build3, a Goa-based ecosystem dedicated to nurturing impact-driven startups, 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 ₹3 crore grant from the Government of India.
As a government-recognized incubator, build3 is now positioned to disburse funds to impact-driven founders, aiding them in product development and market entry.
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).
Varun Chawla, Co-Founder of build3, said, “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.”
Founded by Varun Chawla in 2020, build3 is a community to build impact startups for profit and purpose. Its target is to support and empower 100k founders to build impactful startups benefiting the mind, body, and earth (building towards UN SDGs, leveraging ESG) by leveraging diverse community modules — Impact Accelerator, impact online community, online impact courses, Art retreat, demo day, startup eco ashram and coworking community hub.
The flagship program, Impact Accelerator, focuses on helping impact founders find co-founders, refine their startup ideas and help them develop a viable business model. build3 accepts applications from -1 to 1 stage, ensuring a structured journey through ideation, creation, and scaling.
The 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.
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.
