“Entrepreneurship culture will transform the landscape of India. It will imbibe ownership in the young minds towards a better world. It will foster leaders of tomorrow.”
A country’s growth is directly proportional to the innovation and creativity there. The more the young minds are forging themselves towards creating and developing new ideas, the more the country is thriving.
This change requires an ecosystem assisting it. In this case, the Startup India Scheme has come up as a great opportunity.
Lately, we can see that the startup scenario in India is at its peak. In the wake of that, the government of India introduced India Startup Scheme in the year of 2016 in order to encourage startup culture, innovation, entrepreneurship, revenue generation and technology in the country.
Definitely, this can be regarded as one of the most crucial steps towards the development of the country. Let’s discover how?
The scheme focussed on five conditions to register your fund under the Startup India Programme:-
It must lie under the following Entity:-
- The firm must be a Private Limited Company (Pvt)
- Limited Liability Partnership (LLP)
- It must be a registered partnership firm.
- The firm must be new and not old for more than five years.
- The total turnover of the firm must lie within Twenty Five Crore Rupees.
- The company must be innovative, must add value to the customers, and must work towards the development of the nation.
- It must be approved by the Department of Industrial Policy and Promotion (DIPP).
- For the approval, one’s company must be funded by incubation fund, Angel Fund or Private Equity Fund.
- It shall carry a letter of recommendation by an incubator.
- It must share a patent guarantee by Indian Patent and Trademark Office.
It indeed is a great step towards catalyzing entrepreneurship and initiating a surge of startup culture in the country. Once the startup is registered, it is provided great benefits such as:-
- enjoying a three-year tax break,
- government has approved a fund of 2500 Crore rupees for the startups,
- it shares a credit guarantee of Rupees 500 Crore as well.
It surely has come up as a great opportunity for thriving startups. From legal support to environment condition's responsibility, the process is eased out.
There are so many prime colleges like IITs, MBA colleges which are catering to the need of research centers.
It has provided young minds a golden opportunity to showcase their ideas, talent and the foremost thing to generate revenue for the country.
However, it has been roughly 3-4 years since the commencement of the scheme, that many startups have not got to the level they could have achieved. Some of the startups are unable to get the letter from the incubator or some aren’t able to gain proper support. Sometimes the assistance process takes a long time, for example, slow websites, etc.
The fund hasn’t been used properly yet. Many people aren’t even aware of the scheme.
Despite all this, there is a ray of hope. Many young people have come up with new ideas of holistic business wherein they are provided all the facilities for research and more in the incubation centers and startup hubs.
Let's take a look at an inspiring story of a young entrepreneur working under this scheme.
Akash Singh founder of ENERGINEE INNOVATION PVT LTD has paved his way as an entrepreneur under the India Startup Scheme.
He started his journey in the year of 2018.
His model works on diety-sculpture making out of incense stick ashes.
Through his startup he is has fighting pollution caused by the usage of incense sticks which many people are oblivious to. His initiative has given employment opportunities to so many jail inmates who got a chance to transform their lives.
He has got all the setup facilities under the incubation center.
So this scheme is making strides, but surely has a long way to go.
This initiative hasn’t come into an effect with that great propensity but it definitely marks the dawn of India. As more and more people are becoming aware and working towards it, this scheme will surely bring a great change in the nation.
For sure, at this point, it can only be asserted that the Startup India Scheme is still under process and has all the potential in the world to sprout into a great opportunity for the budding ventures in the future.