The Indian National Space Promotion and Authorization Centre (IN-SPACe) under the Department of Space (DoS) to promote space-related activities in India’s private sector on Monday announced its Seed Fund scheme to back startups working in the urban development and disaster management segments using space technology.
Selected startups will be eligible for financial assistance up to Rs 1 crore along with mentoring and training and access to networking opportunities. The funding will be provided “for transforming an original idea into a prototype using space technology, ISRO facility support including Earth Observation (EO) data for validation of the concept, mentorship support, and access to data algorithms as transfer of technology from DoS,” IN-SPACe said in a statement.
Dr Pawan Goenka, Chairman, IN-SPACe said, “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. This scheme is designed to support Indian space start-ups that aim to develop innovative space products and services, thereby improving the quality of life for people and communities in India and around the world.”
Within the urban development space, startups looking at various verticals such as urban planning, monitoring and infrastructure management, telecommunication, navigation, broadband connectivity, water resources management, energy efficiency, climate and weather monitoring, disaster risk reduction, public health, healthcare, and more can leverage the scheme to scale their solution.
Similarly, within disaster management, areas such as Geographical Information System (GIS), early warning and monitoring systems, insurance and risk assessment, communication and navigation systems, climate change monitoring, search and rescue operations, space-borne sensors, and instruments, etc., are potential business areas.
According to the government’s Invest India portal, the Indian Space Sector was valued at $9.6 billion in 2020 with a share of 2-3 per cent in the global space market. The sector is likely to grow to $13 billion by 2025 even as India aims for a nearly 10 per cent share in the global space economy by 2030.