On Wednesday, Ashwini Vaishnaw, the newly appointed Minister of Electronics and Information Technology (MeitY), launched the Startup Accelerators of MeitY for Product Innovation, Development, and Growth (SAMRIDH) programme, just over a week after saying the government will support startups and entrepreneurs in their initial phase, where they face the most challenges.
SAMRIDH would establish a favourable environment for Indian software product entrepreneurs to improve their products and acquire financing for company growth. MeitYStartup Hub is in charge of carrying out the programme (MSH).Vaishnaw previously stated that the government will assist businesses and entrepreneurs through the most difficult period, which is the early risk phase.
According to Vaishnaw, the SAMRIDH project would not only give financing support to businesses but will also assist in bringing skill sets together that can help them succeed.
“Employment in both conventional and new-age sectors is a declared objective of our administration, as is Prime Minister Shri Narendra Modi‘s vision. Initiatives and schemes such as SAMRIDH will aid in the acceleration of that vision’s implementation,” he added. Technology can help to accelerate and make a quantum leap in reaching out to people that might otherwise take several years. Using the energy of startups, these places may be reached in months, according to the minister.
In the next three years, the SAMRIDH initiative will focus on advancing 300 companies by offering client connections, investor connections, and international development prospects. Additionally, chosen accelerators will give up to Rs 40 lakh in funding to businesses based on their present value and development stage. It will also make an equal matching investment by the accelerator or investor possible.
The initiative seeks to accelerate Indian startup growth, which has resulted in the birth of 63 unicorns, making India the world’s third-largest unicorn cluster with a total valuation of $168 billion.
(Source – Business Standard)