IN-SPACe offers startup seed funding, tech support in urban development, disaster management
IN-SPACe has announced a new seed fund to support startups working the areas of urban development and disaster management using space tech, but first: Spotify fired 1,500 staff, cutting its workforce by 17 percent, a measure that CEO Daniel Ek said was needed to face the challenges ahead. This is the company’s third round of layoffs this year, TechCrunch noted. “I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us,” Ek said in a company blogpost. Venture capital funding for India’s startups sank to the second-lowest level in almost seven years, Moneycontrol reported last week, citing data from Venture Intelligence. Indian startups recorded $223 million in funding from 35 deals in November, a fall of about 66 percent from $655 million in 52 deals in the previous month. The last time funding was lower than this was in January 2017 at $207 million in 43 deals, according to Moneycontrol. One thing today IN-SPACe, or the Indian National Space Promotion and Authorization Centre, the nodal agency of India’s Department of Space responsible for commercialization of space tech in private industry, or among Non-Government Entities, has announced a Seed Fund for startups in the areas of Urban Development and Disaster Management by using space technology. The scheme, launched in collaboration with the National Remote Sensing Centre, ISRO will help NGEs that use space technology for societal benefits to “graduate to the next level,” IN-SPACe said in a press release yesterday. Selected start-ups will receive seed funding for transforming an original idea into a prototype using space technology, ISRO facility support including Earth Observation data for validation of the concept, mentorship support, and access to data algorithms as transfer of technology from the Department of Space. “The role of the space sector is crucial to the overall development of the national economy … this scheme is designed to support Indian space startups that aim to develop innovative space products and services that can improve the quality of life for communities in India and around the world,” Pawan Goenka, chairman of IN-SPACe said in the press release. Under this fund, selected startups can get up to Rs. 1 crore in funding, in addition to mentorship support, training and networking opportunities. For urban development, there are several opportunities for startups in areas including urban planning, monitoring and infrastructure management, telecommunication, navigation, broadband connectivity, water resources management, energy efficiency, climate and weather monitoring, disaster risk reduction, public health, and healthcare, In-space noted in the press release. Similarly, disaster management offers opportunities for startups specializing in the domains including Geographical Information Systems (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. Cyclone Michaung pounding Tamil Nadu currently is another reminder that such technology solutions are urgently needed as the effects of climate change worsened in 2023. The funding scheme details can be downloaded from IN-SPACe’s website, inspace.gov.in and the last date to apply for funding under this scheme is Dec. 20.