Startup India

Last updated

Startup India
Startup India logo.svg
Country India
Prime Minister(s) Narendra Modi
Ministry Ministry of Commerce and Industry
(Department for Promotion of Industry and Internal Trade)
Key people Suresh Prabhu, Piyush Goyal
LaunchedJanuary 16, 2016;7 years ago (2016-01-16)
Vigyan Bhavan, New Delhi
StatusActive
Website www.startupindia.gov.in

Startup India is an initiative of the Government of India. The campaign was first announced by Indian Prime Minister, Narendra Modi during his speech on 15 August 2015. [1]

Contents

The action plan of this initiative is focussing on three areas:

  1. Simplification and Handholding.
  2. Funding Support and Incentives.
  3. Industry-Academia Partnership and Incubation.

An additional area relating to this initiative is to discard restrictive States Government policies within this domain, such as License Raj, Land Permissions, Foreign Investment Proposals, and Environmental Clearances. It was organized by The Department for promotion of industry and internal trade (DPI&IT). [2]

A startup defined as an entity that is headquartered in India, which was opened less than 10 years ago, and has an annual turnover less than ₹100 crore (US$13 million). [3] Under this initiative, the government has already launched the I-MADE program, to help Indian entrepreneurs build 10 lakh (1 million) mobile app start-ups, and the MUDRA Bank's scheme (Pradhan Mantri Mudra Yojana), an initiative which aims to provide micro-finance, low-interest rate loans to entrepreneurs from low socioeconomic backgrounds. [4] Initial capital of ₹20,000 crore (equivalent to ₹240 billionorUS$3.0 billion in 2020) has been allocated for this scheme.

Women-led startup share exceeds 8% in Indian tech industry

Women entrepreneurs' share of startups in the Indian tech industry has exceeded eight per cent and surpassed over18 per cent among funded companies share, a new report said.https://www.awazthevoice.in/women-news/women-led-startup-share-exceeds-in-indian-tech-industry-19915.html

Out of the 2,200 women-led startups in India that have received funding, 36 per cent have progressed to the Series A stage, and 24 per cent have gone on to Series D stage or beyond, according to Tracxn, a leading market intelligence platform.

The number of active investors investing in women-led startups has seen a steady increase since 2010, with a sharp year-on-year jump of 42 per cent in 2021, the findings showed.

Women-led startups have outperformed the Indian startup ecosystem generally in 2022 as per the stage-by-stage breakdown.

Among the cities in India, women-led startups in Bengaluru have raised the highest funding of $11.3 billion, followed by Delhi-NCR ($5.7 billion) and Mumbai ($3.5 billion).

Recently Indian Prime Minister announced "India will celebrate January 16 as ‘National Start-up Day". Hon’ble PM awarded 48 startups on the eve of first National startup day. This time from Pune, Maharashtra, four startups got the award. [5]

Key points

Launch

The event was inaugurated on 16 January 2016 by The Former Finance Minister of India Arun Jaitley. Among the attendees were CEOs, startup founders and venture capitalists. [6] [7]

Government's role

Entrepreneurship is made above posts like organized and policy pillar, opportunity of capital and entrepreneurial civilization. In an emerging society such as India, the government should regulate entrepreneurship and encourage commercialization of bright plans by imitating the startup environment in the expanded states. [8]

The Ministry of Human Resource Development and the Department of Science and Technology have agreed to partner in an initiative to set up over 75 such startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and National Institutes of Pharmaceutical Education and Research (NIPERs). [9]

The Department for Promotion of Industry and Internal Trade (DPIIT) is mandated to coordinate implementation of Startup India initiative with other Government Departments. Apart from DPIIT, the initiatives under Startup India are driven primarily by five Government Departments viz. Department of Science and Technology (DST), Department of Bio-technology (DBT), Ministry of Human Resource Development (MHRD), Ministry of Labour and Employment, Ministry of Corporate Affairs (MCA) and NITI Aayog. Government of India has made fast paced efforts towards making the vision of Startup India initiative a reality. Substantial progress has been made under the Startup India initiative, which has stirred entrepreneurial spirit across the country. [10]

The Reserve Bank of India said it will take steps to help improve the ‘ease of doing business’ in the country and contribute to an ecosystem that is conducive for the growth of start-up businesses. [11]

Proactive action from state and central government is spurring growth and fostering the entrepreneurial culture in the country. The government initiatives and policies are creating a favourable environment for startups, enabling expansion of infrastructure, co-working spaces, incubators, accelerators and in certain cases access to funding and market. [10]

