New Startup/Innovation Policy (2016-21)

Investment in Science, Technology and Innovation (STI) is essential for economic development and social progress. STI serves as a crucial driver of rising prosperity, improved national competitiveness, sustainable and inclusive growth. Since innovation is central to translating scientific knowledge and technological know-how into useful products, services and employment, Governments world over have been fostering closer linkages between universities and industry through government funded University−Industry Partnership programmes. There is an important relationship between economic growth and research & development...

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  • To create a vibrant start-up culture where in ideas materialize into products, entrepreneurs are mentored, businesses are incubated and product or process innovation is facilitated to become a business of global scale to contribute to economic prosperity of the state and to generation of employment.

The key objectives of this policy during its operative period are:

  • Facilitate at least 2000 start-ups
  • Establish at least 50 incubators in Gujarat
  • Develop 1 million sq.ft of incubation space
  • Facilitate investment of USD 1 billion to start-ups
The Company can get benefits on getting registered as per the norms defined by the Government of India website for start-ups. Please refer: www.startupindia.org for details.
To get recognized as a start-up there are various parameters as follows:
  • The company should not be registered or operative since more than five years from the date of application
  • The product/process/service of the unit should be innovative, technology driven or backed by IPR and shall have a commercial value in the market.
  • Turnover of any unit in any previous years cannot exceed 25 cr.
  • The employee strength (direct or indirect) cannot exceed 20 in any previous years.
  • Apart from these, the company has to be registered as a star-up as per the norms of Government of India definition of start-up. Please refer to the norms of qualifying as a start-up at: www.starupindia.org
‘Eligible Incubator’ for the purposes of this policy means an organization registered as an incubator, engaged in accelerating the growth of start-ups through host of support services and resources such as space, funding support, mentoring, market linkages and business 6 management services, which incubates minimum 10 incubates at a time and out of which more than 50% are from Electronics or IT/ITeS sector or from Bio-informatics.