Start-up India

On 16th January 2016, Start-up India Movement was launched by Honourable Prime Minster Narendra Modi in Delhi, India.


According to Prime Minster Narendra Modi, India is the youngest Start-up nation in the world with energetic and enthusiastic entrepreneurs. He also stated that he sees Startups, technology and innovation as exciting and effective instruments for India’s transformation.
Start-up India initiative aims to celebrate the country’s entrepreneurial spirit and create a strong ecosystem for fostering innovation and Start-ups in India.
What is a Start-up?

Start-up means an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding INR 25 crore in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.

  • Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence.
  • Provided also that an entity shall cease to be a Start-up if its turnover for the previous financial years has exceeded INR 25 crore or it has completed 5 years from the date of incorporation/ registration.
  • Provided further that a Start-up shall be eligible for tax benefits only after it has obtained certification from the Inter-Ministerial Board, setup for such purpose.
(Start-up defined for the purpose of Government Schemes)
 
Start-up India Action Plan (13 Key points)
 
Ø  No capital Gains Tax on Personal Property sold to invest in Start-ups
Ø  No Income Tax on Profits to Start-ups for first 3 years
Ø  Self-certification Compliance for Start-ups
Ø  No inspections for first 3 years of a Start-up
Ø  Start-up Hub will be a single point source for information and mentoring
Ø  Simplifying Patent Regime and IPR
Ø  80% Rebate on filing a Patent Application
Ø  Mobile oriented application form for Start-ups
Ø  Exit policy to be introduced for Start-ups
Ø  Will bring in New Policies to help Women Entrepreneurs
Ø  Launch of Atal Innovation Mission (AIM) with self-employment and Talent Utilization (SETU) program- serves as a platform for promotion of world-class Innovation Hubs, Grand challenges. Start-up businesses and other self-employment activities.
Ø  Promoting Start-ups in the Biotechnology Sector- to foster and facilitate bio-entrepreneurship.
Ø  Launching of Innovation Focused Programs for students – to foster a culture of innovation in the field of Science and Technology amongst students.
The following is the video of Prime Minister Narendra Modi #StartupIndia -Action Plan on 16th January 2016.
Here is a glimpse into what women entrepreneurs on the panel shared about their start-ups.

Shaili Chopra, Founder, SheThePeople.TV, says the number of women participating in the start-up ecosystem is growing rapidly.
“There has been 50 per cent jump in the women participating in the start-up ecosystem in the last two years”, she said.

Anisha Singh, founder of coupon and discount marketing firm, Mydala, said she has seen a change in the environment for women entrepreneurs from 2009, when she started. In 2009, there were few women entrepreneurs and she had to challenge the investors’ imagination because she started raising funds when she was pregnant. According to the globally statistic, women-led businesses don’t have adequate funding and they face several challenges but the environment is changing and people are aware now. Though, a lot more women entrepreneurs have come forward to prove their mettle, things need to change faster.

Narrating her experience, Sairee Chahal, founder of women-only job portal, Sheroes, said it took her team a while to say that that are not an NGO and they are not going to work for free. They had to be told their financiers that theirs was a business model to convince them.

Shanti Mohan, founder of fund raising platform, LetsVenture, said she has never heard such questions as a start-up founder. As entrepreneurs, women should not think that they are under-powered. Now there are women funds too and they could leverage those.

With all of the above, hope more people especially the young be inspired for a Start-up.






References: 

News sources- Indian Express, Firstpost, India Today, Times of India, NDTV, CNBC

Image courtesy- Indian Express
Action Plan

Launching of Start-up India Movement



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