Introduction:
Startup Odisha-The MSME Department of the Government of Odisha created the Startup Odisha initiative. It promotes the ideas and innovations of aspiring business owners in the state and seeks to officially recognize these individuals and organisations as startups.
Odisha Startup has already attracted some of the brightest minds and has helped more than 800 startups get off from ground in the state of Odisha.
Startup Odisha is now working on the creation of innovative goods and services, making efforts to implement ideas on a large scale to develop a profitable and environmentally responsible business model that has a good chance of producing new jobs and increasing the state of Odisha's Income.
In this article, we will learn about the Startup Odisha scheme and all the details such as eligibility, registration process and documents required for applying for Startup Odisha.
What is start-up India & what is the future of start-up India in economy 2024?
Startup India is a flagship initiative of the Government of India launched in 2016 to develop a vibrant startup ecosystem in India. It aims to provide an enabling environment for startups to thrive and contribute significantly to the economic growth of the country.
The startup India includes various components:-
Financial assistance: - Startups recognized by DPIIT under Startup India are eligible for a range of tax benefits, easier compliance norms, and access to funding such as the Startup India Seed Fund Scheme(SISFS).
Regulatory support:-Simplifing regulations and processes for startups to encourage innovation and entrepreneurship.
Infracture development: Building incubation, centres, co-working spaces and accelerates to provide startups with necessary infracture and support.
Skill Development: Startup India promotes skill development and initiatives to create a pool of skilled professionals for the startup ecosystem.
The Future of Startup India in 2024:-
The future of Startups India 2024 and beyond looks promising. Several factors contribute to this optimism.
Rising internet penetration and mobile phone usage. India has the second-largest internet user base globally and the world’s largest mobile phone user base.
This creates a massive market for new and innovative products and services offered by startups.
The Indian government is increasingly focusing on promoting innovation and technology adoption across various sectors. This provides fertile ground to develop and disrupt existing markets.
There is a growing interest from domestic and foreign investors in the Indian startup ecosystem. This influx of capital is crucial for startups to scale and grow their businesses.
The government of India is now actively working on simplifying regulations and processes for startups, making it easier for them to operate and comply with norms.
Overall Startup India has played a significant role in fostering a vibrant startup ecosystem in India.
The future of Startup India looks promising with several factors driving its growth. Indian startups reach their full potential and contribute significantly to the country’s economic development.
Benefits of Startup Odisha:
The benefits and features of the scheme are as follows:
It 1. It is the encouragement of creative thinking.
C 2. Creating a culture of entrepreneurship via the institutionalisation
It 3. It establishes the physical fracture of a global standard
It 4. It training for the necessary skills for the startups.
It 5. It also supports entrepreneurs. Startups that are recognized as
6. 6. Eligible will get a monthly allowance of Rs. 20,000 in their registered bank account.
7.7. These allowances will initially be provided for the first three months of the company’s current existence. The payout will begin 15 days after the three-month term ends and continue for a year.
8. 8. Startups may get help by providing a product development plan. If accepted some of the help will be paid in advance and the rest will be deposited into the startup's bank account up to Rs. 15 Lakh will be provided.
Startup Odisha Eligibilities:
T 1. To qualify, an entity must have an incorporation/registration date less than five years old.
E 2. Entities' yearly revenue has not exceeded Rs.25 Crore in any of the fiscal years.
E 3. Entity focuses on the pursuit of innovations /development as well as the deployment or commercialization of new goods, processes or services powered by technology or intellectual property to make them scalable for commercial success.
T 4. The entity is registered in Odisha and employs at least 50 % of its qualified personnel in the state.
T 5. The entity is neither an expansion of an existing family company nor was it created by dividing or recognizing an existing family firm.
A 6. A foreigner may join Startup Odisha by registering an LLP. Foreign funding must meet FDI requirements. A foreign citizen, NRI or PIO may self-register with MCA or Registrar of Firms and then register on the Start Odisha portal to get advantages.
