The realm of entrepreneurship is ever evolving where creative and unique ideas many times encounter financial challenges on its way to success. Startups business grants offer a lifeline of financial assistance to budding entrepreneurs by contributing to their overall growth and development. This financial assistance allows various startups to invest in learning and development, improving product quality, and gaining a competitive edge in the market.
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From an entrepreneur’s perspective, the credibility attached with receiving a grant can welcome numerous investment opportunities from renowned angel investors and venture capitalists. Startup grants nurture the startup with expertise like networking opportunities, valuable mentoring, guidance to grow, connections and opportunities to accelerate the growth.
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A startup business grant is a financial support technique typically provided by organisations, governments, private corporations to emerging and sunrise businesses. It can be in different forms starting from cash grants, equity investments, low interest loans etc. Startup grants fosters creation of employment opportunities while decreasing the unemployment rate.
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At the same time they promote competitiveness, which ultimately improves the quality and reliability of products and services in the marketplace. Startups business grants are widely recognized and recommended. They are very often mentioned in economic development plans, public disclosure statements, policy agendas as necessary tools for economic development and employment generation. These are essential for the consistent growth of the global economy.
Here is a list of the Top 10 Startup Business Grants Around the World
Table of Contents
Small Business Innovation Research (SBIR)
This startup business grant is in the USA. It is a mechanism introduced by the Small Business Administration that inspires numerous small businesses to get involved in research and development which has the potential for commercialization in the upcoming future.
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This grant supports innovative research and developmental plans and projects triggered to prioritise the sectors like sustainable and renewable energy, healthcare innovation, advancement in innovative technology, and telecommunications specifically in the USA. This startup grant’s objective is to enhance technological innovation, align with federal research and developmental necessities, inspire women entrepreneurs as well as entrepreneurs who are physically challenged, entrepreneurs who are socially and economically weak.
Amber Grant originated in 1998 in the memory of Amber Wigdahl in the USA. This startup business grant is meant for women entrepreneurs. It is awarded on a monthly basis by WomensNet. All the profit oriented startups that are based in the USA and founded by women are eligible for this grant. All the women who have received the grant previously are dedicated entrepreneurs and are highly committed to their respective fields or sectors.
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The grant amount is increasing regularly. It usually provides $4000 on a monthly basis. In addition to this there is an individual amongst all the winners, selected through public voting who gets a $25000 grant amount at the end of every year. It has a specific application form to fill in case any women entrepreneur is interested to avail the grant.
Biotechnology Ignition Grant Scheme (BIG)
Biotechnology ignition grant scheme is a renowned and premier grant scheme offered by the Biotechnology Industry Research Assistance Council (BIRAC). This grant originated in India. It is associated with the startup particularly in the Biotechnology sector. It encourages innovativeness and uniqueness. Its objective is to popularise research outcomes to the commercialization stage.
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This startup grant offers funding at a very early stage to startups. It typically assists the whole process starting from idea generation to successful acceptance of the concept. It is specifically available for entrepreneurs who are also scientists in various research institutes, startups and academic infrastructure. To be eligible for applying for this grant one must be incubated or must own a registered company with a well equipped and fully functional research laboratory.
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The research project must be related to the topics like devices and diagnostics, bioinformatics, vaccine development, drug creation and drug delivery, biosimilars and stem cells etc. BIRAC has mandated the registration of the startup under the Indian companies Act 2013. The awarded startup will get an amount of ₹50 lakeside 4 instalments considering a time period of 18 months. Along with this startup will also get timely guidance from experts in the same industry. It receives applications twice a year.
Startup SG Founder
Startup SG Founder is a renowned startup support program based in Singapore which emphasises on innovative business idea generation by the fresh entrepreneurs, who are very new to the industry. Startup SG Founder collaborates with more than organisations known as Accredited Mentor Partners (AMPs).
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These companies particularly choses startups with similar interests, to provide them with numerous benefits and assistance to grow and prosper. When a startup applies for assistance, AMPs plays a major role thereby assessing the applications based on how different and innovative the business idea is, whether the business idea is realistic or not, how capable the management team is and how practically the idea can be implemented in the market.
Multiple Grants Scheme
The Multiple Grants Scheme was initiated by the Department of Electronics and Information Technology(DeitY) with an objective to combine academics and industry in a profitable manner. This grant is based in India. It offers an amount of ₹ 2 Crore for individual industry and upto ₹4 Crore for industry consortium. It offers financial assistance to products that are mentioned by the industry for the purpose of their research and development in India.
