RKVY Scheme for Agri-Entrepreneurs
RKVY-RAFTAAR supports agribusiness incubation by tapping innovations and technologies for venture creation in agriculture. In this process, incubation facilities and expertise already available with participating academic, technical, management and R&D institutions in the country shall utilized on an individual or collective basis to harness synergies. The existing institutional agribusiness incubators would strengthened on a need basis by providing grants-in-aid. RKVY Scheme for Agri-Entrepreneurs
The key components of Innovation & Entrepreneurship
Strengthening of existing agribusiness incubators for integrated rejuvenation and development and setting up new ones –
a. R-ABI (RKVY-RAFTAAR Agribusiness Incubators).
b. Seed Stage Funding of R-ABI Incubatees
c. Entrepreneurship Orientation
d. Idea/Pre-Seed Stage Funding of Agripreneurs
1. Establishment of RKVY-RAFTAAR Agribusiness Incubators (R-ABIs) and strengthening of existing agribusiness incubators
Objectives of RKVY-RAFTAAR Agribusiness Incubators
To achieve ”Lab to land” by dissemination of new technology /varieties to farmers through promoting a culture of Agri startups b. To promote innovation, entrepreneurship and business creation in agriculture and allied sector by skill development, capacity building and technology scale up; Capacity building of existing agri-incubators as R-ABIs to achieve other related objectives; h. To generate/ provide innovative solution to meet local and global agriculture and business challenges, and competitiveness
Pattern of Financial Assistance
- The Host Institution would be provided financial support
- A R-ABI would be provided a maximum grant-in-aid of INR 233 lakhs which would cover capital and operational expenditure
2. Seed Stage Funding as grant-in-aid to Startups
This seed stage funding will available to incubatees who are incubate at the RABI. Under this, financial assistance of a maximum of Rs. 25 lakhs will be grant to potential startups that have a minimum viable product (MVP) based on innovative solutions/ processes / products/ services/ business models in agriculture and allied sector. The amount of Rs. 25 lakh is the upper limit of the seed fund assistance. The applicant incubatees would be provided funds as per their genuine requirements and as per appraisal/evaluation of their business plans by the RC and the decision of the RC in this regard will be final. The RC will not bound to give any reason in case an application for seed loan is reject.
Eligibility Criteria
a. All incubatees of a R-ABI will be eligible for this funding on the basis of consistent performance evaluated by RIC b. The recipient should be a registered legal entity in India with a minimum of two months of residency at the R-ABI. c. The recipient has to be an Indian start-up as per DIPP notification. This support is not meant for Indian Subsidiaries of MNCs/foreign companies. A startup support once will not eligible for applying for the subsequent round of seed support to any R-ABIs
Pattern of Funding Support and Release of Funds
a. Under the scheme, it is proposed to support around 500 startups during the scheme period. A maximum of 20 startups per R-ABI will support under this scheme. Each selected startup will be provided a maximum limit of Rs. 25 Lakh as grant-in-aid under the scheme. (start-ups already receiving grants / financial support from any other source will not be eligible under RKVYRAFTAAR)
3. Agri entrepreneurship Orientation
Objectives
a. To nurture potential agripreneurs by providing training cum internship with other startups to provide them practical, technical and business insights; b. To create and nurture a pipeline of agripreneurs for incubators c. To make pursuing entrepreneurship related to innovative ideas an attractive career option among other available career choices.
Eligibility Criteria
a. The recipient should propose one innovative idea based on technology, service, business platforms etc. for increasing efficiency in agriculture and allied sector. b. The recipients are expect to pursue their entrepreneurial aspirations full time. c. The recipient should have an initial business plan/ proposal for the idea they intend to pursue
Pattern of Funding Support and Release of Funds
A stipend of Rs 10,000/- per month will granted to these interns for two months during the hands on training period by the incubators from their R-ABI recurring grant.
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