- Objectives of Startup Manipur
- Components of the Policy
- Support and Funding for the Manipur Startup
- Startup Manipur – Selection Process
1. Objectives of Startup Manipur
The objectives of the policy – Startup Manipur are given below:
a) To establish a good startup culture in state by the promotion of social acceptance with the recognition of startups, through the policy interventions, and other such programs.
b) To strengthen plus support the existing business incubators with the accelerators in Manipur.
c) To encourage the youth of Manipur to take up entrepreneurship as a career choice by including meaningful learning modules, organization of entrepreneurship development programs in the institutions, and promoting the outreach programs, interactions with the entrepreneurs and entrepreneurship centers across various vocational organizations in the state of Manipur.
d) To allow the citizens of Assam to associate with startups to have a better quality of life.
e) To provide a business incubator owned by the state.
f) To improve the growth of 1000 new startups till the next five years.
g) To provide an enabling environment to the startups through skill development training, networking, capacity building, access to both knowledge and service.
h) To implement the framework that facilitates hassle-free and regulatory clearances for all the startups.
i) To generate appropriate infrastructural support that is required to enable startups and for their rapid growth.
2. Components of the Policy
There are four components of the policy which are listed below:
a) Enabling Environment
All enterprises depend upon the social, political, and economic conditions of Manipur. Keeping this highlighted, an enabling environment has to be provided that can help entrepreneurs to expand their business activities. This also helps in facilitating the new partnerships with professional plus vocational institutions of the state to reach out with improved accessibility for the new startups.
b) Pre Idea Stage: Network of Entrepreneurship Development Centers (or NEDC)
Under this pre idea stage, the Manipur state government will cover the below-listed activities:
a) Creating a Network of Entrepreneurship Development Centers or NEDC in the universities and all the institutes of Manipur.
b) To facilitate NEDC partner institutions to incentivize the entrepreneurship.
c) To promote the capacity building of NEDC partner institutions through a collaboration with the leading business incubators in the state.
d) To submit the performance report to the state government for extending the support of the Manipur Government.
c) Idea Stage: Business Idea Incubation
The below listed are a few steps carried out by the state government for Incubation of entrepreneurs:
a) Recognizing the importance of business incubation for economic development and job creation for the younger generation.
b) Assistance in creating the business incubators in Manipur and enable them to incubate several startups.
c) To facilitate the set up of new incubators in public and private sectors alongside facilitating the set up of the incubation centers in institutions of the advanced learning and other leading establishments of Government.
d) Product Development Stage
This stage involves the development of a product or a prototype. Under this stage, the following are included:
a) The state government will facilitate access to Research and Development resources and labs.
b) Access to the technology for the startup is facilitated by the partner institution to guide.
c) To facilitate the creation of a statewide mentor and an expert network for the startups. These startups will be able to access the statewide mentor plus expert network in the stage of this startup.
d) The Innovation Enabler Mechanism or IEM will assist the startups by getting regulatory support in the form of enabling the legislation from the Government on fast track mode.
e) Commercialization Stage
a) Access to a network of registered venture capital funds.
b) Providing investors for selecting a project from the database which they would be interested in funding.
c) The digital platform will also connect all eco-system stakeholders, funding, network of support, and the service providers to enable seamless access.
f) Policy Period:
The operational period of the Manipur startup scheme is for five years. The scheme begins on 1st January 2018 and ends on 31st December 2021.
3. Support and Funding for the Manipur Startup
Assistance provided under the Startup Manipur are the following:
a) Student Startup
Eligibility Criteria for Assistance:
A student undergoing any Under Graduate or Post Graduate or Master courses is eligible to avail of the assistance under startup policy.
The weekend Mentorship Program is designed for students and also provides funding support alongside the other services.
The State Government provides a subsidy of up to 25% of the total cost subject to Rs. 5 lakhs.
b) Women Startup
Eligibility Criteria for Assistance:
Any woman entrepreneur is eligible to apply under this startup scheme.
Mentorship, Incubation, funding, and legal support for this startup will be granted.
The State Government of Manipur provides a subsidy of up to 25% of the total cost to that of Rs. 10 lakhs.
c) Idea Stage Startup
Individuals with business ideas need help to convert the idea into a profitable business.
Mentorship, funding, Incubation, and legal support for the startup would be granted.
The State Government of Manipur will provide a subsidy of up to 25% of the total cost to that of Rs. 20 lakhs.
4. Startup Manipur – Selection Process:
The applicant needs to fill the application form and then submit it through the official portal. The committee does the first level of screening. The selected startup will present their ideas in front of the panel in the Manipur startup event, which would be telecasted on the local TV channels. A jury of panels consisting of State representative, MEN, EDC will select the eligible startup based on their pitch, business plan, scalability, feasibility, and budget.