Description
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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.
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Important links
STARTUP ECOSYSTEM
Start-up-India
Source
https://pib.gov.in/PressReleasePage.aspx?PRID=2052139
https://msh.meity.gov.in/samridh/acceleratorlist
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PRACTICE QUESTION
Q) Consider the following statements about the “Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) Scheme”:
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It is a flagship programme of the Ministry of Science and Technology to foster innovation and support start-ups through its SAMRIDH program.
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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:
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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:
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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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