Stop Waiting and Make Your Dreams on an India Startup Come True
Startup companies are sweeping all over the globe, and India is certainly not an exception. Plenty of effort has been made by the Government of India to foster an entrepreneurial-friendly environment and encourage more Indians to embark on a startup venture. If you have been pondering your business idea for a while now, it’s probably time to start acting upon it. Here’s a kick-starter guide on beginning your India Startup journey!
Startups Are Only About Technology, Right?
Contrary to the popular belief that startups must be strict regarding technology advancement, it is actually not true at all. Basically, startups are new businesses developed by entrepreneurs to provide a solution and cater to a market. In essence, startups about discovering distinct business models. It can be any product or service, provided it is creative, innovative and corrective. Some examples of the startup include creating a new metal for building purposes, constructing an improved vehicle safety or even a coming up with a smart way to organize shared-working spaces.
How Does the Government of India Encourage Startups?
Every country has a slight variation of what startup is defined as. In India, to consider a company as a startup, it has to be headquartered in India, must be less than ten years of age since its inception, and the annual turnover must be less than ₹100 crores. Now that we’ve got the definition out of the way let’s take a look at India’s campaign on startups.
In 2015, the Prime Minister of India announced an initiative called ‘Startup India’ which focusses on three major elements:
- Simplification and Handholding;
- Funding Support and Incentives;
- Industry-Academia Partnership and Incubation.
The campaign uses #startupIndia as a part of the programme to gain amass an audience online and get more people talking about it.
How Do I Start?
Confused about where to begin or what to look for? No worries. Refer to the steps below on how to register with Startup India.
1. Incorporate Your Business
Begin with incorporating your business as either of the following:
- Private Limited Company;
- Partnership firm;
- Limited Liability Partnership.
2. Register With Startup India
You can simply log on to their official website and begin registering your startup business.
3. Acquire DPIIT Recognition
What is a DPIIT, you ask? DPPIT stands for Department for Promotion of Industry and Internal Trade (DPIIT) Recognition, enabling business owners to easily access various Government to Business (G2B) services. As a part of the initiative #startupIndia, the Government of India provides support for new startups through the many benefits of DPIIT recognition. To know more on the Startup India Scheme, click here.
The Bottom Line
The year-long COVID-19 pandemic outbreak has made a significant impact on the economy and people across the globe. Some businesses thrive, while others have suffered. However, if you choose to look for the silver lining and want to make it in this pandemic, get in touch with your imagination and get the creative juices flowing! You might just make it to the next big India startup.