The second edition of TANSEED (Tamil Nadu Startup Seed Grant Fund) 2021 will be held during July-September 2021, which will support up to 20 startups in the state with seed grants of Rs 10 lakh each. This follows the first edition of TANSEED during January-February 2021, which was held as a Grand Challenge, in association with Headstart Network Foundation. This had supported 10 promising startups with a seed grant of Rs 10 lakh each. This initiative aims to promote innovation and startup culture by providing financial grants to budding entrepreneurs.
TANSEED has been established under the StartupTN mission, which is an exclusive platform for state-based startups under the â€śTamil Nadu Startup and Innovation Missionâ€ť of the state government. The objective is to support the startups by bringing together various stakeholders, including mentors, investors, incubators, ecosystem partners, and others to accelerate startup growth. The Tamil Nadu Startup and Innovation Mission (TANSIM), branded as â€śStartupTNâ€ť, was established as a Section 8 company under the MSME Department in March 2021. A Section 8 company is a company registered under the Companies Act, 2013 for charitable or not-for-profit purposes.
â€śOur sole mandate is to implement the â€śTamil Nadu Startup and Innovation Policy 2018-23â€ť and to offer support through various schemes and programs, thereby creating an enabling ecosystem for startups in the state," said R Sairanganathan, Vice President, TANSIM.
The state government in a Goverment Order (GO) has also given concessions to the registered startups for procurements below Rs 20 lakh in value. This entails exemption from payment of Earnest Money Deposit, from the condition of prior turnover, from the condition of prior experience, and also waiver of tender cost.
Some of the success stories from the first edition of TANSEED include GalaxEye Space Solutions, incubated at the IIT-Madras incubation cell, which recently raised its first institutional funding from Speciale Invest and Buyofuel, incubated at AIC RAISE, Coimbatore, which is in the final stage of closing a round of institutional funding from IPV Ventures.
The last date for application for the second edition of TANSEED is August 20, 2021. All participants will be required to register in the StartupTN portal to access the application form. Startups registered and willing to register in Tamil Nadu are eligible to apply.