Investments

SoftBank, which is headquartered in Japan, has invested US$2 billion into Indian startups. The Japanese firm has pledged to invest US$10 billion. Google declared to launch a startup, based on the highest votes in which the top three startups will be allowed to join the next Google Launchpad Week, and the final winner could win an amount of US$100,000 in Google cloud credits. [12] Oracle on 12 February 2016 announced that it will establish nine incubation centers in Bengaluru, Chennai, Gurgaon, Hyderabad, Mumbai, Noida, Pune, Trivandrum and Vijayawada. [13] Rs 1000 crore Fund of Funds for startups are reserved for women-led startups. [14]

On fifth anniversary of the Startup India initiative, PM Modi announces Rs 1,000 crore 'Startup India Seed Fund' [15]

State initiatives

Kerala has initiated a government startup nodal agency called Kerala Startup Mission (KSUM). KSUM supports startup ecosystem by means of different components such as Infrastructure, Human Capital Development, Funding, Governance, Public-Private partnerships, Global collaborations, Scaling Existing, and Establishing New startup ventures from Startup-Boot Up-Scale up model for moving fast from ideas to IPO. The state also matches the funding raised by its incubator from Central government with 1:1.

Telangana has taken “exemplary initiatives” by establishing the exclusive women’s incubator WE HUB, the Telangana Innovation Fund (T-Fund, an early stage investing vehicle in collaboration with global investor), and the government mentor program (GMP) to bridge the gap between states and startups. [16] [17]

Andhra Pradesh has allocated a 17,000-sq.ft. Technological Research and Innovation Park as a Research and Development laboratory. It has also created a fund called Initial Innovation Fund of ₹100 crore (US$13 million) for entrepreneurs. [18] [ check quotation syntax ] The government of Madhya Pradesh has collaborated with the Small Industries Development Bank of India (SIDBI) to create a fund of ₹200 crore (US$25 million).

Rajasthan has launched iStart Rajasthan & India's largest business incubation center - Bhamashah Techno Hub. [19] [20]

In order to promote start-ups in Odisha, the state government organised a two-day Start-up Conclave in Bhubaneswar on 28 November 2016. [21] [22]

Maharashtra State Innovation Society (MSInS) presented Maharashtra’s Startup pillars & best practices for the participating states, explaining the journey of building an innovative and entrepreneurial culture in the state. The state officials visited the Society for Innovation and Entrepreneurship (SINE), an umbrella organization at the Indian Institute of Technology (IIT), Mumbai for fostering entrepreneurship and nurturing tech startups. Field visits to Biomedical Engineering and Technology In Biomedical Incubation Center (BETiC), IIT Mumbai, and Research Innovation Incubation Design Labs (Riidl) were also conducted. [23]

Kerala Startup Mission, the state nodal agency for supporting technology startups in the state had envisaged and constructed the Technology Innovation Zone which is a 13-acre Startup Campus where multiple sector incubators and accelerators come together with industry participation. The state officials visited the Integrated Startup Complex, BioNest, and InQ Co-Working Space. [23]

Indian states with their own startup initiatives as of June 2017 include West Bengal, Uttar Pradesh, Odisha, Rajasthan, Karnataka, Gujarat, Jharkhand, Goa, Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Telangana, and Uttarakhand. [24]

State rankings

The result of first ever startup state ranking were announced in December 2018 by the Department of Industry and Internal Trade based on the criteria of policy, incubation hubs, seeding innovation, scaling innovation, regulatory change, procurement, communication, North-Eastern states, and hill states. [25]

The 2018 Startup State Rankings are: [25]

The second edition of the exercise was launched in 2019 and has now been completed with active participation of 22 states and 3 Union Territories. [26]

After the successful completion of a rigorous evaluation process, Shri Piyush Goyal, Hon’ble Minister of Railways and Commerce & Industry, announced the results of the 2nd edition of States’ Startup Ranking on 11 September 2020, at an event held at the National Media Centre, New Delhi.

