- Initiate a collective effort to help Indian startups survive this crisis and build resilient businesses
- Launch of ACT Grants, an INR 100 Cr-programme, aimed at seeding 50+ initiatives through grants to combat COVID-19 in India
Founders from leading Indian startups, members of investment advisory firms in India, and independent advisors and supporters of the startup ecosystem have come together to announce the launch of the Action COVID -19 Team (ACT).
ACT’s mission is to provide guidance and resources to startup founders and employees, and empower teams through financial grants and mentoring to create large-scale impact in the fight against COVID-19. The group will be supported by partner NGOs and leading industry veterans and will collaborate with government agencies to scale up solutions that show promising results.
ACT will comprise:
- A collective effort to help startup founders navigate these challenging times with advice and guidance.
Investors, industry veterans and founders will collaborate and support startup founders in their preparation and planning as they face significant economic impact caused by COVID-19. It will be a dynamic resource to share best practices with them and enable them to collaborate and co-operate efficiently with business partners and various other external and internal stakeholders.
- A INR 100 Cr ACT Grant (www.actgrants.in) which will springboard innovators who are working on solutions to overcome COVID-19.
It seeks platforms that have capital-efficient, scalable solutions which need initial seed grant to fight COVID-19. Additionally, the ACT platform will bring its networks, team money and startup assets to create a force multiplier to help these initiatives make rapid meaningful progress.
Grant applications are invited from NGOs, SMEs and startups that are working on innovative solutions to combat the effect of COVID-19 in the following areas:
- Prevention of COVID-19 spread
- Scaling Testing
- Disease management at home
- Enhanced support for healthcare workers & hospitals
- Management of critically-ill patients
- Support for mental health
A 25-member team combining the resources of the startup community has been formed to enable rapid evaluation and recommendations on potential projects. A leadership team comprising members of the investment advisory community, founders and independent advisors has been formed to make grant decisions. Further, a mentoring team has been constituted who can monitor and support post-investment for the projects.
Statement from the Action COVID-19 Team (ACT)
“As members of the startup ecosystem, not only are we feeling the massive impact of COVID-19 in our industry, but we are also conscious of our collective responsibility in helping fight the long-term effects this global pandemic will have on our society. Through the Action COVID -19 Team (ACT), founders, investment advisors, business leaders and service providers have come together as a community. Our mission is to provide a springboard for Indian startups and innovators in their fight against COVID-19.”
We have partnered with the Bengaluru-based chapter of ‘United Way’, a global non-profit organization, to help coordinate the project and grant activities. They are an ISO-certified, FCRA and 80-G compliant organization.
We also extend our thanks to TiE, IVCA, Nudge foundation and Wizikey for contributing towards the initiative.
ACT Grants is open for applications, send your entry here - apply@actgrants.in
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