Government will give 40 lakh rupees to start a new start-up, target of making 100 unicorns
The Central Government on Wednesday launched a program named Samridhi to help 300 IT start-ups. Under this programme, the government will provide seed funding, guidance and market access to these start-ups. The government aims to convert 100 of these selected start-ups into unicorn start-ups.
Jyoti Arora, Special Secretary, Ministry of Electronics and IT, said that the concept of Startup Accelerator for Product Innovation, Development and Growth (Samridh) of Ministry of Electronics and IT is modeled on YCombinator, a Silicon Valley-based accelerator.
IT and Telecom Minister Ashwini Vaishnav said that he has mentored more than 20 start-ups and he very well addressed the need of guidance during the most crucial part of their journey, when their idea starts turning into a product. understand. He said that paucity of funds is not a big issue for start-ups.
Vaishnav said that the lack of converting an idea into a real product or lack of mobilization of skills required to turn an idea into an enterprise is a major challenge for most start-ups. If we are able to steer the start-ups in this direction then perhaps our value addition will be much higher.
Under the Samridhi program, the Ministry of Electronics and IT will provide seed funds of up to Rs 40 lakh to selected start-ups and will also provide guidance to them for six months.
