CHUNAUTI start-up challenge contest: STPI selects 1820 firms for next round and 111 for presentation
- Date 30-03-2021
- Type STPI in Media
- Source Economictimes
NGIS is a joint initiative by the Ministry of Electronics and Information Technology (MeitY) and STPI to build a world-class incubation ecosystem for identifying and nurturing startups working towards path-breaking software products for addressing the futuristic problems in business and society, and transforming them to become tomorrow’s unicorns.
Software Technology Parks of India (STPI) has received about 6,708 applications for the Challenge Hunt under Next Generation Incubation Scheme (NGIS) by Advancing Uninhibited Technological Intervention (CHUNAUTI). The program aims to identify around 300 startups working in identified areas and provide them with a seed fund of up to Rs 25 lakh and other facilities. The government has earmarked an amount of Rs 95.03 crore over 3 years for the program.
About 1,820 applications were qualified and 111 applicants selected for the presentation round. The consolidation of scores and the finalization of results is underway. The final list of selected startups will be announced soon and they will be incubated by STPI and provided with stipends or seed funding and other facilities to set up their venture.
Maximum applications were received from ed-tech, agri-tech and fin-tech sectors at 767 (42 percent) followed by jobs and skilling, linguistic tools and technologies and healthcare sectors at 312 (17 percent) and 308 (17 percent) applications, respectively.
In terms of regions, Maharashtra leads the tally with 215 applicants followed by Uttar Pradesh (199), Odisha (138) and Madhya Pradesh (129). CHUNAUTI, the NextGen startup challenge was launched by Ravi Shankar Prasad, Minister of Electronics & IT, Communications, Law & Justice in August 2020.
The objective of the initiative is to identify and support solutions for sectors and domains that have emerged as a priority in the post-pandemic world. The key domains in which proposals were invited under CHUNAUTI are edutech, agritech and fintech solutions for masses, supply chain, logistics & transportation management, infrastructure and remote monitoring, medical healthcare, diagnostic, preventive and psychological care and jobs & skilling, linguistic tools and technologies.
Dr. Omkar Rai, Director General, STPI, said, “We are enthused by the overwhelming response from participants on CHUNAUTI. The initiative underscores our commitment to supporting startups across India, especially in tier 2 and tier 3 cities. It aligns with our vision to foster an innovative ecosystem for the development of indigenous software products. The selected startups will receive end-to-end support through financial assistance and mentorship that will encourage innovation and entrepreneurship in the key sectors.”
NGIS is a joint initiative by the Ministry of Electronics and Information Technology (MeitY) and STPI to build a world-class incubation ecosystem for identifying and nurturing startups working towards path-breaking software products for addressing the futuristic problems in business and society, and transforming them to become tomorrow’s unicorns. Along with MeitY, STPI, MSH, STPINEXT, a vast spectrum of industry, academia, investment and funding agencies have joined hands to support the innovative product-focussed start-ups comprehensively.
NGIS is focused on 12 tier-II locations in the country that include Agartala, Bhilai, Bhopal, Bhubaneshwar, Dehradun, Guwahati, Jaipur, Lucknow, Prayagraj, Mohali, Patna and Vijayawada. It aims to support 300 start-ups/entrepreneurs/SMEs in the field of IT/ITeS/ESDM for 3 years. Startups pan-India can apply and become NGIS beneficiary. Each NGIS location has a dedicated chief mentor along with a 'mentor pool' and knowledge partners.