How can a student startup benefit from the Startup India initiative
As an Indian engineering student, I’m extremely lucky that my college CoEP, as one of the oldest engineering colleges of this country, has a very vibrant startup culture. Not every student with great ideas has the privilege of studying at such top tier institutes to utilise these facilities.
That is why students really needed this centralised initiative in 2016, which the Modi government rolled out for us in their first tenure. After this move, startups have gained massive momentum in India to a point where India now has the 3rd largest ecosystem in the world with over a million registered startups and several unicorns cropping up.
Student startups in India can significantly benefit from this initiative: the Startup India initiative, which aims to foster resources and a conducive environment for businesses, along with a community for founders and innovators.
Here’s where you can begin your journey at Startup India.
But wait. Hold up! Before that, make sure you know WHY this initiative is useful.
So here‘s an article to why you, as a student, should use this initiative to its fullest:
Simplified Registration Process
The registration process for startups has been streamlined to an online format, allowing students to easily set up their businesses by filling out a simple form and uploading necessary documents.
Self-Certification for Compliance
Startups are allowed to self-certify their compliance with various labor and environmental laws, reducing the burden of regulatory compliance. This allows students to focus more on their business rather than getting bogged down by bureaucratic processes.
Financial Support
Eligible startups can access various funding schemes, including the Startup India Seed Fund Scheme, which provides financial assistance for early-stage startups. This is particularly beneficial for students who may lack initial capital.
Tax Exemptions
Startups recognised under the initiative can avail of tax exemptions for three consecutive assessment years, which can significantly reduce operational costs in the early stages of business development.
Intellectual Property Rights (IPR) Benefits
The initiative offers reduced fees for filing patents and trademarks, with an 80% reduction for startups. This is crucial for student entrepreneurs looking to protect their innovative ideas.
Networking Opportunities
The government organises startup fests and events that provide students with networking opportunities to connect with other entrepreneurs, investors, and mentors. This can help in building valuable relationships that can support their ventures.
Access to Research and Development Parks
Startups can collaborate with established research institutions and benefit from R&D parks, which can help in product development and innovation.
Learning and Development Programs
The Startup India initiative offers free online entrepreneurship programs that provide guidance on business planning, legal foundations, finance, and pitching to investors. This educational support is vital for students who may lack business experience.
Government Tenders
Registered startups can also access government tenders, providing them with opportunities to secure contracts and grow their business through government projects.
The Startup India initiative provides a comprehensive support system for student startups, encompassing financial aid, simplified processes, educational resources, and networking opportunities. By leveraging these benefits, student entrepreneurs can enhance their chances of success and contribute to the growing startup ecosystem in India.
Citations:
[1] https://testbook.com/ias-preparation/start-up-india-scheme
[2] https://blog.ipleaders.in/startups-benefit-india/
[3] https://www.jordensky.com/blog/9-benefits-of-startup-india-program-that-indian-businesses-can-avail
[4] https://www.startupindia.gov.in/content/sih/en/learning-and-development_v2.html
[5] https://www.yuvamanthan.org/startup-india
