Government of India (GoI) has launched the Startup Accelerator of Meity for Product Innovation, Development & Growth (SAMRIDH) programme to support 300 Information Technology (IT) enabled Startups for a period of 6 months.
- It aims to create 100 unicorns out of the selected IT Startups by providing Seed funding, Mentorship and Market access.
- Ministry of Electronics & Information Technology (Meity) will provide seed funds of upto INR 40 lakh & mentorship for 6 months for the selected startups.
- The programme has been modelled on the basis of Ycombinator, one of the successful startup accelerator programmes started in the United States.
- During the launch event, Ashwini Vaishnaw, Union minister for Electronics & IT highlighted the need of mentoring startups as the most important measure to convert their Ideas into products
Note: Unicorn is a term to describe tech startups that are valued at more than USD 1 billion.
MSH partners with MergerDomo to Strengthen Startup Ecosystem in India
Meity Startup Hub (MSH), an initiative by Meity focussed on building a deep tech ecosystem across India has partnered with MergerDomo, a fundraising & startup advisory platform to Strengthen startup ecosystem in India.
- The partnership aims to support the startups on various aspects such as Investor engagement, Corporate Connects, Pitch evaluation & Strategic Planning.
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In April 2021, Union Commerce & Industry Minister, Piyush Goyal launched the Startup India Seed Fund Scheme of INR 945 crore to build a robust startup ecosystem in Tier-2 & Tier-3 towns of India.
About Ministry of Electronics & Information Technology (Meity)
Union Minister – Ashwini Vaishnaw (Rajya Sabha- Odisha)
Minister of State (MoS) – Rajeev Chandrasekhar (Rajya Sabha – Karnataka)