IN-SPACe launched a Seed Fund Scheme

December 7, 2023

GS Paper III Indian Economy

Context: The Indian National Space Promotion and Authorization Centre (IN-SPACe) launched a seed fund scheme for start-ups operating in the area of urban development and disaster management by using space technology.

About Seed Fund Scheme

The Seed Fund Scheme is a part of IN-SPACe’s efforts to provide a special thrust to enhance the space activity capabilities of the nation with the active participation of the start-ups.

Indian National Space, Promotion & Authorization Centre (INSPACe)

Objective: To act as a single window nodal agency that will oversee and permit the activities of private companies into the space sector.
Nodal agency: Department of Space (DOS) Government of India.
Functions:
- It will also oversee the sharing of the ISRO assets by the private players with due consideration to the present and ongoing projects of the ISRO.
- It will also handhold and guide the private players on the issue of technology, promotion, and expertise.

National Remote Sensing Centre (NRSC):

NRSC has the mandate for the establishment of ground stations for receiving satellite data, generation of data products, dissemination to the users, development of techniques for remote sensing applications including disaster management support, geospatial services for good governance and capacity building for professionals, faculty, and students.

What are the key features of the Seed Fund Scheme?

Prototype Development: Selected start-ups will receive seed funding for transforming an original idea into a prototype using space technology.
Collaboration: It has been launched in collaboration with ISRO’s National Remote Sensing Centre (NRSC).
Aim: To support Indian space start-ups that aim to develop innovative space products and services.
Financial Assistance: Rs 1 crore
It offers mentorship support, training and networking opportunities.

Also Read: Hybrid Seeds In Indian Agriculture

News Source: Financial Express