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Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH)

Last Updated on 7th September, 2024
5 minutes, 34 seconds

Description

Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH)

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Context:

2nd Cohort of Startup Accelerators of MeitY for Product Innovation, Development and Growth (SAMRIDH) scheme was launched recently.

Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH)

  • It is a flagship programme of the Ministry of Electronics & IT (MeitY) under the National Policy on Software Products of 2019.
  • It is a comprehensive initiative to foster innovation and support start-ups through its SAMRIDH program.
  • It addresses the need for an accelerator program that drives social impact and scales solutions for India's challenges. 

Aim:

  • The program aims to support 300 tech Startups in a 3-year duration with a cohort size of 5-10 Startups. 
  • It aims to provide support to existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale.
  • It has a budget outlay of 99 crores for 3 years.

Implementing agency: 

  • The scheme is being implemented by MeitY Start-up Hub (MSH) and Digital India Corporation (DIC).

Support:

  • The Program will provide support to selected accelerators for extending acceleration services to start-ups.
  • It will provide one-to-one matching funding support of up to ₹40 lakh. 
  • In the first round of cohort, 22 Accelerators spread across 12 states are supporting 175 startups, selected through a multilevel screening process. 

Major Objective: 

  • The SAMRIDH scheme aims to support existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale. 
  • Among others, the program focuses on accelerating startups by providing customer connections, investors connect and connect to international markets.

Eligibility  

  • The Accelerator should be a registered Section 8 company with operations in India. This means it is a Not-for-Profit Company with eligibility to hold equity.
  • The Accelerator is required to have 3 years or more than 3 years of startup experience.
  • They should also have supported more than 50 start-ups of which at least 10 startups should have received investment from external Investors
  • They should also have prior experience running startup program cohorts in activities listed as desirable under the SAMRIDH program.

Salient Features of the Scheme:

Startup Accelerators: 

  • Startup accelerators are programs that help early-stage companies grow by providing mentorship, connections, and limited funding. 
  • They are designed to help startups scale quickly by compressing years of learning into a few months.

Startup Incubators:

  • Startup incubators are organisations that offer help to entrepreneurs to develop their business ideas. 
  • These companies are characterised by providing support and advice to initiatives that have the potential to go to market.

Important links

STARTUP ECOSYSTEM 

Start-up-India 

 Source

https://pib.gov.in/PressReleasePage.aspx?PRID=2052139

https://msh.meity.gov.in/samridh/acceleratorlist


PRACTICE QUESTION

Q) Consider the following statements about the “Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) Scheme”:

  1. It is a flagship programme of the Ministry of Science and Technology to foster innovation and support start-ups through its SAMRIDH program.

  2. Only the new accelerators will be supported under the scheme.

The accelerator should be a registered Section 8 company for its eligibility.

How many of the above statements is/are correct?

A.Only one

B. Only two

C. All Three

D. None

Answer: A

Explanation:

Statement 1 is incorrect:

  • SAMRIDH is a flagship programme of the Ministry of Electronics & IT (MeitY) under the National Policy on Software Products of 2019.

  • It is a comprehensive initiative to foster innovation and support start-ups through its SAMRIDH program.

  • It addresses the need for an accelerator program that drives social impact and scales solutions for India's challenges. 

Statement 2 is incorrect:

  • The program aims to support 300 tech Startups in a 3-year duration with a cohort size of 5-10 Startups. 

It aims to provide support to existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale.

  • It has a budget outlay of 99 crores for 3 years.

Implementing agency: 

  • The scheme is being implemented by MeitY Start-up Hub (MSH), and Digital India Corporation (DIC).

Statement 3 is correct:

The accelerator should be a registered Section 8 company with operations in India. This means it is a Not-for-Profit Company with eligibility to hold equity.

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