Context

• National Startup Day in India is observed annually on January 16.

Startup India Scheme

• Launched: 16th January 2016 by Prime Minister Narendra Modi
• Nodal Ministry: Ministry of Commerce and Industry
• Aim: To build a strong eco-system for nurturing innovation and Startups in the country.
• 3 C’s: Capital, Courage and Connections

Salient features of Startup India

• Simplification and Handholding
• Funding support and Incentives
• Launch of Atal Innovation Mission (AIM) with Self Employment and Talent Utilization (SETU) Program of NITI Aayog
• Credit Guarantee Fund

Terms related to Startups

• Hectocorn: Startup company with a valuation of over $100 billion.
• Decacorn: Current Valuation of over USD 10 billion.
• Unicorns: Start-ups founded after the year 2000 with a valuation of USD 1 billion.
• Gazelles: Start-ups likely to go Unicorn in the next 3 years.
• Cheetahs: Start-ups that could go Unicorn in the next 5 years.

Major Initiatives of India in field of Startups

• Standup India Scheme
• Launched: 5th April, 2016
• Nodal Ministry: Ministry of Finance
• Nodal Agency: Small Industries Development Bank of India (SIDBI)
• Aim: To facilitate bank loans from Scheduled Commercial Banks (SCBs) between Rs.10 lakh to Rs.1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) and one woman per bank branch for setting up a greenfield enterprise in trading, services or manufacturing sector.

Atal Innovation Mission (AIM)

• Launched by: NITI Aayog in 2016
• Aim: To foster a culture of innovation and entrepreneurship across India.
• Key Components of Atal Innovation Mission (AIM)
  • Atal Tinkering Labs (ATLs)
  •  Atal Incubation Centers (AICs)
  • Atal New India Challenges

Startup India Seed Fund Scheme

• Launched: April 19, 2021
• Nodal Department: Department for Promotion of Industry and Internal Trade.
• Aim: To provide financial assistance to startups for Proof of Concept, prototype development, product trials, market entry, and commercialization.

States’ Startup Ranking

• Started: 2018
• Conducted by: Department for Promotion of Industry and Internal Trade (DPIIT)
• Categories: Best Performers, Top Performers, Leaders, Aspiring Leaders, Emerging Start-up Ecosystems

SCO Startup Forum

• Started: 2020
• For multilateral cooperation and engagement for startups among the SCO Member States.

National Startup Awards (NSA)

• Launched: 2020
• Launched by: Department for Promotion of Industry and Internal Trade (DPIIT)
• Aim: To recognize and reward outstanding startups that have demonstrated exceptional capabilities.

National Startup Day

• Day observed on January 16
• Launched: 2016
• Aim: To promote innovation, support entrepreneurs, and create an ecosystem conducive to growth.