- All About Startup Odisha Initiative
- Vision and Mission of the Initiative
- How does it work?
Make in India! It is a great significant step towards our country’s development. To implement this idea, our government has come up with various policies. The taxes on new businesses are lowered, transparent ways to apply for new companies are rolling. In this article, we will talk about one such initiative by the government of Odisha called Startup Odisha. We will talk about its inception, goals, benefits, and how it works.
All About Startup Odisha Initiative
With the tagline of “A New Wave of Innovation,” Startup Odisha is an initiative of the government of Odisha that focuses on creating and developing a comfortable environment known as “Startup hub” by 2020. It provides help in the form of incentives that align with the Startup policy of Odisha or the startup policy of the Central Government. It also provides exemptions from specific policies.
Vision and Mission of Startup Odisha
The vision of the initiative is to bring Odisha in the top three “Startup Hubs” by the year 2020 through strategic planning, investment, and policies specially designed to uplift the entrepreneurs in the State. The other focus of the initiative is to empower women entrepreneurs in Odisha by making sure that 33% of the founders are women.
The mission of the initiative is to create an ecosystem to boost the startups in Odisha. It also focuses on providing a safe and nontedious framework for monitoring growth.
The objectives of the Startups initiatives are to develop an efficient world-class, “ Start-Up Hub” in the State by the year 2020. The other objectives are inspiring incubators to help in the development of the State, encouraging youth to attend skill-based training to flourish startups, creating a holistic comfortable environment and ecosystem to produce 1000 startups in the next five years. Create a transparent yet hassle-free framework to evaluate the progress of the initiative.
The State was chosen for this initiative as it is one of the fastest-growing economies, with a growth rate of 12% by 2020. It is also known as the educational hub of East India. World Bank has declared Bhubaneshwar as the third best city to do business in. The Government of Odisha is determined to make their entrepreneurial culture world-class. They are investing in world physical infrastructure to support startups. Providing courses to boost the interest of students in entrepreneurship.
How does it work?
To avail the benefits of this initiative first, you have to register yourself with the organization through their online portal. Visit Startup Odisha’s official website, and you will find a register/login option on the home page. Click on that and provide all the information required for your registration.
The whole process is easily divided into three simple steps:
- You need to submit a single page online application regarding your startup. The entire process is fast and requires minimum documents.
- The Nodal agency will verify your application online within two weeks. They will contact you to meet in person if necessary.
- A task force will visit you every month to check the progress and recommendations of the nodal agency. You will be intimidated by email the results of these evaluations.
Benefits of Startup Odisha Initiative
- Monthly stipend: Approved and eligible startups will receive a grant of INR 20000 monthly in the registered bank account. After receiving the grant, the startup has to submit a report depicting the use of the money. To back their claims in the report, they have to submit bills and documents. This way, there is total transparency and shows that the money is being used correctly.
- Assistance: An assistance for marketing and product development will be provided. The startups have to submit bills and documents showing the utilization of the fund. After approving, they will receive an assistance of 15 lakhs. Apart from this, the startup can also avail of a need-based aid similar to the support mentioned above. To avail that the startup has to submit utilization bills and certificates.
- Incubation: The startups will receive a subsidized incubation.
- Startups headed by certain classes: If a startup is led by a woman/transgender person or people associated with SC/ST/SEBC/PH, they will be granted 22000 monthly allowances. To qualify as head, they need to hold at least 50% equity in the startup. They are also given a sum of 16 Lakhs for product development.