Start-up Odisha Documents required for New Registration:
Essential Documents are required for Registration: -
I 1. An Incorporation Certificate proves your startup’s legal existence as a company or Limited Liability Partnership(LLP).
P 2. Proof of Innovation: This demonstrates your startup's innovative approaches. There are several ways to fulfil this requirement.
D 3. DIPP Startup India Recognition Certificate.
P 4.. Patent filed and published. Suppose your startup has a patent filed and published in the journal by the Indian patent office. It proves to be proof of innovation.
A 5. letter of funding of at least 20% equity by an incubation fund, angel fund, private equity fund accelerator or angel network duly registered with SEBI and endorsing your business’s innovative nature can work.
O 6. One-page write-up on innovation. If you do not have any of the above you can submit a one-page explanation detailing your startup’s innovative aspects.
Additional Documents:-
B 1. Business Plan- A well-defined business plan showcasing your startup's vision, strategy and financial projections.
D 2. Director/Partner Details:-Director/Partner details information about your startup's directors of partners including PAN & ADHAR.
I 3. Intellectual Property:- If your startup has any registered IP rights like trademarks or copyrights, providing details can be helpful.
A 4. Any awards or recognitions your startups have received can add value to your applications.
E 5. Email ID & Mobile No of Directors.
S Startup Odisha Startups Registration Process:-
T To register, just follow the simple steps below.
V 1. Visit the official website for the program. There will be a home page shown.
I 2. In the upper left area of the home page, click the register link to bring up a menu.
S 3. Select Startup from the menu that appears by clicking on its link.
A 4. A new page will be loaded and you will be prompted to register as a new user, click the registration button.
T 5. The Register button will open the same form on the same page when clicked.
E 6. Enter the details asked. Enter your Name, username, email address password and captcha code then click register.
Y 7. Your form will be registered successfully.
Startup Odisha is an initiative of the MSME Department, Govt of Odisha to prompt Ideas /Innovations/Startups of budding entrepreneurs in the state.
It is also working towards innovations, development and improvement of products processes and services.
In addition, Start up Odisha also working towards the scaling of ideas towards a sustainable business model with a high potential for employment generation and wealth creation in the state.
What is O-Hub Start-up Odisha: -
O-Hub is Odisha’s maiden centralized Incubator, wholly owned and operated by the State government. It is equipped with state-of-the-art, plug-and-play infracture to facilitate. Start-up Incubation. Services such as Mentorship, investment facilitation, Business Development, Co-working space, Modular Manufacturing etc are provided through O-Hub at a subsidized price.
Sector-specific and agnostic programs shall be commissioned in collaboration with global Incubator and Accelerator partners.
Some of the significant facilities of O-Hub are as follows:-
S 1. Shared Infracture:-Co working space, Cabins Meeting Halls, Testing Labs, Modular Manufacturing Space Conference halls for community events Internet etc.
E 2. Enterprise Services;-Cloud Credits, IP and Firm registration, Taxation, and Other statutory & regulatory compliances.
C 3. Capacity Buildings:-Mentor Connects, Boot camps, Workshops, Seminars, hackathons etc.
F 4. Funding & Incentives: Investors Connects, Startup Grants and Loans
Conclusion: -
Odisha has emerged as a top performer in Start-up ranking-2022. It has shown significant growth in the startup ecosystem and initiatives to nurture entrepreneurs.
The ranking was announced by the Ministry of Commerce and Industry in New Delhi. The state was evaluated across seven reform areas divided into 25 action points ranging from institutional support, fostering innovation and entrepreneurship, access to market, incubation support and funding support to capacity building of enables and a road map to a sustainable future.
Gujarat, Karnataka, Kerala and Tamil Nadu were declared the best performers while Odisha was adjudged as a top performer along with Maharashtra, Punjab, Rajasthan and Telangana.
