Startup Ecosystem’s Rs500 Crores
Startup Ecosystem in India has committed Rs500 Crores to implement new programs in next few years, said Union Minister for Science & Technology and Earth Sciences, Dr. Harsh Vardhan, on September 6, 2016.
The programs are under National Initiative for Development and Harnessing Innovations (NIDHI) umbrella and pioneered by the Department of Science & Technology(DST).
These are for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups.
NIDHI focuses on building a seamless and innovation driven entrepreneurial ecosystem especially by channelizing youth towards.
There are 8 components of NIDHI that support each stage of a budding startup from idea to market.
The first component PRAYAS (Promoting and Accelerating Young and Aspiring Innovators & Startups), launched on 2nd September, 2016, aims to support innovators to build prototypes of their ideas by providing a grant up to Rs.10 lakhs and an access to Fabrication Laboratory (Fab Lab).
The final component is the Seed Support System which provides up to One Crore rupees per start-up and is implemented through Technology Business Incubators.
During the current financial year with a view to drive the innovation and startup centric new initiatives in a scaled up manner for its wider outreach across the country, a 450% increase in allocation (Rs. 180 crores) has been made in the Department’s budget.
So far, DST has established more than 100 Technology Business Incubators in academic and R & D institutions of repute. fii-news.com
