Startup index 2018- Odisha, Haryana, UP take the lead

Published on 27 Feb 2018 by Tushar

Startup index India 2018

Earlier this month, DIPP launched a seven-pillar framework to rank states on their startup ecosystem. As different states gear up ahead of the startup index, to be announced in June, 

The State Startup Ranking Framework is aimed at bringing to fore progress made by States/UTs to promote the startup ecosystem. The report intends to foster competitiveness and propel the states/UTs to work proactively while facilitating states/UTs to identify, learn and replicate good practices.

The State Startup Index is expected to be released in June 2018, and until then each state will be ranked on the basis of the framework’s seven pillars, which include startup policy and implementation, number of incubators, seed funding support, funding support (including angel and venture funding), simplified regulations, ease of public procurement, and raising awareness and outreach.

Earlier, in October 2017, the DIPP launched an exercise to rank states and union territories on the basis of measures being taken by them to promote startups, and added that it was consulting states for their ranking framework.

Odisha-

The World Bank’s ‘Doing Business - Subnational reports for India’, pegs Bhubaneswar in the third spot in terms of ease of doing business. Odisha aims to emerge as one of the country’s top-three startup hubs by 2020, and facilitate at least 1,000 startups over the next five years.

To encourage entrepreneurship in the state, the government provides three types of funding - a monthly sustenance allowance of Rs 20,000 per month, monetary assistance up to Rs 15 lakh for new product development and marketing, and need-based funding.

“The need-based assistance is decided on a face-to-face basis. It is decided by the nodal agency (Invest India) then it goes to the Startup Council and then it is approved. The funding is given on the basis that if a startup requires a specific raw material that is not available easily, startups need to give an estimate to procure the material, and the funding can be availed,” Swayam Mishra,  Coordinator of Startup Odisha.

Haryana-

As per the Haryana Entrepreneur and Startup Policy launched in October last year, the state plans to attract Rs 1,500 crore in investments into the Incubation and Startup Ecosystem in Haryana during policy period; establishing at least 22 technology/business incubators/accelerators in different sectors in every district. It also plans to develop 1 million sq ft of incubation/ common office space, facilitate venture capital funding of a minimum of Rs 200 crore, and encourage at least 500 startups.

The government is also working with universities, educational institutions, and the academia to foster a culture of entrepreneurship among students, and provide theoretical training to budding entrepreneurs.

Uttar Pradesh- 

In Uttar Pradesh, the Startup Yatra travelled to seven cities, including Agra, Bareilly, Kanpur, Lucknow, Sultanpur, Varanasi, and Noida. Selected startups received incubation offers from IIT BHU, IIT Kanpur, iB Hubs, BIMTECH, IIM Lucknow, and others. The event witnessed a participation of over 6,000 people. Around 1,000 startups pitched, and 100 were selected for incubation.

Last year, CM Yogi Adityanath had set up $156.2 million startup fund to nurture a culture of entrepreneurship and innovation in the state. Taking a step forward for startups and Small and Medium Enterprises (SMEs), the Yogi Adityanath government signed a Memorandum of Understanding (MoU) with the National Stock Exchange (NSE) to list SMEs on NSE’s SME platform, NSE Emerge.

Under the MoU, startups and SMEs from Uttar Prdesh will get information on raising capital, SME exchange guidelines, listing processes, and compliances with listing agreement, among others. NSE will mentor startups about capital markets, capital raising mechanism and regulatory compliances.

Source- Yourstory

 


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