Ahmedabad: To catalyze entrepreneurs and startups working on new ideas, the government plans to provide initial capital and guidance to an estimated 300 startups. The Ministry of Electronics and Information Technologies (METI) has announced the Startup Escalator for Maiti Product Innovation Development and Growth (SAM) to increase the market value of 100 startups to 1 1 billion over the next 3 years.
IT and Telecom Minister Ashwini Vaishnav said during the launch of the Samuddha program that more than 20 startups had been given mentorship earlier. Jyoti Arora, Special Secretary, IT and Electronics, said: Which was announced earlier this year.
Organizations wishing to join the scheme as escalators should be in the incubation business for at least 3 years. In addition, it should support more than 50 startups and at least 10 non-public businesses. Its operations should be in India. Which will also have the necessary space and infrastructure.
On August 7, Maiti startup Hubby partnered with India Escalator. The aim is to promote deep tech startups in the country.
With an initial capital of up to Rs 40 lakh, the six-month mentorship
government will invite selected startups for the partnership under the Samuddha program and provide them with an initial capital of up to Rs 40 lakh and a six-month mentorship to help them dominate the market. The program has been implemented under the program Maiti Startup Hub, which promotes startups in the country.
The network of incubators and startups will be
multiplied 20 times when the idea is being converted into a product and the product has been expanded. More than half of the startups cannot cross this stage for a number of reasons. The government wants to expand the network of incubators and startups 10 to 20 times. Support in the line of product development will add value to the startup.
Maiti aims to strengthen the startup ecosystem
Maiti Startup Hub has partnered with Paytm to establish a strong tech startup ecosystem in the country by providing uninterrupted support to solution based innovators in the country. The partnership aims to provide mentorship, networking, and business opportunities to startups across the country.