Goa, 30th August, 2024: build3, the go-to ecosystem to build impact startups (startups which are for profit AND purpose), has announced today that it has been selected as an incubator under the Startup India Seed Fund Scheme at the 56th Expert Advisory Committee meeting. The firm has also received approval from the Experts Advisory Committee (EAC), with a total commitment of INR 3 Crore grant from the Government of India. This development marks a significant milestone for build3 as it embarks on further strengthening the early-stage impact startup ecosystem in the country, supporting founders who build towards the United Nations’ Sustainable Development Goals (SDGs).
Introduced 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 trials, 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, prior track record, capital investments, investments from external sources, infrastructure, performance of incubated startups and others. As a government-recognised incubator, build3 is eligible to disburse funds to impact founders to help them develop their product and enter the market.
Mr. Varun Chawla, Co-Founder of build3, expressed his excitement , saying, “The support of the government is a testament to build3’s vision of supporting founders that build startups that make the world a better place. The benefits of capitalism lie in its thrust 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 wholeness intersect to create products that truly benefit humanity. We are glad to partner with the government to help achieve this vision.”
Selection as an incubator under the Startup India Seed Fund Scheme comes only days after build3 was awarded the 2024 Flourish Prize from the Weatherhead School of Management at Case Western Reserve University as an agent of change. As a recognised incubator, the Goa-based firm will now look forward to its third cohort of the Impact Accelerator to help build the next wave of impact startups. As per the regulations of the scheme, build3 will shortlist eligible startups considering scheme guidelines that have been operationalised from April 1, 2021.
A certified B Corp organisation, build3 helps build startups through its offering of capability, community and capital. It also extends additional help by raising additional funds 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 firm aims to help 100,000 impact founders build startups that benefit the mind, body, and earth (building towards UN SDGs).