Govt launches SAMRIDH scheme to support Startups

New Delhi, August 26: With an aim to assist the Startup in their initial phase, Union Minister of Electronics and Information Technology Ashwini Vaishnaw launched the 'Startup Accelerators of MeitY for Product Innovation, Development and Growth' (SAMRIDH) program.

 

 

 

The concept of the SAMRIDH has been developed on the lines of silicon valley-based accelerator YCombinator, Ministry of Electronics and IT special secretary Jyoti Arora said.

 

 

 

Vaishnaw explained that SAMRIDH will roll out funding assistance to startups and also rope in different skillsets to assist in becoming a successful business. 

 

"Lack of funds for start-ups is not a big issue. Lack of getting the idea into a real product or lack of collecting the skill sets which are needed to convert an idea into an enterprise is a bigger challenge for most of the start-ups," Vaishnaw said.

 

He said, "Govt will support startups and entrepreneurs in the most challenging phase which is the initial risk phase. India will scale up the network of incubators & accelerators to phenomenal levels to serve 1.3 billion people."

 

According to the government, 300 startups will be provided customer support, opportunities to expand internationally, and also connect with investors in the coming three years via SAMRIDH. Startups will receive investments up to Rs 40 lakh based on their present valuation and equally matching investments will also be facilitated through other accelerators or investors.

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