Startup Goa Initiative – Everything you need to know

INDEX:

1. The vision of Startup Goa Initiative
2. The objective of the Startup Goa Initiative
3. Financial Incentives

1 The vision of Startup Goa

On April 28, 2018, Goa launched its startup policy which aims to create at least 100 successful startups in the upcoming five years, generating jobs for 5,000 Goans, and develop “a minimum 2,00,000 lakh sq ft area for technological innovation and incubation centers,”

The Government is committed to inviting the brightest entrepreneurial and technological minds from outside the State to build a strong startup ecosystem within the State of Goa while being committed to promoting entrepreneurs and generating employment opportunities for the people of Goa. With on the changing dynamics of the technological industry, human capital, entrepreneurs, and many other aspects linked to the startup ecosystem, the Goa Startup Policy would keep getting evolved and would remain responsive to bring Goa on top of the startup game.

2. The objective of Startup Goa

Its primary objective is to transform Goa into the most preferred startup destinations in the country. Below mentioned are the other objectives:

• Turning Goa into an aspirational human resources base to accommodate high-value startups.
• Bringing the best entrepreneurial minds to Goa to set up their professional startup base in the State.
• To offer assistance to Goan entrepreneurs and other local startups.
• To endeavor and create at least 100 successful startups in the State over the next five years.
• Targeting the generation of employment for at least 5000 Goans.
• To integrate technologically-enabled problem-solving skills along with the great education system in Goa by collaborating with Academia plus Industry through the introduction of Do-It-Yourself modules as a part of the school curriculum.
• To create an ecosystem that would make it easy for Goa students to gain plus improve technical skills that are important for employability and professional growth in the world of startup.
• To ensure continuous evolution of policy measures plus the creation of a responsible policy framework for the growth of the startup world, and incorporating new frontiers of technology enablement.
• To improve the creation of funds to provide several kinds of impetus to the startups like following:
  • The idea to Proof of Concept Fund
  • Working and Seeds Capital Fund
  • One time Grant Fund
  • Student Innovation Fund
  • Research Fund
  • Development Fund
  • Skill Development Fund

3.  Financial Incentives

Using the Startup Goa initiative the Government of Goa has the intention to support the setting-up, operations, and growth of eligible startups hailing from Goa through the various incentives listed below. By way of the online single-window portal, the cell receives, approves and the following incentives under this policy.

1. For land, developed area purchase, leased by startups, incubators, and developers, the stamp duty for land, built-up area lease and sale transaction for startups will not exceed INR 100. At the same time, the excess amount paid will be reimbursed.
2. Development of green or brownfield accelerators with facilities either in the form of fully functional or semi-functional office spaces for startups will be eligible for loans and infrastructure development, equalling the contribution of the promoters with the limit of INR 1 Crore.
3. With Startup Goa, every startup in Goa would be eligible for the interest subsided loans from the Government.
4. Startups that raise funds from a registered funding source before the product launch phase will be offered 25% of the matching funds at proportionate ownership of the stock, after due diligence and at the discretion of the cell.
5. Startups with an effective Product may receive a one-time grant of INR 10 Lakhs, as predicted by the cell.
6. For registering patents, the cell would reimburse up to 50% of the cost incurred by the startup related to fees and few other expenses associated with the patent application if the patent is successfully registered.
7. For startups that enter the product delivery phase, a total of 50% of the cost of trademark registration for the company’s name and logo will be reimbursed.
8. For startups hiring local talent, 50% of the salary for freshers will be reimbursed with a bar of INR 10,000 per month, per recruit. For the startups whose workforce comprises 60% of locals, a grant of up to 25% of the salary of the local workforce will be reimbursed.
9. Costs of internet connectivity, and cloud services fee with a cap of INR 1 Lakh will be reimbursed for startups that operate from their own premises without Government developed facilities. These local startups will be provided with a rental subsidy of up to INR 20 per sq. ft.
10. To promote innovation among startups, 50% of the R&D expenses, like the salaries of Ph.D. holders employed by startups will be reimbursed for two years with a bar of INR 5 Lakhs per annum. The salary should not exceed more than INR 2 Lakhs in the incentive.
11. Continuous availability of the funds for smooth and uninterrupted operationalization of this policy is ensured by transferring adequate budget provision to fund heads, through which these incentives will be disbursed by the cell to the beneficiaries.

Startup Goa invites the best entrepreneurial minds to make Goa a professional base and thus building an extremely good startup world in the State of Goa.