Startup Odisha:- A government initiative called Startup Odisha, with the slogan “A New Wave of Innovation” aims to create a top-tier “Startup Hub” in the State by the year 2020. Notably, the law offers incentives and exemptions that scale above the Central Government’s Startup Policy and, for that matter, any other current Odisha policy. Read below to get detailed information related to Startup Odisha, including objectives, Mission and Vision, features, Ecosystem Development for Startups, Areas of Support, eligibility, Getting Registered for Recognition, and much more
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About Startup Odisha 2023
The MSME Department of the Government of Odisha launched Startup Odisha as a project to support the ideas and innovations of aspiring business owners in the state and recognize them as startups. Additionally, it is focusing on the invention, development, and enhancement of processes, goods, and services. working to expand concepts toward a viable business model with a significant potential for generating revenue and jobs for the state. Since its establishment, Startup Odisha has been a haven for the brightest minds in entrepreneurship and has already helped foster more than 800 startups.
Startup Odisha Mission and Vision
The initiative was conceptualized with the following Mission and Vision:
- Making Odisha one of India’s top three “Startup Hubs” through strategic partnerships, a supportive environment, investments, and policy changes
- At least 33% of startups with founders or cofounders who are women must be promoted to fully realize the potential of women entrepreneurs in Odisha
- To Create a solid governance structure and supportive regulatory environment to enable timely and hassle-free statutory clearances
- To help Odisha become one of the top three startup destinations in India, create a comprehensive startup environment there
Objectives of Startup Odisha
Startup Odisha was created with the following goals in mind:
- Establishing a top-tier “Startup Hub” in the State
- Encouraging incubators to work under the state’s priorities and needs
- Urging all businesses with a presence in Odisha to incorporate a CSR clause that addresses startup infrastructure and skill development
- Providing skill-based training to inspire young people to launch businesses
- Establish a strong institutional framework to ensure the program is implemented, monitored, and evaluated successfully.
- Build an ecosystem and atmosphere that will enable the formation of at least 1,000 businesses during the next five years.
Features of Startup Odisha
Some of the main Features of Startup Odisha are as follows:
- The State is expected to develop at a rate of 12%, according to a survey by Dun & Bradstreet, making it one of India’s fastest-growing economies.
- It is referred to as the East’s center for education.
- It is the inventor of the Single Window Clearance System, which is quite remarkable.
- The World Bank ranks Bhubaneswar, the nation’s capital, as the third-best Indian city for doing business.
- Renowned entrepreneurial environment
- Innovative industrial clusters
Ecosystem Development for Startup Odisha
An enabling ecosystem has been established by the government of Odisha to foster innovation and entrepreneurship. The ecosystem consists of:
- World-class physical infrastructure development for startups
- Providing training for the necessary skills to institutionalize the entrepreneurial culture
- Academic interventions for innovation promotion
Areas of Support
Startups will receive assistance in the following areas:
- Help with Product Development, Marketing, and Publicity: Startups can receive help for these goals by submitting a self-contained product development plan and supporting documentation. Once the advance payment has been used, the remaining aid will be transferred to the startup’s registered bank account. If the request is approved, the business will be required to submit usage receipts together with invoices for the advance payment. For these purposes, support in the amount of Rs. 15 lakhs would be provided.
- Monthly Payment: A monthly stipend of Rs. 20,000 would be given to recognized and qualified startups in their registered bank accounts for the first three months. After this point, the startup enterprise is required to submit a utilization report detailing how the allowance was used during these months, along with the necessary supporting paperwork and invoices, based on which the payment would be disbursed. Following the completion of the three-month term, the payment would be released within fifteen days and would continue for up to a year.
- Need-Based Support: It entails the entrepreneurs submitting a self-contained plan, offering support following approval, and submitting utilization certificates.
- Assistance with Attending the Event: In addition to being given free stall space, startups that represent the State in local, national, and worldwide competitions will be allowed to travel in economy class on planes or three-tier AC compartments on trains.
- Financed Incubation: Under this strategy, approved entrepreneurs may receive discounted incubation space in government incubators
- For Businesses Managed by Specific Classes: Startup businesses started or co-founded by women, transgender individuals, and members of social groups like SC/ST/SEBC/PH would receive a monthly allowance of Rs. 22,000 as compensation. The type of people specified above must own at least 50% of the startup business to qualify for this particular permission. Additionally, these individuals receive Rs. 16 lakhs for help with product development and marketing/publicity.
Three Tiers of governance, including the following, would oversee the policy:
- Startup council headed by Chief Secretary
- Startup Secretariat at Institute of Entrepreneurship Development, Odisha (IED)
- Task Force headed by Principal Secretary
Startup Odisha Eligibility Requirements
According to the Odisha Startup Policy, an organization must meet the following requirements to qualify as a startup:
- For any of these fiscal years, its yearly turnover does not reach Rs. 25 crores.
- It was incorporated or registered no more than five years ago.
- It focuses on the development and implementation of new goods, procedures, or services that are powered by technology or intellectual property, making them scalable for commercial success.
- It is either registered in Odisha or at least half of its qualified personnel is engaged there.
- It wasn’t created by dividing up or rebuilding an existing family firm, nor was it an expansion of an existing family business.
Getting Registered for Recognition
- A startup entity may fill out a Startup Registration Form online to apply for recognition considered as a startup. The incorporation certificate and proof of innovation under one of the following are among the required documents:
- Certificate of Recognition for DIPP Startup India
- The India Patent Office has filed patents in fields related to the type of business being promoted, and they have been published in the Journal under the firm name.
- Sanction/Assurance grant or funding letter from the Indian government or any state government as part of a designated program to promote innovation
- Any Incubation Fund, Angel Fund, Private Equity Fund, Accelerator, or Angel Network properly registered with the Securities and Exchange Board of India (SEBI) that supports the creative nature of the firm must provide a letter of funding from them that represents less than 20% of equity.
By creating a partnership under the LLP Act, a foreign national may register for the Startup Odisha Program. Financial support from a foreign partner must comply with FDI rules. To receive the necessary benefits, a foreign national, NRI, or PIO may self-register through the MCA or Registrar of Firms utilizing the current procedures.
Within two weeks of the startup company applying the appropriate form, the applicable Nodal Agency will certify the registration proposal online (if satisfied with the requirements) and send it on to the startup secretariat. Within the first week of the application, the Nodal Agency may call or schedule a meeting with the starting firm. The evaluation process’ outcomes will be posted online and sent by email to the concerned startup firm. After three months from the date the refusal was communicated, the applicant may reapply for startup recognition or financial assistance.
Benefits of Incubators
Generally speaking, incubators are trusted to speed up the development and success of companies by offering a variety of services. Under the program, the following organizations are qualified for incubator-related benefits:
- Colleges and universities that have been around for at least five years
- Institutions of higher learning that have been around for at least five years
- Facilities that have been approved by the state or federal government
- Industry groups such as corporations, PSUs, or industrial units have been operating in the State of Odisha for at least five years and have or are creating an incubator to help and mentor entrepreneurs in the State of Odisha.
For any other query related to Startup Odisha, feel free to contact on the below-given details on all Working Days between 10 am to 5 pm:
Institute of Entrepreneurship Development & Startup Secretariat
Sector-A,zone-A ,Plot no-123
Mancheswar Industrial Estate
Contact No: (0674) 2585609 / 2587176 / 2587286