Government of Odisha is on a mission to make Odisha a major Startup hub by the end of year 2020. The foremost aim is to strengthen the startup policies and framework and encouraging incubators, sector accelerators to contribute, support and enable the startup ecosystem. Startup Odisha policies are focused towards making Odisha a better place for startups and encourage more women to come forward as entrepreneurs.
The eligibility criteria to become a Startup Odisha recognized entity is to first get your startup recognized under StartUp India program by DIPP.
Following are the eligibility criteria to be recognized as a startup under the StartUp India program:
- The Startup must be registered as a Private Limited Company, One Person Company, Limited Liability Partnership or a Registered Partnership.
- It should be working towards development or improvement of a new or existing product or service with an innovative approach.
- Should have a potential scalable model with wealth generation and employment generation possibility.
- Should have an Annual turnover of less than 100 Crores.
- Click here for assistance to get your startup recognized under Startup India program.
- Once your startup is recognized under the Startup India Program, you are then eligible to apply for the Startup Odisha benefits.
Following are the benefits available for StartUp Odisha recognized entities:
Eligible startups which fulfill the following conditions would be receiving a monthly monetary allowance of INR 20,000 or INR 22,000 if the startup co-founder is a woman, transgender, or other social classes mentioned for a period of one year.
Following is the eligibility criteria to avail such monetary benefit:
- The startup has got a sanction letter for grant of funding from the Government of India or Odisha.
- The startup has a patent registered in India for the nature of business for which the startup was recognized.
- The startup has a generated a revenue of minimum fifty thousand over the last three months.
- The startup has raised equity finance from any Angel Networks or an Alternative Investment Fund which is registered with SEBI.
Eligible startups may apply for subsidized Incubation Support for one year which would cover a benefit of 50% of monthly rental of the incubator space up to INR 5000 per month.
Marketing & Product Development Support:
Recognized startups if eligible can apply for Promotion, Marketing and Product Development support up to the value of 15 lakhs or 16 lakhs if the startup co-founder is a woman, transgender, or other social classes mentioned. Following would be considered eligible for the above benefit:
The startup has received a sanction letter for grant of funding from the Government of India or Odisha.
The startup has a generated a revenue of minimum two lakhs fifty thousand over the last six months.
The startup has raised equity finance from any Angel Networks or an Alternative Investment Fund which is registered with SEBI.
Event Participation Support:
Eligible startups may receive financial support to participate in national or international event where they are representing the state.
Raw Materials/Component Support:
If an eligible startup has raw material or component based innovation such startup subject to approval of council may be provided with a need based assistance to cover the cost of components and raw materials.
This article is written by Tradeviser™, Odisha’s first Fintech startup and a one of its kind cloud based business consultancy platform.