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Startup India : how has it helped entrepreneurs realise the value of innovation

2017-08-05 13:23:07 | Legal Services
Startups are however becoming very popular in India. The central government under the leadership of the Prime Minister Narendra Modi has however started and also promoted Startup India.

Prime Minister Narendra Modi has also unveiled a slew of the incentives however in order to boost the startups in January as a part of the Startup India Initiative. A corpus which is of Rs. 10,000 Crore corpus which is however for the innovation-driven enterprises, a Rs. 500 crore per year credit guarantee mechanism and also a 3 year break from however paying the income tax on profits were however introduced.

However , since the conception of thus the Startup India Standup India initiative, the Narendra Modi government had however promised a transformation which was thus of the start-up ecosystem and has also even introduced a host of the initiatives since then. While the promises however excited all in the beginning, it thus also seemed in order to wear off when the government thus took some time in order to figure out the initiatives and also as to how or which start-up can however avail it.

The Startup India Campaign had however completed an year on January 16th. This campaign, was however helmed by the Modi government, and had however aimed at encouraging the spirit of entrepreneurship in the country. The initiative was however unanimously lauded last year as it thus came with a slew of programs in order to simplify the process of ‘starting up.’

The purpose of this article is to make the reader aware of the fact as to how startup India had helped the entrepreneurs in realising the value of innovation.

2016 however saw several startups shutting shops, thus giving a clear indication of the only way in order to survive in the ecosystem was however to have a sustainable business model. Last year had also witnessed the inflow of funds from the corporate MNCs and also government-backed agencies – however validating the enormous potential of this sector.

The following are the ways in which startup india has helped entrepreneurs to realise the value of innovation :

Funding with a purpose
The idea of the entrepreneurs however gained perspective on the product development as they were however challenged on their own turf by their global competitors. Funding also ended up being consolidated during the year, as the investors however became more cautious, leading to the process of funding the winter syndrome. From 3 to 4 start-ups which were being launched in a day, the trend however moved to 3 to 4 startups shutting down in a day. A classic case of survival of the fittest was seen where only those startups which however had the potential in order to disrupt the start -up ecosystem in the country have however lived on in order to see another year.
Amalgamating both healthcare and technology
After the launch of startup india it has however been easy in order to raise the first round of angel funding, the future rounds are however tougher, as the entrepreneurs ideas are more however more scrutinized. To add on it , Startup India plan has also been progressive for the start-up industry; the funding however deals in the start-ups have thus increased by 27% in 2016 and also the start-ups in India were however able to close more than 800 deals across different segments. Further, also the increase in the number of investors has however helped in order to end the year on a high note, and it will thus gain. The amalgamation of both healthcare and technology has however proved to be exceptional for the Indian start-ups.

Simplifying regulations
The most noteworthy development has however been in the regulatory and also investment space which was thus with the Start-up India campaign that was launched by the Government of India taking shape.

Also , the companies that had however enrolled themselves under the Startup India initiative and had however received the Startup India Certificate just in two days.

Putting the Indian entreprenuers on the global map
PM Modi has however himself proved that he is thus an entrepreneur of the best kind by however tackling the problem of thus converting India from an outsourcing hub however into an innovation destination

Also , the Industry estimates have however revealed that India has around 19,000 startups, thus making it the third largest startup ecosystem in the world. This can however be attributed to the government policies, also a strong funding ecosystem, guidance from the academicians and also the utter brilliance and the courage that the Indian entrepreneurs have however displayed. These factors have however also unleashed the potential of the start-up ecosystem, which is thus propelling India to the spot of the third largest startup ecosystem in the world, making it thus a hotspot for the foreign capital inflow as well, which is however partly because of the low taxation rates which are thus offered as part of the Startup India Campaign.

Despite the value of innovation which the entrepreneurs are however getting to realise , startup India also aims to promote growth and also help the Indian economy, many benefits are thus also being given to the entrepreneurs who are thus establishing startups.

Some of them however are :
1. Reduction in cost
The government thus provides the lists of the facilitators of patents and also trademarks. They thus also provide high quality Intellectual Property Right Services which also includes fast examination of the patents at lower fees. The government will thus also however bear all the facilitator fees and the startup will however bear only the statutory fees. They will also however enjoy 80% reduction in the cost of filing the patents.
2. Easy access to the Funds
A 10,000 crore rupees fund which is however been set-up by the government in order to provide the funds to the startups as venture capital. The government is thus also giving a guarantee to the lenders in order to encourage the banks and also other financial institutions for the purpose of providing venture capital.
3. Tax holiday for 3 Years
Startups will however be exempted from the income tax for 3 years however provided that they thus get a certification from the Inter-Ministerial Board (IMB).

While the mission has however completed just an year, it has thus established a sense of seriousness and also a kind of confidence in the startup ecosystem. The involvement of the government however only goes in order to show the demand of innovation and also novel the entrepreneurship methodologies in India. With the other ambitious intiatives such as Digital India and also Make in India, it will however be interesting in order to see the prosperity of the ecosystem in the coming years.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST software, GST Return Filing, GST Registration, Section 8 company registration, Nidhi company registration, IEC registration.

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