Higher education alliances

As per the "Industry-Academia Partnership and Incubation" focus of the Startup India initiative, the Union Ministry of Human Resource Development has announced plans for the development of "Research Parks" to be created in partnership with higher education providers across India. An initial investment of Rs.100 crore, has been set aside for the program, which aims to provide students with access to funds and mentorship for startups. [27]

The Innovation in Mobile App Development Ecosystem (I-MADE) program was also rolled-out in February 2016. An initiative developed in partnership with The Department Of Telecommunications (Govt of India), Telecom Centers of Excellence (TCOE), EVC Ventures, and Unified, it aims to help Indian entrepreneurs create mobile app startups. [28] [29] The program is scheduled to last for 5 years, and has collaborated with 11 Indian universities. [30]

See also

Related Research Articles

Business incubator is an organization that helps startup companies and individual entrepreneurs to develop their businesses by providing a fullscale range of services starting with management training and office space and ending with venture capital financing. The National Business Incubation Association (NBIA) defines business incubators as a catalyst tool for either regional or national economic development. NBIA categorizes its members' incubators by the following five incubator types: academic institutions; non-profit development corporations; for-profit property development ventures; venture capital firms, and a combination of the above.

<span class="mw-page-title-main">Indian Institute of Management Kozhikode</span>

Indian Institute of Management Kozhikode is an autonomous public business school located in Calicut (Kozhikode), Kerala. The institute, set up in 1996 by the Government of India in collaboration with the State Government of Kerala, is one of the 20 Indian Institutes of Management (IIMs). It was the fifth IIM to be established.

<span class="mw-page-title-main">Software Technology Parks of India</span>

Software Technology Parks of India (STPI) is an S&T organization under Ministry of Electronics and Information Technology (MeitY) engaged in promoting IT/ ITES Industry, Innovation, R&D, Start-ups, Product/ IP creation in the field of emerging technologies like Internet of Things (IoT), Blockchain, Artificial Intelligence (AI), Machine Learning (ML), Computer Vision, Robotics, Augmented & Virtual Reality, Animation & Visual effect (AVGC), Data Science & Analytics for various domains like FinTech, Agritech, MedTech, Autonomous Connected Electric & Shared(ACES) Mobility, ESDM, Cyber Security, Gaming, Industry 4.0, Drone, Efficiency Augmentation, etc.. STPI was established in 1991 by the Indian Ministry of Electronics and Information Technology (MeitY) with the objective of encouraging, promoting and boosting the export of software from India. STPI Headquarters is located in New Delhi with 62 Centres spread across the country. STPI has expanded its presence pan-India to support IT/ITeS Industry. Working closely with all stakeholders, STPI has played a key role in transforming the country as the preferred IT destination

<span class="mw-page-title-main">Kris Gopalakrishnan</span> Indian billionaire

Senapathy "Kris" Gopalakrishnan is an Indian billionaire businessman who is recognized as a global business and technology thought leader for his role in growing the IT services industry worldwide. He co-founded Infosys, where he served as the chief executive officer and managing director from 2007 to 2011, and as vice chairman from 2011 to 2014. Following his retirement from Infosys, Kris has been very active in promoting the Indian startup ecosystem, and philanthropically supporting research on brain sciences, aging related disorders, and healthcare in India. He has also been on the board of trustees for the Infosys Science Foundation from 2009, and currently serves as the President of the Board. According to Forbes,He has an estimated net worth of US$4.60 Billion as of December,2021 making him one of the richest people in India.

<span class="mw-page-title-main">Regional Rural Bank</span> Government banks at regional level

Regional Rural Banks (RRBs) are government owned scheduled commercial banks of India that operate at regional level in different states of India. These banks are under the ownership of Ministry of Finance, Government of India. They were created to serve rural areas with basic banking and financial services. However, RRBs also have urban branches.

A technology business incubator is a type of business incubator focused on organizations that help startup companies and individual entrepreneurs which use modern technologies as the primary means of innovation to develop their businesses by providing a range of services, including training, brokering and financing. In several countries, including India, China, and the Philippines there have been government initiatives to support TBIs. Organizations under the title of technology business incubator often receive funding or other forms of support from the national government.

Indian Institutes of Information Technology (IIITs) are a group of 25 interdisciplinary technology-based-engineering research institutions in India which are focused on information technology. Five of them are established, funded and managed by the Ministry of Education (MOE). The other 20 are set up on the public-private partnership (PPP) model, funded by the central government, state governments and industry partners in the ratio 50:35:15.

<span class="mw-page-title-main">Startup Village</span>

Startup Village is a not-for-profit business incubator based in Kochi, Kerala, India, started in April 2012. The organisation aimed to launch 1,000 technology startups over the next ten years and start the search for the next billion-dollar Indian company. It focusses primarily on student startups and telecom innovation. It is India's first incubator that is funded jointly by the public and private sectors. As of October 2013, Startup Village has supported 450 startups through Incubation and Virtual Incubation combined. Businessman Kris Gopalakrishnan is the chief mentor at Startup Village.

