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...
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 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