Genesis Scheme

The MeitY Gen-Next Support for Innovative Startups (GENESIS) Scheme is a government-backed initiative that aims to build a comprehensive incubation ecosystem for technology-driven start-ups. It works under the Digital India GENESIS scheme, an important initiative by the Ministry of Electronics and Information Technology (MeitY) to promote innovation and entrepreneurship in the country. GENESIS supports start-ups with state-of-the-art infrastructure, seed funding, and access to industry experts through the MeitY start up Hub GENESIS EIR program.

One of the exclusive features of the GENESIS scheme is to focus on the hovabator genesis 1588, an exclusive incubation model that gives hardware-based start-ups access to cutting-edge prototyping labs and electronic testing. This step plays a vital role in bridging the gap between conceptualization and commercialization, helping start-ups develop and improve their products to enter the market.

Through guidance, market access, and government support, GENESIS gives the resources that start-ups require to achieve long-term sustainability, market recognition, and development.

Incubation Support for Innovative Start ups 

The MeitY GENESIS scheme provides a comprehensive incubation support system that helps technology-focused start-ups navigate the challenges of early-stage growth. Key areas of support are:

• Infrastructure and Facilities: Start-ups receive access to well-equipped workspaces, testing labs, and specialized prototyping units such as hovabator genesis 1588, which caters to hardware and software development design projects, enabling prototype development and product testing.
• Business Mentorship and Networking: MeitY start up Hub GENESIS EIR program associates start-ups with experienced mentors and successful entrepreneurs. They provide guidance on business strategy, product market fit, fundraising, and scaling operations, which is important for early-stage progress.
• Financial Support and Seed Funding: Start-ups get grants based at different stages, such as prototype development, user testing, and market entry. This funding confirms that resources are assigned effectively, encouraging progress towards sustainable development and commercialization. The financial support is as follows:

1. Private Sector Matching Funding (1:1): Investment in the scheme is supported with a matching contribution from the private sector. The average funding for this component ranges between Rs. 40 Lakhs to Rs. 50 Lakhs.
2. Pilot Funding: Early-stage start-ups receive Rs. 40 Lakhs to Rs. 50 Lakhs in funding for pilot projects, with no matching fund requirement.
3. Early-Stage Funding: Start-ups receive funding of up to Rs. 10 Lakhs, with no matching fund requirement.

• Market Access and Government Procurement: The scheme helps start-ups connect to government procurement platforms like GEM, which lists products for government contracts. In addition, start-ups can entice private sector investors through demo days and industry events.

The MeitY GENESIS scheme has been designed with clear, focused objectives to support the growth and development of technology-driven start-ups across India. The key objectives of the scheme are:

• Support the Development of Technology-driven Start-ups: GENESIS aims to offer start-ups with the essential infrastructure, guidance, and financial support to develop innovative technology products. Focusing on early-stage start-ups, the scheme helps them move from ideation to feasible market solutions.
• Foster Innovation in Emerging Cities: By setting up incubation centres in Tier II and III cities, the scheme aims to boost innovation in regions that have not been the traditional focus of tech start up activity. This reorganization helps bring new opportunities to a broader set of businesses.
• Facilitate Product Development and Scaling: GENESIS offers significant assistance for the commercialization of ideas, helping start-ups improve their products, test prototypes, and grow towards scaling. Access to facilities such as hovabator genesis 1588 and seed funding play a significant role in this process.
• Enable Access to Government Markets: The scheme enables public procurement by linking start-ups to a platform like GEM. It offers start-ups with an opportunity to provide their products to government departments and PSUs, thus authenticating their solutions in real-world applications.

The MeitY GENESIS Scheme provides numerous key features designed to make it a highly effective tool for nurturing start-ups:

• State-of-the-Art Infrastructure: GENESIS gives access to advanced facilities like the hovabator genesis 1588 labs, which are equipped with latest prototyping, testing and design tools to develop both hardware and software-based products. This infrastructure supports smooth product development and innovation.
• Comprehensive Mentorship via EIRs: Entrepreneurs-in-Residence (EIRs) are experienced professional individuals who monitor start-ups through several challenges. Their guidance consist of helping to improve product marketing, advising on business strategies, and securing investments. EIRs also help in making valuable industry connections.
• Flexible Seed Funding: Start-ups receive milestone based funding of up to ₹50 lakh, liable on project stages. This financial backing supports development from prototype to market entry, ensuring stable growth and efficient resource utilization.
• Government Market Access: The scheme enables access to a government procurement platform like GEM, permitting start-ups to list their products and services for public sector procurement. This opens the door to large-scale adoption, enhanced credibility and increased market reach.
• Sector-Specific Focus and Expertise: GENESIS focuses on high-demand sectors such as AI, IoT, HealthTech, and AgriTech, offering customized resources, tools, and mentorship. Start-ups in these fields receive sector-specific expertise to ensure that their innovations fulfill market requires effectively.
• Global Networking and Partnerships: Through its global network of investors, accelerators, and innovation hubs, GENESIS connects Indian start-ups to international markets and funding sources. This global connectivity enhances and opens doors to international business and growth opportunities.

