laboratory infrastructure and imparting training to trainers in the application domains of technical textiles. Furthermore, several institutes have been granted approval to develop technical textile courses and programs, augmenting the education and skill development landscape in this specialized field.
In tandem with these initiatives, the Ministry of Textiles has also laid the groundwork for Quality Control Orders (QCOs) for technical textiles. Notably, QCOs for 31 technical textile products have been notified, encompassing products like geotextiles and protective textiles. These regulations will come into effect from October 7, 2023. Additionally, QCOs for 28 more products, including agrotextiles and medical textiles, are in the final stages of issuance, further ensuring the quality and standards of technical textile products in the market.
The government's comprehensive approach, encompassing startup support, education enhancement, and quality regulations, is poised to fortify India's technical textiles sector, positioning it as a formidable player on the global stage. With a blend of innovation, entrepreneurship, and quality assurance, the country's technical textiles ecosystem is set to flourish, contributing to economic growth and technological advancement.