DoICT & e-Gov

New Startup/Innovation Policy (2016-21)

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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

How to get registered as a Start-Up?

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.

What are the parameters for considering any outfit as a “Start-Up”?

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

What is the definition of Incubator?

‘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.