The government has a role to play in startups. The government can help startups with funding, mentoring, and policy support.
Government funding:: The government can provide startup funding by investing in incubators and accelerators, or by providing grant money for specific projects. This is an important way for governments to help startups grow and scale up their businesses.
Mentoring:: Startups need a lot of support to get through the early stages of their journey, and governments can provide this by mentoring them on how to run a business. Governments can also provide advice on how to structure their business model and what kind of regulations they should follow. They can even help with finding investors or customers who are interested in their product or service.
Policy support:: Governments also have a role to play in helping startups navigate the regulatory environment that they are operating within. They can provide advice on how best to comply with legislation such as tax laws or health and safety regulations, as well as providing guidance on things like accounting standards and employment law.
Pradhan Mantri Mudra Yojana (PMMY): Under this scheme, small business owners and entrepreneurs can access loans of up to Rs. 10 lacks to establish or expand their businesses. The loans are provided through participating banks and financial institutions, and the scheme has three categories of loans: Shishu, Kishor, and Tarun. Shishu is for businesses in the initial stages and provides up to Rs. 50,000. Kishor for businesses which is in the expansion stage and Tarun for established businesses.
Start-up India: This initiative was launched to promote startups in India and provide them with a conducive environment to grow. The scheme provides various benefits to startups including tax exemptions, funding, and mentorship. Startups can also apply for patent protection under this scheme.
Stand-up India: This scheme aims to promote entrepreneurship among Scheduled Castes (SC), Scheduled Tribes (ST), and Women by providing them with loans to start their own businesses. The scheme provides loans of up to Rs. 10 lakhs for setting up new businesses and Rs. 1 crore for existing businesses.
National Schemes of Fund for Regeneration of Traditional Industries (SFURTI): This scheme aims to help traditional industries and artisans by providing them with training, financial assistance, and infrastructure. The scheme also helps traditional industries to upgrade technology and improve their competitiveness in the market.
National Small Industries Corporation (NSIC): This government-owned organization provides assistance to small and medium-sized enterprises (SMEs) in the form of marketing, financial, and technical support. The NSIC also provides services such as quality certification, marketing assistance, and access to government procurement contracts to SMEs.
National Entrepreneurship and Innovation Plan (NEIP): The scheme aims to provide an ecosystem for entrepreneurship and innovation to flourish in the country through focused interventions in education and training, incubation, seed funding, and mentoring. It also provides various benefits like incubation support, seed funding, mentorship, and tax exemptions for startups.
It is worth noting that these schemes may have certain eligibility criteria and conditions. It’s always a good idea to check the official website of the government for the latest information and any updates on these schemes.