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In the digital era we live in, business leaders have slowly but gradually started to understand the value of data. Right now, most companies are drowning in oceans of data that are generated by the top data science tools used by firms operating in healthcare, automobiles, academia, power plants, and other industries. Smart organizations are run by smart entrepreneurs who aim to leverage data science and machine learning not just for operational purposes, but these technologies serve as the core of organizational growth and development. It is needless to say that data science has become a growth catalyst for several sectors since its emergence, the technology has also enhanced business operations and helped organizations make use of vast amounts of data for better decision-making. The growing importance of data science and other disruptive technologies has led to the rapid boom in technology startups in India. Combining science and technology together, tech startups in India have embarked on their journeys to gain global recognition and success.
The 21st century is ruled by data, hence data science has become an indispensable part of businesses and industries as it provides valuable insights into customer behavior that can lead to increased conversions, detailed and accurate market analysis results, and improved operational efficiency. Data science has critical applications across most industries, in fact, even government institutions are using the technology to make decisions, analyze security practice efficiencies, and provide its citizens with some of the best services.
To tap into the analytics and disruptive technologies momentum, the Indian government aims to build a sustainable analytics ecosystem that brings in a strong partnership across the industry players, government, and academia. The government has formulated several programs and grants that aim to help emerging data science entrepreneurs dispose of their funding worries and give them a headstart to embark on their business ventures.
India has stepped up and started to build its capacities around new technologies like AI, IoT, and big data. These efforts showcase the growing awareness of the impact that AI can have within the government and policy circles. Here are some of the most lucrative government grants that data science entrepreneurs can avail to kickstart their tech businesses.
CGTSME is one of the biggest startup loan schemes launched by the Ministry of MSME in India. Under this scheme, startups are allocated with a collateral-free loan of about INR 1 crore to eligible startups and MSMEs. The loan is distributed through the trust, Guarantee Fund Trust for Micro & Small Enterprises.
The primary reason behind the formation of this Credit Linked Capital Subsidy is to provide financial help to MSMEs to upgrade their technology and implement cutting-edge digital platforms to develop their businesses.
This program aims to promote and foster cutting-edge technologies in the field of medical electronics. Indian startups which are less than three years old from the date of their first advertisement, and have over 50% ownership, Indian LLPs, and also those which are related to the Department of Scientific and Industrial Research can apply for this grant. The grant is facilitated by the Department of Biotechnology, under the Government of India.
BIRAC partnered up with SRISTI, which is a non-profit organization, based in Ahmedabad, Gujarat aims to promote grassroots-level innovations among university and college students. Around 15 entrepreneurial ideas are chosen from universities based across the entire country, nurtured for 2 years and then the winner will acquire a grant of around INR 15 lakhs.
The grant seeks to support the R&D initiatives to do some public good through the commercialization of technology developed through sustained partnerships between US and Indian researchers and industry leaders. The startup proposals are initially inspected by one Indian and one US partner for the complete duration of the proposed project, and then after a series of inspection procedures, the final two winners are chosen.
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