Dimapur, October 11 (MExN): YouthNet has invited applications from eligible startups in Nagaland for the Pilot Component of the Ministry of Electronics and Information Technology’s (MeitY) GENESIS Pilot 2.0 programme, which offers funding of up to Rs 40 lakh to implement pilot projects with government bodies, public sector undertakings (PSUs) and large enterprises. Applications will remain open until October 30.
Neikepekho Shosahie, Associate Director of YouthNet, said the programme presents an opportunity for technology startups in Nagaland that are ready to scale and demonstrate investment readiness. “YouthNet Incubation Centre is the only implementing partner for the programme in Nagaland. Through the different components of MeitY GENESIS, several startups from the state have already received financial and incubation support. The Pilot Component can help eligible startups deliver a live engagement, strengthen their solutions and build a pathway to further business,” he said.
GENESIS, or Gen-Next Support for Innovative Startups, is a MeitY initiative aimed at strengthening the startup ecosystem in Tier-II and Tier-III cities. Its Pilot Component supports startups that have secured a Purchase Order or Work Order (PO/WO) to test and demonstrate market-ready solutions in real-world settings, build industry credibility and pursue repeat business.
According to YouthNet, funding of up to Rs 40 lakh will be determined by the verified costs of delivering the pilot project, as detailed in the utilisation plan. YouthNet Incubation Centre, the implementing agency, will recommend the funding amount, while the MeitY Startup Hub (MSH) will make the final decision.
The programme also requires the startup to allot equity of up to 3% of its fully diluted post-money shareholding to the implementing agency in its own name, for MSH’s benefit as the beneficial owner. The fair value per share must be supported by a valuation report from a Securities and Exchange Board of India-registered merchant banker or an Insolvency and Bankruptcy Board of India-registered valuer.
To qualify, applicants must be Department for Promotion of Industry and Internal Trade (DPIIT)-recognised startups incorporated in a Tier-II or Tier-III city and between one and five years old. Indian founders must hold at least 51% of the startup, which must have a minimum viable product (MVP) or working prototype and at least one full-time founder.
Applicants must also possess a pilot PO/WO worth between Rs 1 lakh and Rs 1 crore from an eligible, independent pilot partner. The order must cover the deployment of the startup’s own product.
Other eligibility conditions include cumulative startup revenue not exceeding Rs 1.5 crore, previous government funding not exceeding Rs 40 lakh and previous private funding not exceeding Rs 1.5 crore. Interested startups can visit YouthNet’s website or its official social media channels for detailed guidelines, eligibility criteria and application instructions.
For further information, applicants may contact Neikepekho Shosahie, Associate Director (Entrepreneurship), YouthNet, at 8119039063 or [email protected].
