Assistance for startups Innovation

Gujarat, the most industrial state of India, is promoting several business sectors. Startups and innovations are the roots of growth in the economic aspect of the country, and the government is taking care of these things for startups.

The latest industrial policy of the Gujarat government is enhancing the confidence of new startups to generate more resources in the industries and take part in the latest innovative industrial ideas. The Gujarat state is top-ranked in the “best performance” in the All India state startup ideas. Just for strengthening the startups., the government is giving several incentives to startups with some rewards.

There is assistance to the MSMEs from the government. There are different definitions for the eligibility of the startups to get the incentives.

  1. The startup is something that can be an individual or a group of individuals that is coming with some innovative ideas to take part in the country’s development.
  2. The startup should have registered with LLP with the “limited liability partnership”.
  3. The partnership firm should register under section 59 of the partnership act 1932.
  4. The focus of the entity should be on the innovations and the improvement of the products and the services.

Eligibility of startups :
The company or a person that has an innovative idea will be eligible for. The idea should be for the sake of development in the industrial sectors.

The innovation should comprise development in the agricultural sector, engineering, science, and other genres that can help others. The innovations should comprise reconstruction in society in any aspect.

The startups that are already getting incentives in any other startup programs will not get assistance under the assistance scheme. There will be a mentor that will clarify the startups to get the assistance, and this mentor should register in the nodal institution.

Eligibility of Nodal Institution :
The university should be approved or affiliated under any recognized institution will be eligible to be a nodal institution. Also, the institution should register itself under the companies act 2013 of section 8 as and a non-profit-making company.

The institution should have a separate space and a group of employees that can manage the whole assistance procedure.

Scheme to assist the startups :
When any startup enrolls in the acceleration program that is operable nationally and internationally, they will get particular assistance up to 3 lakh.

Also, the startups will get skill development assistance from the government, and the nodal institutions will work to enhance the skills of these startup ideas. Also, there is financial assistance to the startups’ worth rupees 1 lakh.

Procedure to get approval for the assistance :
The nodal institution can send their proposal to the website only if they are eligible. After the registration, they have to apply to the IC office to get the approval for the Nodal institution. The SLEC will inspect the institution as per the requirements, and then it will approve the institution as a nodal institution.

After the approval of SLEC, the nodal institution will get a sanction letter along with the assistance kit. The SLEC will recognize the institution as a nodal institution.

The eligible startups can register their ideas and firm to the online portal. Then they can register to the nodal institution with requisite in the prescribed format. There the nodal institution will test the startups, then will pass the registration to the commissioner officer.

Their registration will get the inspection of all the documents in the file, and then it will go to SLEC to get the approval.

Authorities that will implement the scheme to the startups and the inspection authority will clarify, interpret, and check the disputes, if they’re among the startup ideas.