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Startup Policy

The document defines key terms related to innovative projects, startups, incubators, and angel investors. It also defines the prototype and pilot stages of a startup project. The scheme provides assistance to startups at the idea/prototype stage with a sustenance allowance of Rs. 10,000 per month for one year. It also provides incubator support services and access to university facilities. For startups at the pilot stage, the scheme provides up to Rs. 10 lakh in marketing/commercialization assistance if the startup has secured 25% outside funding or is part of an accelerator program run by an institution incubator.

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184 views1 page

Startup Policy

The document defines key terms related to innovative projects, startups, incubators, and angel investors. It also defines the prototype and pilot stages of a startup project. The scheme provides assistance to startups at the idea/prototype stage with a sustenance allowance of Rs. 10,000 per month for one year. It also provides incubator support services and access to university facilities. For startups at the pilot stage, the scheme provides up to Rs. 10 lakh in marketing/commercialization assistance if the startup has secured 25% outside funding or is part of an accelerator program run by an institution incubator.

Uploaded by

yibungo
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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DEFINITIONS

Innovative project: Innovation is the process of introducing new or making changes with updated
technology, large and small, radical and incremental, to products, processes, and services that result
in the introduction of something new and innovative products.

Startup: An entity that develops a business model based on some innovation and makes it scalable
for achieving commercial success.

Incubator: Incubator is any organization designed to accelerate the growth and success of
entrepreneurial ventures i.e, startups, through an array of business support resources and services
like physical space, capital, coaching and mentoring, common services and providing networking
connections.

Angel Investors: Investors who provide early stage seed funding to small startups or entrepreneurs.
The capital they provide can be a one-time injection of seed money or ongoing support to carry the
company through difficult times. The angel investor should be registered with SEBI or banks or
reputed institutions like IITs/IIMs/NITs etc. or DST of GoR/GoI approved incubation centres.

Prototype Stage is a pre-production/pre-launce stage where the startups developed a basic product
with most key features desired in the final product.

Pilot Stage is a stage where minimal capacity system is designed to start production of the desired
product, which can be subsequently scaled up for desired production level.

SCHEME

Startup Support
1. Assistance for Startups at Idea/Prototype Stage
a Rs. 10,000 per month will be provided to the startup as sustenance allowance for one
year whose project is recommended by the Nodal Institution and approved by the
Committee.
b Incubator will provide support to the startups by providing mentoring services, access
to their labs, facilities, etc. on a free-of-cost(FOC) basis.
c The State Government will also recommend selected startups to get free access to
University/Libraries/Govt. Laboratories/Centre of Excellence/PSUs, etc.
2. Assistance for Startups at the Pilot Stage
Marketing / commercialization assistance of maximum Rs.10 lac will be provided to the
Startup to launce its products/services in the market. The assistance will be provided in
The following manner:
a It can be given to a startup where he has secured funding minimum 25% from a known
and registered angel/venture funds/reputed incubator. The amount could be disbursed as
purely/partly grants or soft loan/equity on a case-tocase basis as has been given by
registered angel/venture funds/reputed incubator.
Or
b It can be given as matching assistance to reputed incubators established by institutions
like IIMs/IITs/NITs to fund startups as part of accelerator programme as purely/partly
grants or soft loan/equity on a case-to case basis.

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