Several programs have been undertaken since the launch of the initiative on 16th of January, 2016 by Hon’ble Prime Minister, to contribute to his vision of transforming India into a country of job creators instead of job seekers. These programs have catalyzed the startup culture, with startups getting recognized through the Startup India initiative and many entrepreneurs availing the benefits of starting their own business in India.
Shashank Randev, Founder VC at 100X.VC in conversation with Aastha Grover, Head - Startup India, Vice President
Invest India on types of start-up schemes/grants - sector based, eligibility and advantages How to discover them and leverage various Startup India initiatives (GTM/International Funding and expansion/Domestic expansion) that need to be looked upon by every startup up to Series A
Across 56 diverse industries, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised startups. In fields related to new technologies including the Internet of Things (IoT), robots, artificial intelligence, analytics, etc., more than 4,500 companies have been recognised.
The National Initiative for Developing and Harnessing Discoveries (NIDHI), an umbrella initiative started by the Department of Science and Technology (DST), aims to foster knowledge-based and technology-driven innovations into profitable enterprises.
NIDHI provides many programs from fellowships to support for students choosing entrepreneurship.
Through the Promoting and Accelerating Young and Aspiring Innovators and Startups (PRAYAS) program, Entrepreneurs-In-Residence (EIR) provides money-related help for turning ideas into prototypes and early-stage Seed support to incubated enterprises.
This establishes Centers of Excellence (CoE) in incubation and provides mentorship and help in investment readiness through Accelerators.
The Department of Biotechnology, through the Biotechnology Industry Research Assistance Council (BIRAC), promotes and fosters entrepreneurs in the biotechnology sector in order to foster advancements in the industry.
The two main programs are the Biotechnology Ignition Grant (BIG) schemes and the BioNEST Program (Bio incubators Nurturing Entrepreneurship for Scaling Technologies).
The Rashtriya Krishi Vikas Yojana- Remunerative Approaches for Agriculture and Allied Sector Rejuvenation (RKVY-RAFTAAR) scheme has launched the “Innovation and Agri-entrepreneur Development” program to encourage innovation and agri– business. This is done by providing financial support and taking care of the ecosystem.
Agro-processing, Food Technology & Value Addition, Artificial Intelligence (AI), Internet of Things (IoT), Information & Communication Technology (ICT), Block Chain Technology (BCT), precision farming and digital agriculture, and Block Chain technology, are just a few of the projects that startups participating in the program are working on.
