The decision on these applications will soon be taken by SIDBI and the Startup Nodal Agency in its first Venture Capital Investment Committee (VCIC) meeting scheduled to be held this month, he said.
The government has also released Rs 41 lakh to the Startup Nodal Agency to be disbursed to start-ups and incubators whose proposals were already approved by the Policy Implementation Committee (PIU), the spokesman said.
He also added that the money will be disbursed to start-ups in the form of sustenance allowance at idea stage, seed capital assistance at commercialisation stage and the capital grant to incubators for strengthening the IT infrastructure within their premises to be utilised by start-ups and other stakeholders.
A corpus of Rs 150 crore has also been set up by the government with the help of Abdul Kalam Technical University (AKTU) to fund start-ups at the stage of ideation, patent registration, and participation in domestic and international events, among others.
Apart from resolving the funding woes, the state's start-up policy also promises to create a robust ecosystem to grow and nurture innovative ideas by setting up 100 incubators, at least one in each district.
Many academic institutions, such as Banaras Hindu University, High Tech Institute, ABES Engineering College, Krishna Engineering College, and Jaipuria Institute of Management, have also shown interest in setting up incubators under the policy to support start-ups, he said.
Policy also focusses on giving wings to dreams of Divyangjan, women and transgender communities by offering additional incentives and creating employment opportunities for them through this new start-up policy. This is one-of-its-kind initiative by any state government in the country to bring these communities into the mainstream of the business world through startup ecosystem, the spokesman said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.