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India rolls out Rs500-crore fund to boost space startups
Space startups will receive up to 60% of their project costs funded, while micro, small, and medium enterprises will receive up to 40%
The Indian National Space Promotion and Authorisation Centre (In-SPACe), an arm of the Department of Space (DOS), has rolled out a Rs500 crore ($60 million) technology adoption fund for innovative startups to transform their early-stage technologies into commercially viable products.
The In-SPACe website said space startups will receive up to 60% of their project costs funded, while micro, small, and medium enterprises will receive up to 40%.
In-SPACe announced that, under this scheme, startups and MSMEs will receive up to ₹250 million ($2.88 million) in funding.
The Indian space technology landscape has grown substantially over the past few decades, with the Indian Space Research Organisation (Isro) leading this development and positioning India as a significant player in the global space industry.
The fund will democratize technology while reducing dependence on imports.
Intellectual property developed by startups under this scheme will remain with applicants i.e. space startups applying for funds under this scheme, but any licensing of the IP shall require prior approval of IN-SPACe.
The startups will capitalize on their IP and commercialize their innovations through the product developed under this scheme or by licensing their IP to a third party.
The startups will share some of their revenue with IN-SPACe, according to the guidelines document.
IN-SPACe is responsible for establishing new space infrastructure and facilities by encouraging non-government entities to participate in the space research ecosystem.
It supports startups involved in building launch vehicles and satellites, providing space-based services, and sharing space infrastructure and premises under the control of the Department of Space and ISRO.
IN-SPACe will evaluate all the proposals on technical feasibility, commercial viability, domestic and international demand, potential Socio-Economic Impact, innovation, current maturity, past experience, facilities availability, financial capability, business plan, technical expertise, and IP portfolio.
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