build3, the leading ecosystem for building impact startups (for-profit and purpose-driven startups), today announced that it has been selected as an incubator under the Startup India Seed Funding Programme at the 56th Expert Advisory Committee meeting.
The company also received approval from the Expert Advisory Committee (EAC), with a total grant commitment of Rs 3 Crore from the Government of India.
This development marks an important milestone for build3 as it embarks on further strengthening the early-stage impact startup ecosystem in the country, supporting founders building towards the United Nations Sustainable Development Goals (SDGs).
Provide financial support to startups
Launched by the Ministry of Commerce and Industry, the Startup India Seed Fund Scheme has been designed to provide financial support to startups for proof of concept, prototype development, product testing, market entry and commercialization.
The evaluation process for selecting build3 as an incubator under the scheme included several parameters, including the quality of the team, previous track record, capital investments, investments from external sources, infrastructure, performance of the incubated startups and others.
As a government-recognized incubator, build3 is eligible to disburse impact funding to founders to help them develop their product and enter the market.
Comments from the leaders
Varun Chawla, Co-Founder, build3, expressed his excitement and said, “The government’s support is a testament to build3’s vision of supporting founders building startups that make the world a better place. The benefits of capitalism lie in its emphasis on innovation and creativity; the incentive to create new products that channel human ingenuity and passion. build3 aims to act as a canvas where capitalism and integrity intersect to create products that truly benefit humanity. We are glad to partner with the government to help realize this vision.”
The selection as an incubator under the Startup India Seed Fund program comes just days after build3 received the 2024 Flourish Award from Case Western Reserve University’s Weatherhead School of Management as a changemaker.
As a renowned incubator, the Goa-based company is now looking forward to its third Impact Accelerator cohort to help build the next wave of impact startups.
In accordance with the scheme regulations, build3 will shortlist eligible startups considering the scheme guidelines that have been put into practice as of April 1, 2021.
Build3, a certified B Corp, helps build startups by offering capabilities, community, and capital. It also provides additional support by raising additional funding from external sources for selected startups.
Along with Varun Chawla, Girish Sampath and Anjali Nair have been instrumental in securing the Startup India Seed Fund grant for build3. The company aims to help 100,000 impact founders build startups that benefit the mind, body and earth (with an eye toward the UN SDGs).
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