The Ministry of Electronics and Information Technology recently announced the Startup Accelerator for Product Innovation, Development & Growth (SAMRIDH) programme, which aims to help growing startups in India.
India is the third-largest unicorn hub, with 63 unicorn startups with a total valuation of $168 billion. SAMRIDH aims to further boost and strengthen this growth of startups and create more space for entrepreneurial development. It will provide 300 startups with mentorship, funding, and other necessary support to see that they create more employment and increase their contributions to positive balance of payment.
About SAMRIDH Scheme:
- The “Startup Accelerator for Product Innovation, Development & Growth (SAMRIDH) ” programme was launched.
- The program aims to create a conducive platform to Indian Software Product start-ups to enhance their products and secure investments for scaling their
- The programme is being implemented by MeitY Start-up Hub (MSH).
- Not only will the program provide funding support to the start-ups, but it will also help in bringing skill sets together which will help them to become successful.
- The government will support start-ups and entrepreneurs in the most challenging phase which is the initial risk phase.
- The scheme will focus on accelerating 300 start-ups by providing customer connect, investor connect, and international immersion in the next three years.
- Also, an investment of up to ₹ 40 lakh to the start-up based on its current valuation and growth stage will be provided through selected accelerators.
- It will also facilitate equal matching investment by the accelerator/investor.
- The programme aims to further the Indian start-up growth.
The Department for Promotion of Industry and Internal Trade (DPIIT)-recognised startups selected by accelerators under the scheme will be provided with the following support from accelerators:
- Expert diagnostics will understand user requirements, appropriate customer base, and product scale to find the right product positioning.
- Sector specific experts will guide the entrepreneurs in product development and business development phases of the startup journey to enable the startup to grow its business.
- Startups will be provided access to partnerships with corporates and other entities, both domestically and internationally.
- Support in terms of legal matters of corporate compliance and statutory requirements and other matters will be provided by the accelerator.
- Selected startups will get a chance to present their company before a panel of VCs and angel investors to receive funding.
- Investment up to Rs 40 lakh per startup (with an average of Rs 30 lakh per startup per cohort) will be provided.
- Accelerators have to provide the startups in the cohort with physical and virtual facilities for working, meeting, and also necessary lab equipment that a startup needs for its product can be provided by the accelerator for the enablement of startup.
- Each accelerator cohort (8-10 startups per cohort) will have a timeline of 6-12 months.
- Commit an investment of up to Rs 40 lakh to the startup (with an average of Rs 30 lakh per startup per cohort) based on the growth stage of the startup.a
About MeitY – Ministry of Electronics and Information Technology Start-up Hub (MSH):
The MeitY Start-up Hub (MSH) was created as a nodal agency under the MeitY to facilitate the ministry’s vision of promoting technology innovation, start-ups and the creation of Intellectual Properties.
MSH will act as a national coordination, facilitation and monitoring centre that will integrate all the incubation centres, start-ups and innovation related activities of MeitY.
It offers support in the form of testing and research, IPR support, angel investors/VCs, technology handshake and industry connect.