<span class="mw-page-title-main">Rabindranath Tagore University, Bhopal</span> University in India

Rabindranath Tagore University (formerly known as AISECT University) is a premier private university established by All India Society for Electronics and Computer Technology (AISECT) in Mendua Village, Raisen District, Bhopal, Madhya Pradesh, India. Rabindranath Tagore University is recognised by University Grant Commission and Government of Madhya Pradesh. It provides academic programmes in graduate, post graduate and research levels in Engineering, Information Technology, Management, Law, Science, Arts, Commerce, Education, Paramedical etc. AISECT Academy for Fire Safety and Security was launched with the support of NAFS– National Academy of Fire and Safety Engineering.

<span class="mw-page-title-main">Digital India</span> Online infrastructure in India

Digital India is a campaign launched by the Government of India to ensure that the Government's services are made available to citizens electronically through improved online infrastructure and by increasing Internet connectivity or making the country digitally empowered in the field of technology. The initiative includes plans to connect rural areas with high-speed internet networks. It consists of three core components: the development of secure and stable digital infrastructure, delivering government services digitally, and universal digital literacy.

<span class="mw-page-title-main">Make in India</span> Government initiative to encourage manufacturing in India

Make in India is an initiative by the Government of India to create and encourage companies to develop, manufacture and assemble products made in India and incentivize dedicated investments into manufacturing. The policy approach was to create a conducive environment for investments, develop a modern and efficient infrastructure, and open up new sectors for foreign capital. The initiative targeted 25 economic sectors for job creation and skill enhancement, and aimed "to transform India into a global design and manufacturing export hub."

<span class="mw-page-title-main">Dhruva Space</span> Indian aerospace company

Dhruva Space Private Limited is an Indian private aerospace manufacturer headquartered in Hyderabad, India. Founded in 2012 by Sanjay Srikanth Nekkanti, the company is engaged in the development of small satellites in the commercial, governmental and academic markets. It provides full-stack space-engineering solutions across launch, space and ground segments – namely, the building, launching and operation of satellites.

<span class="mw-page-title-main">T-Hub</span>

T-Hub is an innovation intermediary and business incubator based in Raidurg, Hyderabad, Telangana, India. Based on the triple helix model of innovation, it is a partnership between the Government of Telangana, three academic institutes in Hyderabad and the private sector.

<span class="mw-page-title-main">Kerala Startup Mission</span>

Kerala Startup Mission is the central agency of the Government of Kerala for entrepreneurship development and incubation activities in Kerala, India. KSUM was primarily founded to undertake the planning, establishment, and management of the technology business incubator (TBI), a startup accelerator in Kerala, to promote technology-based entrepreneurship activities, and to create the infrastructure and environment required to support high-technology-based businesses.

Priyank M. Kharge is an Indian politician representing the Indian National Congress. He is currently serving as a Member of Legislative Assembly (MLA) from Chittapur Assembly Constituency in Kalaburagi District of Karnataka for the second time. In 2016, at the age of 38, he became the youngest minister to be sworn in to the then Chief Minister Siddaramaiah’s cabinet as the Minister of IT, BT & Tourism. He has also served as a Cabinet Minister of Social Welfare in the coalition Government headed by H D Kumaraswamy.

<span class="mw-page-title-main">Andhra Pradesh Medtech Zone</span>

Andhra Pradesh MedTech Zone(AMTZ) is a medical technology park with Common Manufacturing Facilities & Common Scientific Facilities that include specialized laboratories, warehousing and testing centers such as the Center for Electromagnetic compatibility and safety testing, Center for Biomaterial Testing, Center for 3-D printing, Centers for Lasers, MRI Magnets, Gamma Irradiation, Molds, and many other industrial service centers.

Pradhan Mantri Kisan Samman Nidhi is an initiative by the government of India that give farmers up to ₹6,000 (US$75) per year as minimum income support. The initiative was announced by Piyush Goyal during the 2019 Interim Union Budget of India on 1 February 2019. The scheme has cost ₹75,000 crore per annum and came into effect December 2018.

<span class="mw-page-title-main">CIIE.CO</span> Indian startup accelerator

CIIE.CO is an Indian startup accelerator and incubator that supports early-stage startups located at IIM Ahmedabad in Ahmedabad, India. It was founded in 2002 to promote innovation and entrepreneurship in India. It is a Center of excellence set up at Indian Institute of Management Ahmedabad with support from the Government of India's Department of Science and Technology and the Government of Gujarat.

