This week seems to be a week of celebration for the startup ecosystem. Where government announced some interesting initiatives for startups to foster, on the other hand, ecosystem saw the launches of news funds, signing of MoUs and acquisition of startups. In all this week was full of surprises for the startup world. For those who have missed the interesting updates from startup world, here is the recap for you all.
Government Initiatives
Govt Considering Over 60 Startup Proposals for Northeast
According to the media reports, the Modi government is currently working on over 60 proposals for startups in the Northeast. The proposal involves the Centre providing initial monetary help to these startups under the umbrella of a new scheme called Northeast Venture Fund. In addition to this, the fund from the center, Manipur Chief minister N Biren Singh announced that his state government has also set aside a budget of Rs 35 crores under the ‘Startup India’ initiative in order to encourage local entrepreneurs in the region.
According to Minister for Development of North-Eastern Region (DoNER) Jitendra Singh, the scheme would see his ministry providing an additional benefit of providing the initial funds to any youngster planning to set up an enterprise.
List of Karnataka’s 100 Most Innovative Startups Is Out
On Wednesday, the Karnataka government finally announced the list of the selected 100 startups for its ELEVATE 100 programme. The panel of jury chose the final 100 from a pool of 270 startups by following a rigorous four-layered selection process. However, overall the contest saw more than 1700 startups sending in their entries from all across Karnataka, although a majority of the participation came from the city of Bengaluru.
Out of 100 selected startups, 27 belong to electronic semiconductor design domain, 19 are from life sciences, 26 are from IT/ITES, there are 11 each from biotech, agri tech and four each from animation and gaming, and clean tech. The final selected lot also has 19 startups which have women entrepreneurs and 11 startups come from rural areas.
For the same state government has signed MoUs with eight companies including Google and PwC to cater to the needs of the identified 100 startups under the state’s ‘Elevate 100 programme.’
UP CM Yogi Adityanath Announces Rs 1000 Crore Startup Fund
Chief Minister of Uttar Pradesh, Yogi Adityanath has announced to create a corpus of Rs 1,000 crore as Startup Fund for aspiring entrepreneurship and employment generation in the state. Chief Minister further informed that a formal Memorandum of Understanding (MoU) would be signed with the Small Industries Development Bank of India (SIDBI) on September 15.
Yogi Adityanath was addressing a gathering of youth and entrepreneurs after inaugurating ‘Startup Yatra’, a platform for all stakeholders to discuss and generate inputs for assisting the government in the promotion of entrepreneurial zeal and creating awareness about establishing an entrepreneurial ecosystem in UP. In the coming weeks, similar events are lined up for 15 cities in the state and the Yatra targets reaching out to over 40,000 youth and 400 colleges.
Indian Startups Can Now Get 100% of Funds From Foreign VC Investor, Govt Includes Startups in FDI Policy
India’s Commerce Ministry in its consolidated FDI policy document released recently has, for the first time included startups, which can raise up to 100 per cent of funds from Foreign Venture Capital Investor (FVCI). Hereafter, startups in India can now issue equity or equity linked instruments or debt instruments to FVCI against receipt of foreign remittance, said the document which incorporates all the changes made in FDI policy over the past year.
A person resident outside India (other than citizens/ entities of Pakistan and Bangladesh) will be permitted to purchase convertible notes issued by an Indian startup company for an amount of Rs 25 lakh or more in a single tranche. NRIs can also acquire convertible notes on non- repatriation basis, said the document of Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce.
Partnerships To Grow Startup Ecosystem
ISB, Sap India Ink Pact To Nurture Tech Startups
The Indian School of Business (ISB) and SAP Labs India have entered into a collaboration to nurture technology-based startups. They will focus on the ventures dealing in the social space which is working in areas that have relevance to national priorities.
According to a statement issued by the ISB, titled Jumpstart Social Enterprise Accelerator, the programme aims to identify and support 10 early stage and 5 growth stage promising ventures by providing guidance, mentorship and scaling up their technology solutions that can bring about a large scale impact on the lives of common people.
Nasscom Product Council, Accenture Plans To Collaborate With Israel Innovation Authority
To help startups to grow and nurture, the Nasscom Product Council and Accenture, an IT consulting major plans to collaborate with Israel Innovation Authority. This step is taken to help both the countries startups in joint product development, knowledge transfer and in the creation of hardware ecosystem.
According to ET report, the Nasscom Product Council’s co chair Somdutta Singh and Avnish Sabharwal, MD, Accenture Ventures and Open Innovation, Accenture India plan to take the delegation of product council leaders, startups to Israel in the first week of September.
Power2SME Signs MoU with NSIC to Empower MSMEs
India’s first ‘Buying Club’ for SMEs, Power2SME has signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC). This MoU will enable SMEs in India to benefit the most, given the vast array of experience and knowledge NSIC and Power2SME brings to the fore. Additionally, it will also catalyze exchange of market knowledge between both parties, and enable both to service SMEs better for their raw material, finance, and other requirements.
The alliance is aimed at empowering SMEs pan-India in sourcing variety of raw materials like Metal, Polymers, yarns, chemicals and a host of other materials. This initiative will provide massive opportunity for the SME sector in terms of creating a platform for them to grow, learn, and face challenges with guidance and support from Power2SME and NSIC.
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