Indian technology start-ups landscape has seen a “tremendous” growth in the emergence of innovative start-ups and creative entrepreneurs. India ranks third among global startup ecosystems according to IT industry body Nasscom.
India is also one of the five largest startup communities in the world with the number of start-ups crossing 4,200. In India, three to four startups are born every day. Also, India is the youngest start-up nation in the world and 72 % of the founders are less than 35 years old.
2015 recorded a total of $ 5 bn worth of investments in startups in the country.
With the doubling of private equity & venture funds and a 125 % growth in funding over last year, Indian start-up ecosystem has risen to the next level.
Indian technology start-ups landscape has seen a “tremendous” growth in the emergence of innovative start-ups and creative entrepreneurs. More than 50 % of the 1,200 startups from 2015 focus on e-com and consumer service.
Female founders and co-founders constitute about 9 % in the Indian startup ecosystem.
Start Up India
Prime Minister Narendra Modi has kicked off an ambitious Startup India movement in Jan 2016. Under this movement PM Modi plans for a new Rs. 100 bn (13 billion NOK) financing which will invest in venture capital funds over a period of four years. The new fund will be financed by the government and the state-owned Life Insurance Corp.
Benefits for Start Ups under the Start Up India Movement:
- Tax exemptions for three years and concessions on capital gains tax.
- Compliance regime based on self-certification and no regulatory inspection for three years.
- A fund of Rs. 100 billion to back startups. Initially the corpus will be Rs. 25 billion. Also, a credit guarantee fund for startups.
- A Startup India hub – a single point of contact for interactions with the government.
- Atal Innovation Mission (AIM) for promotion of research and development including 500 tinkering labs, 35 public-private sector incubators, 31 innovation centers at national institutes, 7 new research parks, 5 new bio-clusters.
- 90 days for a startup to close down its business.
- 80 % reduction in patent filing fee and fast-track mechanism for startup patent applications. Also, a panel of legal facilitators for startups to file IP (patents, designs, trademarks) with costs borne by government.
- Relaxed norms of public-procurement for startups. No requirement of turnover or experience, but no relaxation in quality.
- 500 000 schools and 1 million students to be involved in core innovation programs. National and international startup festivals to provide visibility.
- A mobile app to be launched on April 1st making it possible to register startups in one day.
Innovation Norway runs an India focused accelerator program called ‘Entrepreneurship in Emerging Markets’. The program will run from Oct 17th – Oct 21rd, 2016.
Applications are open till Aug 30th, 2016.
For any further queries, please contact:
Market Advisor, Innovation Norway India
Mobile: +91 9322770292