The Government of India has undertaken several initiatives, policies and schemes to promote a culture of innovation and entrepreneurship in the country. These aim to tap into the potential of the citizens and innovate, raise entrepreneurs and create jobs.
A few of India’s efforts at promoting entrepreneurship and innovation are:
- Startup India: Headed by the Department of Industrial Policy & Promotion (DIPP), Startup India promotes entrepreneurship by mentoring and nurturing start-ups. Their aim is to build a network and an environment where start-ups can grow, through provision of start-up learning programs, smoother patent filing, funding programs, tax benefits, and setting up incubators, research parks, as well as start-up centres in cities across the country. They provide funding support through a “Fund of Funds” amounting to INR 10,000 crores.
- Atal Innovation Mission (AIM): Established within the National Institution for Transforming India (NITI), AIM is a platform for the promotion of innovation hubs, challenges, start-up businesses and other self-employment activities, particularly in technology driven areas. AIM provides incubation facilities, Atal Incubation Centres (AICs), in order to build start-ups into sustainable enterprises. These AICs provide access to experts, seed capital, mentors and trainings to nurture start-ups. AIM will provide a grant-in-aid of INR 10Cr to each AIC for a maximum of five years, after which they are expected to become self sustainable.
- Technology Business Incubators(TBI): An institutional mechanism under the NSTEDB- National Science and Technology Entrepreneurship Development Board, aiming to foster entrepreneurial spirit, facilitate technological enterprises and commercialize tech related R&D. They provide mentorship, training, business planning support and specialized services to tech based start-ups. The TBIs are funded for 5 years and then are encouraged to become independent.
- Innovation and Entrepreneurship Development Centre (IEDC): Another mechanism under the NSTEDB, seeking to encourage tech based start-ups by promoting innovation in students. They provide suitable mentorship, opportunities for growth through projects, competitions and interactive sessions with professionals. They also aim to facilitate E-cells in colleges to improve student involvement in the start-up world. Moreover, they provide a limited, non recurring financial assistance, up to maximum of INR 25 Lakhs.
- National Institute for Entrepreneurship and Small Business Development: NIESBUD is an organisation engaged in training, consultancy, research and cluster interventions in order to promote entrepreneurship. They set up activities for promoters, trainers, and entrepreneurs and accelerate entrepreneurial development and business management. They also provide a national/international forum for exchange of ideas & expressions.
- SIDBI Innovation & Incubation Centre (SIIC) at IIT Kanpur: This was set up in collaboration with Small Industries Development Bank of India (SIDBI) which is an apex bank to provide financial assistance under different schemes, to meet credit needs of small entrepreneurs or business organizations. It offers incubation facilities and services to prospective entrepreneurs and encourages them to convert their ideas into commercially viable products. They have a thriving ecosystem, with eight incubation centres, mentor and funding support, and student run e-cells, which provide networking opportunities.
The start-up culture is now gaining popularity in the country. With the government showing support and encouraging innovation with these start-up centric schemes and initiatives, the start-up ecosystem is expected to thrive like never before.