Startup Support in India has attracted attention of all sections of the society. The federal government with the active support of all State Governments is the principal player, in terms of policy decisions, infrastructure and funding.
There is competition among states to attract investments to set up of new businesses.
There are corporates who actively participate in providing support.
The latest trend is for academic institutions to support student ventures. They also create awareness among students about entrepreneurship.
The funding community of VCs/ Angel investors are investing in technology and high risk ventures. This has enabled innovation in the entrepreneurial world.
Globally, all governments are aware that employment can be created only through entrepreneurial ventures....
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i. Internet & Smart Phones
The spread of internet and smartphones have enabled less capital intensive startups. This has also given value to the intellectual Capital.
ii. Tolerance to failure
Society has changed and families are willing to accept that failure is part of entrepreneurial ecosystem. Family Support has been a great contributor.
iii. Middle class aspirations
The middle class have always aspired for steady jobs and were risk averse. The Startup Support System has brought out a paradigm shift and many Gen Y have set up ventures.
There are several federal government
organizations offering support. One sample each for federal and state government
is listed below.
i. Small Industries Development Bank of India (SIDBI)
SIDBI Startup Mitra
Support is offered right from idea stage to finance.
ii. Karnataka State Financial Corporation (KSFC)
KSFC has been in existence for 56 years and has supported startups by offering financial assistance. It helps in dispersal of industries in backward regions and promotes agro based industries. There are special schemes to promote women entrepreneurs.
It has disbursed 14000 crores to 1.7 lakhs units.
This Industry body has launched two key initiatives to support startups. Since 2010 the startups have been growing at a rapid pace.
i. 10000 Startups
“10,000 Startups” is a vision, which is committed to incubate, fund and provide ambient support to impact 10,000 technology startups in India, by 2023.
This provides the largest platform for very early stage technology ventures through a selection process. It connects the top early stage startups with industries.
Startup Konnect Sessions provide a single platform for funding, mentoring, and enterprise connect, for all the 10K program shortlists. It offers opportunities to meet successful and seasoned advisors, mentors, consultants and other executives, under the umbrella of Startup Konnect sessions. It effects interactions with the industry experts and help you to understand the real-world implications of your idea at the very start of your entrepreneurship dream.
ii. Startup Warehouse
‘An Oasis of Meeting Minds: Inspire, Motivate and Propel Each Other’
‘Start-up Warehouse’ is a mosaic, which binds startups and entrepreneurs together in a novel working space, with an electric atmosphere that ensures sustained inspiration. Apart from the coffees, the synergies could be endless here… Numerous startups co-exist and work together in a well-equipped space with modern infrastructure at very nominal rates. Challenging tasks accomplished in fun and exciting spaces ensure that one is always charged up and buzzing with creativity to challenge problems. ‘Plug-and-Play’ workspaces ensure that startups need to focus their energies only on their technology products and not waste them on mundane logistical space issues. Entrepreneurship is a different ball game altogether and interacting with people who are playing ‘your’ game is reassuring and motivating – madmen, aka fools, who applaud and encourage each other! Startup Warehouse incubates startups from a diverse range of verticals. Their space is the ultimate place for entrepreneurs to learn, work, and accelerate their companies. At present, the Startup Warehouse Program is operational in Bangalore, Kolkata, Hyderabad, Mumbai, Pune, Kochi, Vizag, Delhi, Chennai, Noida and Gurgaon (virtual warehouse).
iii. Startup India
Startup India campaign is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage startups with jobs creation. The campaign was first announced by Prime Minister Narendra Modi on 15 August, 2015. As part of Start Up India action plan Canara Bank has introduced a specialized scheme for financing of startups and early stage units promoted by graduates of reputed educational institutions like IIT and IIM.
iv. Your Nest
This stands behind the entrepreneur supporting them through the early stages of the start-up's growth and has the ability to add value to portfolio companies beyond funding.
v. Startup Village
Set up with a vision to lay down an entrepreneurial roadmap for the country, Startup Village in Kochi began its journey as a first-of-its-kind Public Private Partnership (PPP) initiative to create a culture of entrepreneurship amongst the youth, especially in college campuses.
SV.CO is a digital learning platform, backed by Universities, for first-time founders. The process has already begun with Startup Village forging partnerships with the Gujarat Technological University (GTU) and Jawaharlal Nehru Technological University, Kakinada and Anantpur (JNTU-K & A).
vi. UnLtd India
UnLtd India is an incubator for social entrepreneurs.
They work with early-stage social entrepreneurs to help them:
· Develop as leaders
· Accelerate their impact
· Prepare their organizations for scaling and further investment
Their key programs include
· Incubation support - seed funding and support
· The Network - a network of Affiliate incubators underneath the UnLtd India brand who adapt thei model to the local context
· The Huddle- a national conference for early-stage social entrepreneurs
i. IIM B
NSRCEL’s mission is to take ideas to implementation through a structured mentoring program that helps entrepreneurs create successful business entities out of excellent ideas.
The Centre for Innovation Incubation and Entrepreneurship (CIIE) at IIM A campus is a conduit for encouraging the spirit of entrepreneurship across India. CIIE by means of incubation, investment and training provides the necessary resources to the ones who are passionate about their idea.
i. IIT Mumbai
SINE, Society for Innovation and Entrepreneurship, hosted by Indian Institute of Technology, Bombay is an umbrella for promotion of entrepreneurship at IIT Bombay. SINE administers a business incubator that provides support for technology – based entrepreneurship
ii. IIT Madras
The Center for Social Innovation and Entrepreneurship (CSIE) at IIT-Madras was founded in August 2010 with a focus on teaching and research related to social enterprise in India. It aims to bring together the innovation and entrepreneurship aspects of IITM by creating knowledge and understanding that will be of relevance to the problems that the poor in India face.
iii. IIT Kanpur
SIDBI Innovation & Incubation Centre (SIIC) at IIT Kanpur was set up in collaboration with Small Industries Development Bank of India (SIDBI) to foster innovation, research and entrepreneurial activities in technology related areas.
In Bangalore, the startup capital of India, even Namma Metro is supporting startups. Bangalore Metro will be inviting startups to set up offices at its stations.
The above list of organizations is only a tip of the iceberg in the emerging entrepreneurial ecosystem. This positive climate should encourage youth of our country to pursue entrepreneurship.
Government, Industry associations and academic Institutes are all on a mission mode to extend support.