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The eligible entrepreneurs are selected based on the proposed documents submitted jointly by the industry and organisations. This scheme also promotes industry centered research and development. It also encourages the production of indigenous commodities by contributing to globalization. Here the partnered institutions must be of at least 5 years. In this situation the proposed outcome should be based on keen market research.
Kick-Start by CSIRO
Kick-Start is a remarkable grant operated by the Commonwealth Scientific and Industrial Research Organization( CSIRO) which is the renowned national science agency in Australia. CSIRO deals with issues associated with national growth priorities with novel discoveries in science and technology. This grant is meant for startups and Small and micro enterprises based in Australia.
Along with financial assistance it also provides expertise related to research and assistance to grow and develop. A profit oriented startup registered in Australia and having an Australian company number with non tax exempt and GST registered is eligible to apply for the grant. The startups applying for this grant must not be less than 3 years.
Space Technology Development Program (STDP)
This startup business grant is based in Canada and incorporated by the Canadian Space Agency. Its objective is to bring evolution while introducing novel ideas into the Canadian Space sector. It mostly offers grants to startups who create innovative products with commercial potential. It emphasises on providing contracts to enterprises for the development of new and futuristic technologies.
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This grant’s mission is to enhance industrial readiness of Canadian Space startups. All kinds of Canadian organisations are eligible to be issued contracts but only profit oriented organisations are eligible to receive any grant. The funding amount is based on the request for proposal and announcement of opportunities. The amount differs on distinctive factors like technological preparedness, policies etc.
Industrial Research Assistance Program (IRAP)
This startup business grant program is operated by the National Research Council of Canada. This grants funding assistance to numerous startups and Small and micro enterprises to enhance their capacity to innovate, to assist them in converting ideas and continuous real products.
It also provides other facilities like networking and expert advice. This has become mandatory to stimulate growth and creation of wealth . This startup business grant mainly prioritises eligible enterprises for that grant like profit oriented startups and SMEs incorporated in Canada with 500 employees in it. The awardees will get access to relevant industry technology advisors. It prioritises providing tailored efforts.
Strategic Partnership Program ( SPP)
The strategic partnership program originated as the successor of the incubation support program in South Africa. It typically finds companies and provides support to companies developing improvements in manufacturing and service supply capabilities. It also was planning to support Broad based black economic empowerment.
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Its objective is to nurture the startups and SMEs by integrating the combined effort of large private sector businesses and the respective government of the country. The cost is also shared between the partners involved in it. This grant is specifically provided for developmental work in many areas for example, equipment and product creation, information and communication technology etc. In this case the grant money sometimes is received on a quarterly or half yearly basis.
Experience Step-up Fund
Experience Step-up fund is the most appreciated grant amongst the 9 grants offered by the Singapore Tourism Board. This grant is entirely focused on the startups effortlessly working to enhance tourism in Singapore. It looks for startups that are working hard to enhance tourist satisfaction while making Singapore enticing for the outside world. The eligibility criteria for applying for this grant includes the companies or associations must be registered in Singapore.
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This grant is also available to government bodies. The startups that are going to apply for this grant must satisfy the eligibility criteria by aligning with the project proposal that can be creation of new experiences and products, content development at established attractions, technology facilitators, increasing the value of amenities by establishing retail malls and other attractive stores and lastly infrastructure advancement. This grant is not offered in a one time manner, rather it reimburses the money spent in different sectors like manpower cost, material cost, professional services cost etc. It also includes production and marketing costs.
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Startup business grants nourish the new businesses and their innovative concepts. These startup business grants encourage startups to prosper and grow. Startup business grants contribute to the global economy as well as global prosperity by promoting innovation and by encouraging entrepreneurs to pursue novel and groundbreaking ideas. In today’s entrepreneurial world, this is immensely required.
Frequently Asked Questions (FAQs)
Which are Top 10 Startup Business Grants Around the World?
Small Business Innovation Research, Amber Grant Biotechnology Ignition Grant Scheme, Startup SG Founder Multiple Grants Scheme Kick-Start by CSIRO Space Technology Development Program, Industrial Research Assistance Program, Strategic Partnership Program, Experience Step-up Fund are Top 10 Startup Business Grants Around the World.
Who is operated IRAP Programme?
This program is operated by the National Research Council of Canada.