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What is Startup India

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Overview

A start-up India portal has been initiated by our Prime Minister, Mr. Narendra Modi. This campaign was initiated by him to create a platform for entrepreneurs. It helps those entrepreneurs who have innovative ideas and want to implement them. The Government of India organizes various entrepreneurship programs, and entrepreneurs can attend them. This online platform gives spectacular opportunities to the people and helps them in various ways, such as growing networking, developing ideas, resource management ideas, funding generation ideas, implementation processes, etc.

Detail overview picture

This start-up India platform has created an impactful ecosystem that can help to grow this start-up industry. With the help of these initiatives, people can implement their start-up ideas more efficiently. This platform allows its stakeholders to interact with other members in their surroundings to get a chance to exchange their thoughts, ideas, plans, etc. Start-up India is such an effective platform which can lead India towards economic development by contributing great amount to GDP, employment, revenue generation, etc.

Start-up India can help those people who have an idea but do not know how to start it. This single window platform can give an enormous exposure to those people who want to make start-ups. It prepares those interested persons to face various challenges, guide them, deal with adverse situations, do capital management, etc. This online portal provides remarkable service to improve businesses by creating various resource management opportunities, investment planning, etc. The Start-up India portal creates an effective business environment involving various investors, mentors, industrialists, etc.

How can an entity be considered a start-up?

A start-up is a freshly established company. It is founded or initiated by one or more entrepreneurs to develop any unique product & service. In start-ups, the initial funding can be from its founders or any of its partners. Together they introduced a unique product & service in the market. Because of split-ups or renovation of business, many new entities or independent existence were also introduced. But after the formation of a new entity, it cannot considers as start-up until and unless it satisfied the below conditions:

1) An entity existence must be of 10 years from its incorporation date.

2) It needs to be registered in India as a private limited or LLP or partnership.

3) Since its incorporation date, the yearly turnover of that entity should not be exceeded one hundred crore rupees for any of the financial years.

4) That particular entity should work towards development, innovation, product improvements, processes, etc. or an extensible business model in terms of wealth creation or high potential employee generation.

Service facilities of Start-up India Portal

1) It provides a vast networking platform where you can interact with various investors, collaborates with different stakeholders, gets resources for your start-up, etc.

2) Provide you valuable information regarding Government schemes and policies for entrepreneurs that can help you utilize and explore your start-up ideas.

3) You can get accessibility for various online start-ups and resource allocation tools.

4) Provides the opportunity to make an online application for DPIIT recognition to get start-up benefits, tax exemptions, IPR fast-tracking, easier compliance, etc.

5) Entrepreneurs can participate in different programs organized by corporations and government agencies to get rewards, support, business development ideas, etc.

Multiple funding options/opportunities for entrepreneurs

In a start-up, the main character is fund generation. For start-ups, there are different sources available. Sometimes entrepreneurs try to raise funds from external sources such as business angels, investment funds, security issues, etc. but these are quite complex and time fetching activity. But on start-up portals, there are various government schemes available for eligible start-ups. Some start-up schemes are described below:

1. Venture-capital assistance scheme :-

It is financial support provided by SFAC to the small companies or start-up ventures. In this scheme, start-up companies can get interest-free loans, helping them meet their capital generation's shortfall.

2. Start-up India schemes for women entrepreneurs or schedule caste :-

Start-up India provides a loan between 10 lakhs to 1 crore to the single women entrepreneurs or schedule cast entrepreneurs (SC/ST). This applies to the manufacturing, trading, or service sector.

3. Multiplier grants scheme :-

This scheme is for the department of electronics and information technology. This scheme also provides funds for its R & D. If commercialization is possible for any industry in the case of R & D, then the government will provide financial support under this scheme.

4. Supported specialized agencies and seminars :-

Start-up India provides various supports in seminars, workshops, conferences, presentations, etc. to universities, colleges, academic institutes, and other professionals to inspire young entrepreneurs.

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