References

  1. ↑ "PM Modi in Mann Ki Baat: 'Start Up India, Stand Up India' action plan on January 16 - Times of India", The Times of India
  2. ↑ "Start-Up India plan on Jan 16: Modi on Mann ki Baat". The Indian Express. 27 December 2015.
  3. ↑ Gazette Notification by Ministry OF Commerce and Industry (PDF), 19 February 2019
  4. ↑ "Report: PM scheme generates 1.68 crore jobs in 2 years", The Hindu Business Line , 8 September 2017
  5. ↑ "Four Pune startups get National Startup Award 2021". 17 January 2022.
  6. ↑ Borpuzari, Pranbihanga, "Startup India action plan to provide final break from license raj: Arun Jaitley", The Economic Times
  7. ↑ Agarwal, Surabhi, "PM Narendra Modi to unveil startup action plan today as a major breakthrough for entrepreneurship in India - The Economic Times", The Economic Times
  8. ↑ Srikanth, M. "Entrepreneurship, Innovation, and Economic Development: An Indian Experience". SEDME (Small Enterprises Development, Management & Extension Journal): 1–14.
  9. ↑ "Start up India: This is the beginning of big bang start up boom in India, says Softbank CEO", The Hindu , 16 January 2016
  10. 1 2 India, startup (9 December 2020). "Action Plan" (PDF).
  11. ↑ "RBI to create enabling framework for growth of start-ups". The Hindu. 2 February 2016. ISSN   0971-751X . Retrieved 4 February 2016.
  12. ↑ "Startup India event Live: Adventure, doing the impossible is all entrepreneurship, says Uber CEO Travis Kalanick", The Financial Express , 16 January 2016
  13. ↑ "After Digital India, Oracle seeks to participate in Make in India, Start-up India", Live Mint , 13 February 2016
  14. ↑ "Modi's Startup India to give funding, incubation, more to these many women-run businesses". The Financial Express. 7 December 2019. Retrieved 10 December 2019.
  15. ↑ "PM Modi Announces Rs 1,000-crore". Moneycontrol. Retrieved 23 January 2021.
  16. ↑ Nair, Sreelekha (29 November 2020), "Introduction", Moving with the Times, Routledge India, pp. 1–23, doi:10.4324/9781003157953-1, ISBN   978-1-003-15795-3, S2CID   242762346 , retrieved 9 December 2020
  17. ↑ Bharadwaj, Swati (8 December 2020). ""Telangana makes it to aspiring leaders bracket in states startup rankings 2019 - Times of India"". Time Of India. Retrieved 8 December 2020.
  18. ↑ "PM Modi to launch 'Startup India' campaign today", Business Standard India, 16 January 2016
  19. ↑ "Rajasthan government's iStart enrols 300 startups in one month". The Economic Times. 3 December 2017. Retrieved 9 May 2020.
  20. ↑ "India's Largest Business Incubator Bhamashah Techno Hub Launched In Jaipur, And Its Services Are Free". Inc42. 23 August 2018. Retrieved 9 May 2020.
  21. ↑ IANS (5 October 2016). "Odisha to organise start-up conclave". Business Standard India. Retrieved 20 October 2016.
  22. ↑ "Odisha to organise startup conclave - Times of India". The Times of India. Retrieved 20 October 2016.
  23. 1 2 Report, national (9 September 2020). "State initiatives" (PDF). Startup India Government.
  24. ↑ Cranenburgh, Craig (13 June 2017). "More states join Startup India campaign, here are the Startup policies of 15 states across India". The Plunge Daily. Retrieved 10 July 2021.{{cite web}}: CS1 maint: url-status (link)
  25. 1 2 DIPP ranking: Gujarat on top, Economic Times, 20 Dec 2018.
  26. 1 2 report, national (9 September 2020). "startupindia" (PDF).
  27. ↑ "With 'start-up India', research parks to bloom", The Hindu, 23 October 2015, ISSN   0971-751X
  28. ↑ Team, Editorial. "I-MADE Program For 35,000 Institutions Inaugurated By Mr. J. S. Deepak, Secretary, Department Of Telecommunications". EdTechReview. Retrieved 23 January 2018.
  29. ↑ "The i-MADE Program | EdTechReview". edtechreview.in. Retrieved 23 January 2018.
  30. ↑ "11 institutions selected under I-MADE program - IndiaEducationReview". IndiaEducationReview. 12 February 2016. Retrieved 23 January 2018.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.