Startup Assam – Schemes Aspiration.
Assam Startup is a government-led programme to develop a startup ecosystem in the state. This effort aims to foster an entrepreneurial culture in Assam; by encouraging and equipping young people to become job creators and pursue their entrepreneurial ambitions. The Assam government also wants to promote Assam; as the entrepreneurial capital of Northeast India. The Assam Startup Policy of 2017 focuses on creating jobs, supporting startups in their early stages, and promoting the state’s startup culture.
Objectives- Startup Assam.
The four objectives of the Assam Startup Policy Draft 2017 are as follows:
Digital Startup Ecosystem: The development of a Startup site and app to allow information aggregation, and infrastructure booking, is part of the digital startup ecosystem. Online learning and development programmes will also be available through the portal. In addition, a specialized helpline will be established.
Infrastructure Development: In the initial phase, a startup incubator space will be built, in Guwahati, followed by Dibrugarh and Silchar, as well as the establishment of an ESDM (Electronic Systems and Design Manufacturing); innovation centre.
Funding & Other Incentives: Registered startups will receive tax breaks and perks, loan schemes with low-interest rates, and other reimbursements.
Human Capital & Skill Development: The government intends to establish a suitable atmosphere at the school and college-level; to stimulate creativity. Every college will also be required to build EDCs (Entrepreneurship Development Cells).
EODB – The Fifth Objective.
Ease of Doing Business in Assam (EODB): It aims to create a platform for providing the best support to the state’s perspective and existing business community. It provides envisions of prosperity for businesses. Technology, innovation, inclusivity, and sustainability; are key development factors for the vision. It promotes economies to compete for more efficient regulation. Examining domestic small and medium-sized businesses and measuring the restrictions that apply to them throughout their lives delivers; objective regulations.
Startup Recognition & Benefit.
Benefits, and Recognition, for Startups. Obtain recognition for your business, and reap the benefits as follows:
- My Assam Startup ID (MASI) Recognition,
- Monetary Benefits,
- Facility Booking System.
Incubation At the Nest.
Startups can benefit, from incubation services, as follows:
- Hub & Spoke module,
- Support, district-level Entrepreneurship,
- Setup & enable Incubator.
The Incubator Setup.
Incubator Support, for New, and Existing Businesses, as follows:
- Innovation Hub,
- World Class; facilities,
- Physical & Virtual Incubation, services.
Enabling the growth, of entrepreneurship, at the state level, as follows:
- Mentor Network,
- Incubator Network,
- Corporate Network.
Policies To Consider A Company As A “Startup.”
- If an entity is recognized as a “Startup” under the “Startup India” initiative and meets the third criteria below.
- It meets all the following conditions, and it will be designated a “Startup,” under this policy.
- The entity’s date of incorporation/registration is not older than seven years.
- If a company is in the biotech industry, the date of formation or registration must be within the last ten years.
- For any previous financial year, its yearly turnover did not exceed INR 25 crore;
- It is either registered in Assam; Or,
- It employs at least half of the entire qualified personnel, in Assam, excluding contract workers;
- It should not be a continuation of an existing family business;
- It should not be founded by dividing up or reconstructing an existing business.
Startup Recognition: My Assam Startup ID (MASI).
My Assam Start-up ID is abbreviated; as MASI. Under the Assam Startup Policy, MASI will allow an entity to be recognized as a startup. Following that, a startup having a MASI ID will be able to access the state’s infrastructure network and fiscal and other incentives under the Assam Startup Policy; via the Assam startup site.
MASI Recognition Eligibility:
- Online registration is as simple as filling out a basic form in the “Apply Now” section.
- Uploading the relevant papers is essential.
- Certificate of incorporation. Proof of incorporation, in the form, of one or more of the following:
- Certificate of recognition, from DIPP Startup India, along with a one-page note on innovation;
- In areas related to the nature of the business being promoted, a startup gets a patent filed, in the entity name, and published, in the Journal; by the India Patent Office, with a one-page write-up of note on Innovation;
- Assurance/sanction Government of India or any State Government letter, support/grant to the firm, as part of any stated scheme to stimulate innovation, with a one-page remark on innovation;
- Letter of investment, from any Incubation Fund, Angel Fund, Private Equity Fund, Accelerator, or Angel Network officially registered, with the Securities and Exchange Board of India, endorsing the business’s innovative nature, and including a one-page remark on innovation;
- If a business entity does not have any of the four documents stated above, they may submit a one-page write-up/note describing the applicant entity’s creative nature. Along, with the remark, on innovation, the applicant firm is encouraged to present its business strategy.
Startup Incentives – Startup Assam.
- Entrepreneurs of Startups with MASI are eligible for a one-year Sustenance Allowance of Rs. 20,000/- per Startup company. Women entrepreneurs would be given preference in this regard.
- Startups with MASI would be eligible for a one-time Idea2POC (Idea to Proof of Concept) Grant of Rs. 5,00,000/- to help them develop their product or service. Nodal Agencies, designated by the State Government, will assess grant eligibility by the operating rules.
- Startups having MASI would be eligible for a grant of up to Rs. 50,00,000/- per startup [which includes the Idea2POC Grant of Rs. 5,00,000/- per startup]. The remaining funds from the Scale-Up Grant can be used for raw material purchases, marketing, and other scaling-up costs associated with the startup’s commercialization of its products and services. Nodal Agencies, designated by the State Government, will assess grant eligibility by the operating rules.
- Following recognition, the forms for claiming monetary rewards would be available on the Startup Assam Dashboard.
Application Procedure – Eligibility & Process.
- Applicants must be Indian citizens who are at least 18 years old as of the date of the notice.
- The applicant must; either have an established business in Assam or be prepared to start one.
- Assam’s economic development is aided as a result.
- At least one Minimum Viable Product (MVP), with Proof of Concept (POC), should have shown some client traction.
- Those having a full-time core staff will be given; priority.
- Alcohol, cigarettes, gambling, guns, and explosives should not be included in the plan or venture.
- The company should not be a spin-off or extension of another company (including a Family business).
Click the “Apply Now” button and fill out the form to apply for the selection process. Your application will be assessed through a three-stage screening and selection process according to the established parameters. They are following that the applicant will be notified, of their startup’s/acceptance ideas or rejection, for the final presentation.
If their business plan/idea is chosen for presentation, they will be contacted to give a presentation to multiple Selection Committee Panels. Based on the applicant’s final presentation, the startup will be accepted or denied for incubation in Assam Startup-the Nest. After being selected, the applicant will be onboarded for incubation through a pre-defined process.