Startup Current Affairs - 2019
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The government of Tamil Nadu has released Startup and Innovation policy 2018-2023 with a mission of providing an enabling and innovative ecosystem for startups registered in the State and to make Tamil Nadu a ‘Global Innovation hub for startups’ by 2023.
Objectives of the Policy
The core objectives of the Startup and Innovation policy 2018-2023 are:
- Creation of at least 5000 technology startups of which at least 10 global high growth startups in social impact sectors.
- Infrastructure support to strengthen existing mechanism in areas like the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML) and Software as a Service (SAAS)
Components of the Policy
The important components of the Startup and Innovation policy 2018-2023 are:
- The policy aims to collaborate with educational institutions to promote entrepreneurial spirit, reduce existing regulatory and tax burden on startups in the field of labour, pollution and building norms.
- The policy aims to partner with reputed investors across the globe to bring investment to the Tamil Nadu startups.
- The policy envisages nurturing aspiring entity or individuals (defined as ‘Start Steps’) who develops a potentially scalable business model that can generate wealth and employment.
- Entrepreneurship Development Institute of India (EDII) will act as a nodal agency to promote and facilitate startups.
- Tamil Nadu Startup and InnovaTN Mission (TANSIM) headed by a full-time officer will advocate and oversee policies and programmes for promoting startups.
- Tamil Nadu Startup Seed Grant Fund (TNSSGF) of Rs 50 crore with an allotment of Rs 5 crore in the first year in partnership with financial institutions and universities for supporting early-stage financing requirements of the startups in the form of grants to fill the gap in fund requirement for research & innovations.
Implementation of the Policy
The government of Tamil Nadu has set a 5-point action plan for implementing the policies. It includes:
- Creating ecosystems for encouraging innovations.
- Ensuring resources availability to Startup ecosystem.
- Enabling skill development and job creation.
- Supporting social entrepreneurship.
- Establishing global accessibility and partnerships.
Definition of the Start-up
The policy lists the following criterions to be recognised as the start-up in Tamil Nadu:
- Registration under Tamil Nadu Startup and InnovaTN Mission (TANSIM).
- Date of incorporation less than 7 years (less than 10 years in case of biotechnology, AI and ML startups).
- Registration and turnover less than Rs 25 crore in any of the financial years.
The policy aims for a minimum of 1,00,000 high skilled job creation, direct and indirect, in the Startup Ecosystem.
Tags: AI • Artificial Intelligence • Entrepreneurship Development Institute of India • Innovation • Internet of Things • IoT • Machine learning • ML • SAAS • Software as a Service • Startup • Startup and Innovation policy 2018-2023 • Tamil Nadu • Tamil Nadu Startup and InnovaTN Mission • TANSIM
The Department of Industrial Policy and Promotion under the Ministry of Commerce and Industry released the first ever States’ Startup Ranking 2018 on 20th December 2018 in New Delhi. As per Startup Ranking 2018, the state of Gujarat is the best-performing state in the country for the Startups. Total 27 States and 3 UTs took part in this exercise.
The states have been ranked across various categories in the ranking which includes categories like Start-up policy leaders, incubation hubs, seeding innovation, scaling innovation, regulatory change champions, procurement leaders, communication champions, North-Eastern leader, and hill state leader. Gujarat’s score was better than all other states in all the identified categories.
Results of States’ Startup Ranking 2018
- Gujarat was ranked as the Best Performer
- Karnataka, Kerala, Odisha, and Rajasthan were judged as Top Performers.
- Andhra Pradesh, Bihar, Chhattisgarh, Madhya Pradesh and Telangana were ranked as Leaders.
- Haryana, Himachal Pradesh, Jharkhand, Uttar Pradesh and West Bengal were ranked as Aspiring Leaders.
- Assam, Delhi, Goa, Jammu & Kashmir, Maharashtra, Punjab, Tamil Nadu and Uttarakhand were judged as Emerging States.
- Chandigarh, Manipur, Mizoram, Nagaland, Puducherry, Sikkim, and Tripura were ranked as Beginners.
The primary objective of this ranking is to encourage States and UTS to work towards strengthening of Startup ecosystems in their region. Also, it seeks to create a healthy competition among States and will result in the promotion of Startup culture.