The MeitY GENESIS Scheme is designed to support a wide range of beneficiaries, including:

• Tech-driven Start-ups: Especially those in the fields of AI, IoT, Cybersecurity, CleanTech, and HealthTech. This sector is a key area of innovation that is aligned with both global trends and national priorities.
• Entrepreneurs from Tier II and III Cities: The scheme explicitly targets entrepreneurs from outside major metropolitan areas to ensure that innovation is not limited to Tier I cities only. It helps in bridging the innovation gap and ensures holistic growth.
• Academic Institutions and Research Bodies: Those organizations whose focus is on research and development can also apply to host GENESIS incubation centres. This collaboration brings innovation from research lab to market.

Implementing Agencies (IAs) are accountable for setting up and managing GENESIS incubation centres. These IAs include:

• Academic Institutions: Universities and research centres with a focus on tech innovation.
• Innovation Hubs and Private Incubators: Organizations specializing in supporting early-stage start-ups.
• Government Entities: Agencies that help simplify government procurement and market access.

The IAs work closely with MeitY to ensure appropriate implementation of the GENESIS scheme, ensuring that both start-ups and executing agencies fulfill performance targets and timelines.

To ensure the success of the MeitY GENESIS Scheme, both Implementing Agencies (IAs) and start-ups must meet strict selection criteria:

For Implementing Agencies:

• Infrastructure Capability: The IA must have access to well-equipped labs, office spaces, and business development resources.
• Experience: The IA should have a verified track record in managing incubation programs and supporting start-ups.
• Expertise in Focus Areas: The IA must have domain-specific knowledge in areas like AI, IoT, or HealthTech.

For Start-ups:

• Innovative Technology: The start-up must provide a product or solution that addresses a real-world problem with innovative technology.
• Scalability: Start-ups should show the potential to scale their solutions to national or international markets.
• Team Capability: The founding team must have a blend of technical and business expertise.

To be eligible for the MeitY GENESIS Scheme, start-ups must fulfill the following criteria:

• Be a technology-based start-up registered in India (preferably a Private Limited Company or LLP).
• Be operational for less than five years with an evident prototype or MVP (Minimum Viable Product).
• Show strong potential for commercializing their technology and scaling.
• Agree to adhere to the scheme’s guidelines and participate in monitoring and evaluation activities.

The MeitY GENESIS Scheme is executed in multiple stages:

• Issuance of Call for Proposals: MeitY invites academic institutions and incubators to apply to host GENESIS centres. These centres have become hubs for promoting start-ups.
• Evaluation of Proposals: The submitted proposals are assessed on the basis of infrastructure capability, mentorship expertise, and sector focus.
• Start-up On boarding: After the GENESIS centres are active, start-ups are invited to apply for incubation. They should go through a selection process that evaluates their technology, business model, and market potential.
• Incubation and Support: Once accepted, start-ups receive seed funding, access to resources, and dedicated mentorship. They are also provided with amenities for prototyping and testing.
• Ongoing Monitoring: Start-ups are regularly assessed to ensure they are meeting milestones and progressing toward commercialization.

The MeitY GENESIS Scheme works for a period of 5 years, with regular assessments to evaluate the performance and outcomes of the initiative. Start-ups are usually incubated for 18–24 months, depending on the stage of their development and the complexity of their products.

Corpseed is one of the leading consultancy firms specializing in government schemes, offering comprehensive support to start-ups aiming to benefit from the MeitY GENESIS Scheme. Our expertise lies in guiding businesses through the complexities of application processes, ensuring they access critical funding, mentorship, and infrastructure to accelerate growth.

• Expert Guidance: We help start-ups navigate eligibility criteria and required documentation.
• Application Process Support: We provide hands-on assistance with the entire application process, ensuring all forms are filled out correctly, reducing errors, and preventing any delays.
• Compliance and Legal Assistance: Our team ensures that all legal and regulatory requirements are met, keeping start-ups in line with government rules and regulations, and avoiding potential pitfalls.
• Follow-Up and Monitoring: We stay actively engaged throughout the entire application process, following up with the authorities to guarantee timely approval, fund disbursal, and a smooth on boarding experience.